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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.

AI FACEAPP Challenges

As far as the fragment of human imagination travels, speed that up into hundred times more and still, you would not be in calculative terms of understanding to what extent can modern technology lead up to! Barring all limitations, technology evolution in the 21st century seems to be unfolding in such an escalating manner that even the direst of things are not impossible attainments for Scientists and Data Engineers.

Highlighting under this context, one of the massively growing and pervading all sectors of business and lives, is the emergence of Artificial Intelligence. With the sarong demands of the youth, business professionals, and corporate leaders for more upgraded versions of the technology, Artificial Intelligence does complete justice to the aforementioned productively. Additionally, the complimenting elements of more expediency, more flexibility, and more ease of use with AI make it even more incredible.

Here are few of the most in-trend technologies accelerated by artificial intelligence:

Deep Learning

Eminently categorized as one of the best forms of Artificial Intelligence, Deep Learning performs developmental actions that produce algorithms known as artificial Neural Networks. The base model of this has been stimulated by the human brain function and structure. Amplifying much ahead than the equivalent progress of Machine Learning, Deep Learning has outdone 40 fold times more between the years 2015 and 2018. Sectors like autonomous vehicles, computer vision, and automatic text generation have Artificial Intelligence technology at its peak with deep learning being its core use of operative mode.

Facial Recognition

Being regarded as the future of Artificial Intelligence, facial recognition is a colossal breakthrough in the field of technology. Its mounting popularity and progressive growth in the market leaves no room for doubt about its current functionality. With the advent of the year 2019, facial recognition takes giant leaps and dominates the urban mass with its significant power of technological autocracy. To state an example from the current hour, AI-based fun application known by the name FaceApp is a direct testimony of the factual existence of AI’s exponential growth. The app analyzes your face and shows your aged look due to the app’s functionality based on AI + Analytics and ML.

Cloud

Enhancing and streamlining business operations and managing data storing systems superfluously, the cloud is a fantastic example of AI-empowered technologies. The global expansions of MNC’s have pushed forward the occurrence of the largest public cloud adoption in the year 2019.

Therefore, transformations of businesses digitally have laddered up to a whole new level that the future predictions are even challenging to fathom. Building a concrete reputation as a leading AI-empowered business solution provider, SPIN Strategy is a name that is going to be your need of the hour. With a highly qualified and certified competent team of engineers and Data Scientists, SPIN Strategy understands the essence of the AI revolution and its impact on business and leaves no stone turned to improvise operational excellence.

Interested to know more? Get in touch! https://www.spinanalyticsandstrategy.com/ 

AI SEASON SALE

With the holiday season just around the corner, shopping maneuvers are expected to ramp up to a different level altogether, and that is exactly what defines ‘Seasonal Sales’.

Business competition is far above the ground and the customer attention span is comparatively short these days. This fact directs the focus of business leaders on product messaging and offering, as the only route to rope in customers in bulk.

Since the end of the year is all about holidays and occasions, it is nothing less than a spazzed out moment for commerce sites and retailers with customers flocking in bulk, and making the most of this time becomes a priority from a sales point of view. Good news is with the introduction of Artificial Intelligence in Sales and Marketing, revamping the sales numbers is not difficult anymore, if not easy as a pie. 

Be it slicing the staggering costs of the company or aiming to shoot up the revenue collection, AI can definitely help you unravel productive schemes for your business and make sure that the festive season ends on a lucrative note for you, if not for all.

AI makes all the difference in sales

The nitty-gritty of a qualified sales professional sums up to the fact that he/she is required to be before a client without ticking them off, and it is quite difficult. 

So how to make such a calculated step and thrust the sales quote down the funnel to make the most of the festive season?

The answer is Artificial Intelligence in Salesforce. With the help of AI, salesforce can be automated and benefits like the crunching of a high volume of data, enabling the company to maintain better relations with prospects becomes an obvious fact.

Adding Artificial Intelligence in Sales and Marketing enables a company to get valuable data from huge volumes. Add to it, AI can process more data than any human can, and can tap into buyer’s preference and enlighten a business in precise ways.

AI can significantly boost your season sales

AI has crept into the human aspect of sales relationships, and that’s given. Since sales and Artificial Intelligence have joined hands to produce better results, data collection and evaluation is not a nightmare for analysts, anymore.

It is evident that a lot of data is available in the market, and that companies can build different micro-segments on the back of such information. With the introduction of Artificial Intelligence in the sales force, companies can now devise winning strategies riding on the back of such micro-segments.

Below, is the list of possibilities how AI can boost seasonal sales significantly for your business.

  1. Makes products and consumers analogous– A good marketer is always in search of customers for its product, however, customer data and product data often fail to match. Thanks to Artificial Intelligence in Sales and Marketing, high-quality product data and related aggregate customer data can be combined to create an effective and precise order for the company.
  2. Provides a consolidated user experience– Customers these days are not limited to any one channel when it comes to shopping-both online and offline purchase is on a high pedestal these days. Since customers have become way more smart compared to their previous track records, the interaction between different departments like marketing, customer service is evident. 

With the help of Artificial Intelligence in sales force, data sharing and internal coordination between different departments have become a piece of cake, offering a seamless user experience to all.

  • Helps to settle on the best performing ads- Thanks to AI, you can now figure out which particular advertisement has actually turned the tables for your business. By analyzing the pattern of such advertisements and inculcating such ads in your website, you can steer towards a successful voyage and open doors for fruitful business campaigns.
  •  Builds and strengthens brand image- It is no news that brand image is more than everything for a company. The trend today that speaks aloud is personalization- clients today tend to relate with brands that are tailored according to their needs. And this can become a no-brainer only with the help of Artificial Intelligence in sales and marketing that can comprehend customer micro-segments and establish a strong bond between the brand and customers.

AI is the route for successful season sales

Although Artificial Intelligence is not the solution for all the looming issues, but for seasonal sales during festive seasons, it does the trick. It not only guides retailers in their objective but also ensures customers leave behind a positive feedback.

It is no rocket science for seasoned sales professionals to understand the fact that sales is nothing but establishing trust and relationship with clients. This undeniable and verifiable fact is further supported by AI that offers consolidated data and useful information to meet with client requirements, and establish a bond between company and customers that is ‘unbreakable’. 

If you too wish to inculcate AI in your business and boost the sales performance during specific seasons, SPIN Strategy can help you to start off. 

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