Month: August 2019

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Before we dig deep into the nuts and bolts of MLP (Multilayer Perceptron), it is imperative to get the hang of neural network, to understand how it helps businesses get a major face lift.

Although the concept of the neural network is not likely to raise too many eyebrows out of ignorance, still people typically associate scientists conducting neurological research, with the term. In reality, a neural network is nothing but a smart system, which is steered by Artificial Intelligence (AI).

The most frequently used neural network these days, from the perspective of business, is MLP (Multilayer Perceptron). This neural network captures the most complex data and presents it in the simplest form, with the help of historical data.

Point to note- More than an individual, it’s the companies that get benefited out of MLP.

Companies prefer using MLP for business

If we go by market reports, companies use MLP in ways more than one, based on their business model. For instance, LinkedIn uses it to detect spam, while other companies use it to locate better products for it clients.

Add to it, MLP neural networks provide marketers with significant insights regarding the performance of the marketing initiatives.

Some of the uses of MLP by big shots of the industry include:

  • Amazon-use MLP for recommendation purposes
  • Facebook-use it for face recognition
  • Google has been using it-in YouTube, Google Cloud, Video Intelligence, etc.

This overstates the fact that MLP is typically good for business. Read on to get convinced how MLP can benefit your business in ways you have not yet imagined.

Top 4 benefits of using MLP in business

AI and its application is prevalent everywhere. A smart business leader can never overlook the impact of AI and its applications, if his/her prime objective is to cope up with the changing business landscape.

Here are the top 4 reasons why MLP is a must in your business to cross its boundaries of growth.

Identifying patterns in images

With machines now able to identify images, business has taken a big leap, and almost every company worldwide, require pattern recognition facility.

Recommendation option

Most online companies make money via the recommendation of products/services, like Amazon, Netflix, Walmart and many more. 

The fact that the use of recommendation engines opens doors for targeted and loyal customers along with increased sales, makes it all the more important. Now imagine these recommendation models being modified by more intelligent machine learning with the use of neural networks- Yes! more loyal customers and more sales.

Avoiding customer churning

Churn rate (percentage of customers who cease to use a product/service), is something every growing organization is worried of. For some, shrinking churn rate showcases a positive impact on the revenue chart.

Provided that a business is equipped with rich customer data, machine learning models together with MLP can help point out the complex usage patterns and find out the churning customers.

Advanced sales predictions

No matter businesses do not like to forecast sales, the fact that customers can be fickle and their preferences change, cannot be neglected. In tune with this, to tap into the new trends and moods of the customers, companies make predictions, which is highly time-consuming and hardly ever accurate.

If MLP is used to analyze huge data and make specific predictions, this could change the sales numbers of companies, in a good way.

The promising future of business with MLP

In the quest to come up with an efficient replicate of the human brain, MLP is a great step forward.

Covering the most arduous business area, MLP is the best tool for pattern recognition. On account of its increasing popularity, in the last few years a number of companies have invested in an artificial neural network. This a significant step to put an end to numerous business problems. 

If put to good use, MLP can bring significant change in digital marketing, healthcare, translation service, trading, etc. 

Have you found the relevance of MLP with your line of business? Then contact the professionals at SPIN Strategy who can guide you how to make the most of this neural network for business. 

Visit today! https://www.spinanalyticsandstrategy.com/ 

How can Inferential Analytics help business with target customers?

 

Say, you wish to know the average salary of a data scientist professional of a particular region. What are the possible options you can think of?

  1. You personally meet with every data scientist of that region and make a note of his or her salary.
  2. You hand pick few professionals of that region and calculate the average salary.

Although the first method is not impossible, it is a Herculean task indeed, which will consume a lot of resource and time. And keeping in mind the swift moves of companies these days, easy and quick solution is not just preferred but a priority too.

So, what method should be used to figure out the average salary of the data scientist of that area? 

The answer is Inferential Statistics.

For starters, and to put it simply for all, Inferential Analytics is typically designed to draw assumptions beyond the present data available. 

How it works-By taking a random sample of data from a particular set of population and making assumptions and inferences about the people.

But how can this demographic analysis help a business meet its sales targets? Read on to know more.

How to grow business with Inferential Statistics?

With time, the marketplace shifts and evolves, and so does the list of your clients. 

So, it’s time to get ahead of the curve and get a step ahead in the competition-it is time to take the help of demographic data, and what better serves the purpose than ‘Inferential Analytics’. 

Here are three tips on how you can boost the revenue of your organization by making the most of Inferential Statistics.

  1. Development Plans– Often business leaders plan to expand their company or open a branch at a new location, but how to derive information about the customer base, delivery system, distribution scheduling etc. ? 

With Inferential Analytics, you can get key insights on such aspects, coupled with business intelligence reports. Such information is extremely crucial for expansion plans, especially at a new location.

  1. Locate your audience– With the help of Inferential Analytics that examines your current customer data, it is possible to find out where people are most likely going to take benefit out of your product or service. Add to it, you can also narrow down the region where the possibility of customer potential and expansion is high.
  2. Create a marketing campaign– With the help of Inferential Analytics, a business leader can narrow down the branding requirements and focus on specific consumer preferences in a bid to stand out of other competitors in the region. Together with such data, it becomes easy to create a successful marketing campaign.

Grow your business with Inferential Analytics

Expansion of business is nothing less than a big challenge. Not only it takes time and dedication, but also careful location planning. Only with proper location segmentation that helps categorize targeted customers can a business reach its heights.

When the importance of location and population is so impeccable, Inferential Analytics importance cannot be ignored.

If you are blown away by the relevance of Inferential Analytics on business and wish to incorporate it into your company, team members of SPIN Strategy can be of great help.

 

It is a time in history when devices that rove around the globe is empowered with a plethora of multi-functional technologies that can capture gestures, show clear readings to proximity temperature, etc. the list just goes on.

Internet of things is to be held accountable for such versatility, in bits and pieces, but does that clearly throw light upon the importance of this technology? With the ‘Big Bang’ of data and connected devices (the key foundation of IoT), the business sector is all warmed up.

However, the point of discussion over here is that in the absence of understanding to interpret data, and comprehend which one should take a lower priority, IoT is nothing but an unstructured flow of ineffective data.

The absence of AI deployment in IoT enabled devices stands as a ball and chain towards the blistering development of technology that put a veil on the real prize of humankind the astonishing transformation prospects, which IoT offers.

In support of this argument, market survey reports state that more and more organizations have turned to AI to not only improve but also change their business operations.

AI boosts IoT enabled devices

If a company has picked up pace in recent years, it is quite obvious to say that the business organization has inculcated rightful amalgamation of AI and IoT. For instance, Uber uses AI to connect the right passenger with the driver, thanks to customer behavior recognition and autonomous driving approach of data science.

For a highly operated IoT device, in order to comprehend what’s really taking place around a device and to respond dynamically, AI is the key tool. For this, AI needs to be deployed in the right manner, in a bid to realize the IoT offered benefits.

Key Considerations for using AI in IoT

To incorporate AI and derive maximum value from the data IoT makes available, business needs to consider some key steps.

  1. Consider how to incorporate AI training into the process
  2. Ensure the AI systems are constantly refined and enhanced

To conclude with AI in IoT

AI training is as crucial as algorithmic coding for traditional systems, however, in the present scenario that is a worldwide challenge.

With the right training model, IoT models can balance a pragmatic approach toward devices that have human intervention and contribution at the forefront.

If your business has IoT enabled devices, it is quite likely that you will aim to upgrade it with AI, but only with the helping hand of a professional.

SPIN is that professional you seek. Contact today!

Competitive analysis is pivotal in ascertaining an organization’s strategies and impacts to control the ways firms implement diverse actions and reactions in their corresponding sectors. An organization performs a competitive analysis to assess its prominence and ranking among the competitors. 

The principal functions of a competitive analysis lie in discerning the fundamental strengths and weaknesses of the competitors within your specific market segment, developing strategies to render you a definite upper hand vis-à-vis your competitors, building necessary stumbling blocks to circumvent the competitors’ entry into your market and eliminating your potential weaknesses through incorporation of corrective measures within the product development cycle.

Steps to Accomplish Competitive Analysis in Business

A typical competitive analysis hinges on a preliminary identification of the existing and prospective competition. There are basically two different ways you can distinguish your competitors. 

The first method involves examining the market scenario from a customer’s perspective and collating your competitors into groups based on the extent to which they influence the customer’s buying behavior.

The second method classifies the competitors into groups depending on their sundry competitive strategies and factors that galvanize their performance.

Once you have finalized the grouping of your competitors, you can initiate an analysis on their inherent strategies and pinpoint their vulnerable areas. This can be accomplished by scrutinizing the advantages and shortcomings of your competitors. The key skills and assets and their presence or absence are the decisive elements to gauge a competitor’s strengths and weaknesses respectively.

Focusing your efforts on the below mentioned four pertinent areas will enable you to have a better understanding of the constituents of industry-specific key assets and skills.

  • Primary business success/failure factors
  • Chief customer motivators
  • Critical component costs
  • Industry mobility roadblocks

Role of Competitive Analysis in Business

In a specific market, a company’s performance is undeniably determined by its core values and expertise. Along these lines, a meticulous analysis of the front running performers should divulge the reasons for their consistently favorable track records. This analysis in concurrence with a thorough study of the unsuccessful companies and the rationale behind their failures should furnish helpful inputs about the skills and assets that are obligatory to garner success in a particular industry or market segment.

An effective business fabricates a marketing strategy by utilizing the competitive analytics and reports. The marketing tactics should be devised with an aim to produce unique skills and assets which the competitors are bereft of. This will result in a distinctive and everlasting competitive advantage for your business.

A competitive strength grid that consolidates the primary skills and assets of the company can be constructed through various methods. The basic approach towards designing the grid entails the enumeration of company skills and assets for analytical purposes. Visit relevant online available resources to further understand the technique of creation of a competitive strength grid.

Classification of Competitive Strategies

Once you have defined your company’s basic skills and assets essential to succeed and sustain in the business and have characterized your perceptible competitive advantage, communicating them in a tactical way is imperative for attracting and defending your market shares. Competitive strategies are usually categorized by the following five domains of expertise:

  • Product
  • Distribution
  • Pricing
  • Promotion
  • Advertising

Conclusion

Strategies mainly center on setting up the entry point in the product life cycle alongside a sustainable competitive advantage. This implies effectively formulating the crucial elements that will differentiate your products and services from your competitors and strategic groups. Developing a clear-cut competitive advantage will allow you to comprehend the modus operand to not only execute your strategies efficiently but also achieve gainful returns.