At Sapere, we take a particular interest in emerging technologies. And for us, Machine Learning is a big player.
Put simply, Machine Learning is software code that can predict and learn from patterns in data to build intelligent software systems.
The benefit? An incredibly powerful tool that takes the hard work and uncertainty out of data analysis, forecasting and strategic decision-making.
Imagine being able to predict, with accuracy, the likelihood that the next request for a quote (RFQ) or lead will convert into an order. And imagine being able to identify exactly what you need to do to ensure a high probability of conversion.
You can apply Machine Learning against previous quotes and lead conversion data to make these exact predictions.
The following basic example shows how we could apply Machine Learning to your business:
An engineering business receives a request for quotation for a new piece of equipment. By applying Machine Learning to their historical data, the system gives them the probability of a win, and the key information they need to ensure those odds are shortened in real-time:
Information provided when the RFQ is received:
Job: New Fabrication
Predicted quote price: £100,000
Last 5 jobs: L | W | L | L
Probability of winning: 70%
Advice: Consider reducing the price by 10%, this will increase the chances of winning by 20% to an overall score of 90%.