Despite a proven track record of successful application in the field of marketing, many marketers are still not utilizing Machine Learning. According to a recent MIT study, 73% of companies believe that machine learning can increase customer satisfaction. Yet, the same study found that only 23% of businesses have adopted the technology – with even less (5%) actively using it. Meanwhile, the companies that are using data and analytics are reaping the benefits, with a reported 19% increase in operating margins over a five-year period.
This begs the question: Why aren’t more companies embracing machine learning? Perhaps the reason is as simple as a lack of understanding, or even fear of the unknown. But with demonstrable increases in accuracy, profit margins, and customer experience, marketers can no longer afford to ignore machine learning.
