In the world of business, those that first adopt new technologies like Artificial Intelligence (AI) and Machine Learning (ML) will have a big head start over those who don’t. Both AI and ML are technologies that are here to stay, they’re not a fad or just today’s buzzwords. Artificial Intelligence helps us digest the information generated by our business, while Machine Learning helps the AI to better understand that data and become ever more efficient in time.
Since the arrival of the internet, data creation has grown exponentially. When we talk about data, we’re simply referring to. In the case of retail, things like number of sales, at what price was an article sold, who bought that article (age, gender, nationality, etc.) and all other information related to that business.
At the beginning, each company would store their data in their own hard drives. In other words, they stored it “in house”. This gave big companies a huge advantage since they create and handle a much bigger amount of data than SMEs. Just like with people, the more information the AI gets, the better their conclusions will be.
However, this has started to change since the creation of the cloud. The cloud is nothing more than a data storage center, which gives businesses the ability to store their information somewhere else. This is important because it’s what allows companies like barQode to use the data of many SMEs (without sharing it) to give better results to each small company. Simply said, it gives the benefits of big data pools, previously only possible to big firms, to the SMEs.
Now, every company is different and unique. Here is where Machine Learning shines. ML is what allows the Artificial Intelligence to better understand the particularities of each business (client´s tastes, seasonal cycles, etc.). Just like humans, with AI, practice makes perfect. Therefore, the sooner we adopt these new technologies, the sooner we´ll start to see those benefits tailor made to our particular business, giving us a great head start over those who take longer to apply them.
If you are a business, large or small, looking to see what AI and ML can do for you, Contact Us or try out our free Analytics Tool to see what sort of benefit barQode can bring to your business. Don’t forget to follow us on LinkedIn for the latest news and updates!