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New research from Rio SEO shows dramatic effects on local search and offers insights into how to be more effective in monitoring search habits at the local level and leverage those changes for better economic performance.
Rio SEO tracked consumer trends across over 200,000 locations in a range of verticals.
The report covers these categories.
Quick Service Restaurants
According to Rio SEO:
“Without question, COVID-19 had a massive impact on the local search landscape in 2023. Across the over 200,000 locations in all verticals that Rio SEO tracks, local searches were volatile, with initial drops, recovery, more volatility, and a gradual return to pre-pandemic levels.
The verticals that were able to pivot to respond to the uncertain economic climate weathered the pandemic storm better, but no sector was left untouched and unaffected.”Total Views
All verticals experienced drops in total views from February through April.
Other metrics also reported declines but it was total views that had the biggest declines.
Recovery began in May and by the fourth quarter all metrics stabilized at similar percentages of growth and decline.
The increase “skyrocketed” in March mostly across the board in all verticals, peaking in April and May 2023.Financial Services
Financial services experienced a significant decline in views from March through May, at which point it has continued to rise. But it has not yet returned to pre-pandemic levels.Business Services
Business services suffered the during the pandemic, no doubt a result of the work from home phenomenon.
According to the Rio SEO report:
“What started as a strong year in terms of views plummeted in March, only beginning to regain traction in June.
Local searches and views took a huge hit in March and April 2023. The business services vertical recorded the largest percentage changes for all metrics, rocketing up in most metrics in May 2023.”Restaurants
Some studies have noted that the pandemic hit the restaurant business harder than other sectors.
During normal times restaurants operate under pressure, particularly smaller startup restaurants that experience a failure rate of approximately 27%.
The additional pressure from the pandemic emphasized the importance of being able to pivot in response to changing conditions.
Rio SEO noted:Retail
Retail was one area of local that was able to keep performing during the pandemic.
“From October-December 2023, total views had surpassed pre-pandemic levels. Total searches have also been trending upwards, reaching their peak in December 2023 due in large part to holiday shopping. Of all verticals, retail experienced less turbulence than other verticals affected by COVID-19.”Healthcare
Healthcare started the pandemic with declines just like other niches.
However, the sector as a whole has continued to regain views and searches beginning in June 2023.Hospitality
The hospitality sector was crushed at the beginning of the pandemic but managed to stage a modest rebound beginning in June. But the trends were indicative of fewer consumers.
According to the report:
“By June both searches and views started making a slow comeback, and have remained steady since.
While fewer consumers may have been searching and viewing hotel listings, the ones who were were taking action in the early part of 2023 and then again July through September.”Local Search & Consumer Behavior
It’s clear that the pandemic caused long lasting changes to user behavior in how users were interacting with maps and business listings to contact and do business with local businesses.
What’s of particular interest in terms of a takeaway is that it’s important to monitor user behavior in order to better respond to swiftly changing local search consumer trends.Citation
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blog / Finance Everything You Need to Know About Venture Capital (2023 Trends Included)
Startups, entrepreneurs, private equity, venture capital, unicorns, angel investors — anyone with even a passing acquaintance with the ins and outs of economic activity would be familiar with these words. This does seem to be the ‘Age of the Startups’ and all the players mentioned play integral roles in funneling investments into new businesses and driving forward the global economy. While our story is mainly about addressing ‘what is venture capital’, we will touch upon its differences with other investments like angel investing in brief for better understanding.A Brief History
While startups might be a new-millennium word, many of its affiliate terms certainly aren’t. Venture Capital (VC) has a decades-long history behind it, coinciding with the end of the Second World War and the staggering rise of the American economic empire.
The first-ever venture capital firm was formed in 1946. It was called the American Research and Development Corporation (ARDC) and founded by a powerful quintet— Karl Taylor Compton, president of the Massachusetts Institute of Technology (MIT); Massachusetts Investors Trust chairman Merrill Griswold; president of the Federal Reserve Bank of Boston, Ralph Flanders; and Harvard Business School professor, General Georges F. Doriot.
Prior to ARDC, entrepreneurs and businesses turned to wealthy families — the Vanderbilts, the Rockefellers, and the Whitneys, to name a few — to raise capital. ARDC was established as a public company that raised capital from universities, insurance companies, mutual funds, and investment trusts.
While it does help to get the background of what is essentially a fixture in economic/entrepreneurial speak, what exactly is venture capital and how is it different from other forms of startup investment?What is Venture Capital?
To put it succinctly, venture capital is funding offered to entrepreneurs, small businesses, and startups that investors believe have the potential for long-term growth. A VC firm pools funds from institutions and organizations such as investment banks, insurance companies or pension funds. These funds are then further invested in businesses that VCs have analyzed and studied as the most suited.How Do Venture Capital Firms Make Money?
If you’re in it for the money — you’ll be gratified to know that venture capitalists make good money. A successful firm in this business can make an easy $10 to $20 million per year. Venture capitalists earn their bread in two ways:1: Management Fee
This simply means that the VC firm charges the aforementioned investing entities (insurance companies, banks, etc) a fee to manage their funds. This fee is generally set at 2 per cent of the fund amount per year. It may seem less but imagine that the VC firm handles multiple funds in the millions and you’ll realize it’s a rather lucrative potential.2: The Carry
It may sound like a cipher but all it means is profit. More accurately, the profit that the VC firm earns on its investment in the startup. The firm could also make a profit by selling some of its shares to another investor.Venture Capital Vs. Private Equity Vs. Seed Capital Vs. Angel Investing 1: Venture Capital Versus Private Equity
The common thread that runs through both these forms of funding is that they invest in companies and exit them by selling their share of business investments in return for cash investment. Private equity firms are not publicly listed. This is the most obvious difference between them and venture capital firms. Additionally, private equity and venture capital look at different companies to invest in and also have different amounts of equity. Venture capital more or less falls under the umbrella term that is private equity.2: Venture Capital Versus Seed Capital
Seed capital, as the term implies, is the absolute initial funding stage for a startup to get off the ground. Venture capital typically happens at the more subsequent stages of a business, when the business is more or less established and looking at scaling up. The source for seed funding is generally fluid: from family members to friends, relatives, crowdsourcing, or even your own savings. Venture capital comes from an established funding organization. The more quantifiable difference between the two is that venture capital dabbles in the millions as compared to seed capital. This does not mean that VC funds can never used as seed capital; just that it isn’t a common occurrence.3: Venture Capital Versus Angel Investing
The most obvious difference is that angel investors refer to wealthy individuals rather than professionally managed companies and typically use their own money for investments. The other notable difference is again the quantum of money that moves through venture capital firms and into business is much greater than that put forward by an angel investor. Incidentally, the latter is also a source for seed capital for startups. The process of screening the company in which money is to be invested is another important difference. Venture capitalists have a team of experts to do the job.How Does Venture Capital Work?
While startups looking to, well, start up would usually not be the ones VC firms would look to fund, the seed capital stage is not out of bounds, though not popularly pursued. This is the stage before anything happens, when it’s all about setting up and providing the capital for market research, business plan development, product development, etc. VCs tend to get into the game in the next stage, called the early stage. This is all about business development and looking for ways to consolidate operations after a service or product is ready to hit the market. Then there is Series A, B, and C rounds of funding that are also of interest to VCs as the business is now in the throes of growing or expanding. It is the late stage where venture capitalists jump in with both feet, where businesses mature and earn revenue.
Related: How to Get into Venture CapitalWhat’s Trending in Venture Capital for 2023
The pandemic was many things to many people and most of it was negative, but the silver lining was evident when it came to venture capital. In 2023 and 2023, almost the entire world went online, leading to technology companies — emerging and established — becoming the backbone of the global economy. This, in turn, led to global VC funding in technology-related startups, which was a whopping US$ 211.3 billion. And while the projections are $584.4 billion by 2027, there is an impossible-to-ignore slowdown this year. Not unexpected, given the mythic proportions of last year. In fact, venture capitalists have been warning of a slowdown for months. In the first quarter of 2023, global funding has fallen 19% to $144 billion from the previous quarter.
As the saying goes, however, it’s all relative: Despite the slowdown, the first quarter of the year still happened to be the fourth-largest quarter for funding on record. The focus this year for investments by VCs is heavily in favor of financial technology companies.
Technology, as has been the case, is going to be the big gainer this year, with interest and investments in cryptocurrency, cybersecurity and artificial intelligence, online reality, and biotech expected to continue.Professional Courses to Decode Venture Capital
Given the churn and change that the global economy is undergoing, venture capitalists — aspirants as well as those already entrenched — can only benefit from gaining a comprehensive insight into the VC world. For this, Columbia Business School’s Foundations in Venture Capital hosted by Emeritus is just the ticket. If you want to make informed fund-raising decisions, a venture capital program is for you. You should have an eye for in-depth analysis and understanding of VC trends. It is a well-rounded and extensive program supported by an experienced faculty.
The objective is to create a roadmap of investment strategies best suited to specific portfolios, establishing the criteria for industries to invest in, among other learnings necessary to stay ahead of the curve.
Adding a touch of originality to this mix, Emeritus co-founder Ashwin Damera caught up with Anand Daniel, a partner at Accel, one of the world’s leading venture capital firms. Bringing an interesting and much sought-after view directly from the VC world, Daniel spoke of building a unicorn startup, entrepreneurs, valuations, success stories, and most importantly, the path to success.
ALSO WATCH: Fireside Chat on How to Build Your First $1 Billion Unicorn
If you want to understand the process of building great companies from scratch like our founders, Wharton’s Scaling a Business: How to Build a US$1 Billion+ Unicorn is a program you might want to explore.
By Gauri Kelkar
Write to [email protected] for content collaborations.
Some large-scale marketing trends can be seen a mile away. It’s not surprising that marketers are increasingly interested in Instagram, the most visual, niche-focused, influencer-friendly social platform out there. We even know why they stay away from the creative haven of Tumblr, which doesn’t offer the demographic data and influence-driven networking they need. But when it comes to the most recent trends and the biggest concerns in the marketing world of 2023, we need to rely on the latest study.
Incite Group‘s new research paper on marketing was composed based on the feedback of over 1,300 marketing executives across the early months of 2023. Here’s a summary of the most relevant data points on the newest trends those executives found the most pressing.Personalization Is Huge
Being able to know one’s customers and address a single customer’s viewpoint is the biggest marketing concern of 2023, according to the report, which noted that nearly half of all respondents labeled it their biggest issue. Following recent leaps in big data and demographic personalization, it seems no marketer wants to be left with less targeting data than the rest.Brand Storytelling Is on the Rise
From the report:
“Brand storytelling made a big jump, up some six percentage points, to the second biggest issue from fourth place a year ago. The focus was particularly stark among MarTech firms, with 52 percent of these respondents citing it as crucial. That was the highest reading of any issue with either MarTech or Corporate respondents.”
Coherent storytelling is essential for a successful omnichannel marketing campaign. Given the rise of closed-internet platforms on mobile or in newsletters, it’s increasingly important that marketers be able to offer the same experience across any platform. With the right storytelling approach, a brand can rise above the noise.Social Media for Customer Engagement Is Now Essential
While the category of “Social Media for Customer Engagement” wasn’t the largest concern in the report, it did make the largest jump over its status from the previous year, indicating that it has quickly become unavoidable.
“The biggest overall leap was for Social Media for Customer Engagement,” the study clarifies, “which is clearly becoming table stakes for many brands. It rang up a 43 percent reading as essential this year, jumping from below 30 percent in 2023.
[…] A newcomer to the survey—Building Immersive Customer Experiences—finished with a strong thirdplace showing, garnering votes from 46 percent of all marketers.”VR, AI, and IoT: These New Tech Gimmicks Aren’t Catching On
The gimmicks of marketing include any recent technologies that might wow consumers enough to nap an affilated brand a little extra attention. But not among the respondents here: VR/AR, AI, and the Internet of Things all clocked in at last place.
“VR/AR received an overwhelming 40 percent of all respondents saying ‘Not Important’ and that includes a whopping 45 percent of inhouse marketers vs. just 31 percent in MarTech. Meanwhile AI was the next least important issue, pulling 27 percent overall. IoT wasn’t quite as negative at 17 percent, but that total is still less than its ‘essential’ votes,” the study broke it down.
While marketers are pivoting sharply to address a media environment dependant on data and closed platforms, they see no need to shift towards a VR environment or getting any virtual real estate on an IoT hub. But give it five years. If any of these recent tech developments becomes an essential aspect of life in the near future, marketers are sure to get on board.
With endless options to choose from and the potential to eat three meals a day, the restaurant industry can be an extremely competitive category for local search.
Plus, more restaurant locations are continually opening and new concept types continue to pop up.
Maintaining a strong local search presence becomes more difficult for enterprise restaurant brands who are looking to do it at a major scale, sometimes with several thousand locations.
Many restaurant chains are franchisee-operated, which means the brand doesn’t own or operate their locations but instead provides support to the owner-operators.
This adds another layer of complexity being able to scale a brand’s local search marketing efforts since corporate is not fully in control.
Even though there are many intricacies when running an enterprise restaurant brand, there are many ways for a brand and its individual locations to succeed at local search marketing.
It is critical to have a definitive local search strategy since many restaurant visits start with a search on Google or directly in Google Maps.
In this post, we will explore in-depth how to manage local listings and SEO at scale for enterprise restaurant brands, and our best practices for succeeding in the ever-evolving local search landscape.Listings Management For Enterprise Restaurant Brands
Having local listings is an absolute must.
Without a listing for a restaurant on key directories like Google, Apple, Bing, or Yelp, it would be as if the location didn’t exist to searchers.
But having the location listed on smaller directories like OpenTable, Zomato, TripAdvisor, YellowPages, All Menus, Facebook, Foursquare, Zagat, and Grubhub is just as critical.
Each restaurant should have a listing on all relevant directories as this is a ranking signal to Google since citations are an effective way to build links back to the restaurant’s location page.Location Management Platforms
For enterprise brands to manage the vast amount of listings with so many different attributes across the various sites requires a centralized platform.
Each directory accepts data slightly differently, plus being able to make updates quickly and efficiently is essential.
Even more so with restaurants needing to be nimble with changes due to the pandemic.
Most enterprise restaurants need a location management platform to be able to manage all of the complexities.
These platforms allow for them to update data in one place and have it submitted to multiple listing directories.
These platforms can also give franchisees the ability to access their restaurant and make their own updates instead of relying on corporate to make these changes.
The franchisee owner-operators tend to know their locations best and will be aware of any changes specific to the location since they typically can decide hours of operation or other nuances with their location.
Accurate and complete information is not only essential to restaurants but also a way to gain better visibility.
Having the wrong hours, incorrect status, or missing links will lead to missed revenue opportunities and possible negative reviews.Review Management
Review scores are a key piece in factoring where a location will rank. Google will also consider replies to reviews as a ranking signal.
Additionally, 59% of 18 to 23-year-olds say online reputation plays a role in their purchasing decisions at restaurants.
Restaurants tend to generate a lot of reviews, which provides a lot of great insight.
Being able to respond to potentially 100,000 plus reviews a year will take a concentrated effort from either corporate or franchises.
Just like having a platform to manage listings, a tool to oversee and respond to reviews is necessary for enterprise brands.
This will allow you to see how many reviews restaurants are generating, review scores, and sentiment to further improve each location’s level of service.Listings Content
Having engaging content within your listings is a great way for enterprise restaurant brands to stand out. Two ways to do this are through photos and posts.
Many enterprise restaurant brands just have a few stock photos that are the same on every listing.
Having unique photos across all of your listings is a great way to make your profile more engaging.
Adding photos of the exterior, interior, or anything that makes that location stand out uniquely is beneficial.
Google Posts are also a great way to share specifics of what is happening within that location. Having Posts across each location is another opportunity to speak to your customer and impact rankings.Local Pages
Individual pages are key to any multi-location restaurant brand since it allows the user to know what that location’s specifics are and what it offers.
The challenge for enterprise brands is having several thousand pages that can look like duplicate content.
Not differentiating each location’s page can negatively impact SEO and not give any real insight into the location.
This, in turn, does not provide the reader with relevant content and is seen by Google as the brand not providing quality content.Unique Content
For enterprise brands to stand out locally unique content is essential. Hyperlocal content is a great way to build out unique content.
Restaurants can think about hyperlocal content in two different ways. The first is what relates to the location locally.
Highlighting the specific neighborhoods the restaurant is near, major highways, universities, stadiums, museums, arenas, or other major landmarks.
The second area is what differentiates each specific restaurant from the others.
Does this location have any specific promotions or events?
It could be weekly kids eat free night, sporting events, nights where there is live music or even karaoke.
Another possibility is highlighting who works in the location and their bios.
The whole goal is to provide as much unique content about the location to make it stand out locally.
Having specific images of the location versus a standard image across all locations is another opportunity for creating unique content.City Pages
Another way to help rank locally is to have city pages built out for any of the cities a location is in.
Many searches today are location-based with a city modifier such as “American restaurant in Los Angeles”.
Having these city pages will help improve the restaurant’s rankings.
It is also another opportunity to build unique content for that specific city.
You can take the same approach with hyperlocal content for cities by calling out specific neighborhoods, museums, arenas, highways, and any other key things that make that particular city stand out.
Even having unique images for each city will be beneficial.Conclusion
For enterprise restaurant brands to stand out in search, having a dedicated listing and pages strategy is essential.
By providing the specifics of each location and creating unique content, enterprise restaurants can effectively compete locally against single-location restaurants.
Featured Image: Andrey_Popov/Shutterstock
For an enterprise to succeed in today’s economy, it must evolve to a point where technology propels the business, while also simplifying the experience for the user and for employees. It must be nimble in adjusting its approach to technology to keep up with industry growth and market trends. This begins with listening to customers, industry partners and employees to understand how to increase productivity, provide a delightful user experience and to spark collaboration.
The Internet of Things Explodes
The enterprise of the future will be driven by connectivity between devices. This year, Gartner predicts that spending on new IoT hardware will exceed $2.5 million each minute. Businesses are harnessing the opportunity to use connected technology at an accelerated pace so that they can empower employees on the go and foster better customer experiences.
In the transportation business, for example, PeopleNet, a leading provider of fleet telematics technology, has enabled improved electronic logging by encouraging its trucking customers to move paper-based processes into electronic formats via IoT-enabled technology. This transition saves drivers and fleet managers time and makes it easier to comply with regulations and reporting.
For an enterprise to get started in leveraging the IoT, they must evaluate all of the touch points in place with employees and customers. Evaluating these areas will help determine how the IoT can improve everyone’s experience.
Secure Workforce Mobility Accelerates
Mobile has changed the way we do business by enabling greater employee productivity, accelerating workflows and enhancing customer service. It has also unleashed the ability to work anywhere, anytime, with an intuitive user experience — with demands increasingly driven by millennials.
However, as enterprises shift to a mobile-first mindset, they are forced to balance the need to provide easy mobile access to corporate data with the potential security risks that this entails. Security risks can come from lost or stolen devices, or people leaving the company with unsecured assets. Any sensitive company information stored on a device can put the organization at risk of a data breach that can be costly to the brand.
Securing mobile devices is essential, not only for employees and customers, but for the enterprise. However, the security solutions must also be user-friendly, especially in the age of BYOD where employees use mobile devices for both work and personal use. If imposing security solutions makes using mobile devices complex, employees won’t continue using them to their full potential.
We’ve seen mobile security success in the healthcare sector as they transition patient data from paper to electronic record management. Saint Elizabeth, a Canadian health care provider, implemented an on-device mobile security solution for remote teams. They provided 5,000 remote healthcare workers with mobile solutions that could not only support health and productivity applications, but also protect patient information. Saint Elizabeth is now expanding the rollout nationally after experiencing success from the pilot program.
For implementation, remember that the mobile security solutions your enterprise deploys must be smart, connected, and secure. Your employees should not feel limited while working remotely or traveling; rather they should be completely supported by an interconnected and seamless mobile solution.
The Future of Digital Displays is Bright
Conveying an impactful message to customers involves more than putting a large, static display in a window. In a recent Forrester survey, enterprise business and technology decision-makers revealed that they are investing in digital customer journeys — with 39 percent investing in improving cross-channel experiences that extend from mobile to laptop to retail store kiosk. Digital customer journeys not only deliver compelling messages, but should also engage customers and improve their experience.
A great example is Maverik, a regional convenience store and gas station chain. Maverik wanted to showcase high-energy videos and digital content to build its brand identity. To do this, the chain deployed a digital signage program that included digital menu boards and promotional displays on its soda dispensers, along with high brightness displays in its window facing gas pumps to capture customer attention.
A good place for your enterprise to start is to examine your own customer’s journey to determine how to best integrate digital displays. From mirror or transparent OLED displays to the ultra-slim video walls showcased at CES, the customer experience becomes something richer and more engaging — something that cannot be matched through online experiences.
Virtual Reality Adoption Ignites
Automaker Audi is one brand that has differentiated itself from competitors by integrating VR technology into the auto dealership experience. By embracing VR and other digital technologies, the automaker transformed its London Audi City location into a virtual showroom using digital solutions to enable customers to navigate the shopping experience on their own terms.
In the health care sector, one VR training application allows viewers to observe the mind of a person with schizophrenia. The simulation has participants on a city bus surrounded with the sights and sounds seen and heard by a person with the illness. Medical practitioners can use VR to not only create new training procedures, but simulate catastrophic scenarios, examine rare conditions and witness complex procedures through the eyes of skilled practitioners.
Voice recognition has not had an easy pathway to broad application. Early systems were incredibly buggy. Even the broadly used systems suffer from the occasional problem.
Case in point: My wife asked on app to phone me and was given a list of the nearest dog kennels. But by and large, the technology is getting there.
See below for some of the top trends companies and IT teams are seeing in the voice recognition market:
See more: The Top Artificial Intelligence (AI) Companies
Some voice recognition systems seem to only be there to deflect calls and choke down traffic to call center personnel.
While voice recognition systems are ever more sophisticated, they yet don’t always end up being that helpful. Although they now include artificial intelligence (AI) as part of their makeup, they may not necessarily be designed to actually help people.
“People are tired of AI cliches that technology is all-knowing and will solve every problem,” said Daniel Theobald, founder, Vecna Robotics.
“That’s why one of the biggest trends in 2023: will be putting people first.”
AI in robotics or voice recognition generally works well in controlled environments. However, when you add people, equipment, and other variables to the mix, humans generally reign supreme.
“Collaboration between man and machine requires thoughtfulness,” Theobald said. “The companies that put humans at the center of their operations and support new workflows will win big.”
A Domo report found that 1.7 MB of data was created every second for every person on earth. In recent times, voice recognition and chat have only added to the problem.
Microsoft Teams, for example, has more than 50,000 users connecting every minute. Zoom has hit more than 200,000 people meeting per minute at peak times. For every minute on any platform, it takes a great deal of storage capacity just to establish connectivity. Add in streaming video, chat, displaying presentations during meetings, voice, recordings of meetings, and automatically generating transcripts of meetings, and the amount of data boggles the mind.
See more: How Artificial Intelligence (AI) is Used by 20th Century Studios, Epiq, PureTech Global, FintechOS, and WildTrack: Case Studies
Some enterprises are recognizing that voice prompt systems and automatic voice recognition systems may be adding to user frustration. One effort to reduce this is to introduce AI-powered chatbots to take some of the traffic away.
Grease Monkey International, for example, uses IBM Watson Franchising Virtual Assistant to help its business as one of the largest independent franchisers of automotive oil change centers in the U.S. The goal of the project was to increase the pace of lead generation as part of a rapid expansion initiative.
The system streamlines customer interactions by skimming off level one and two inquiries, instead of sending them directly to the franchising team. Low-level inquiries are dealt with using conversational AI. A pilot project performed so well that the company rolled Watson Assistant out to dozens of its centers.
Any AI system has to go through a learning period. Voice recognition is no different.
When it came to learning the ins and outs of competently addressing level one and two inquiries at Grease Monkey, Watson Assistant managed it in four days. It uses machine learning (ML) algorithms to train itself on user interactions and to find the ways to encourage users to provide complete contact information, without them hanging up or getting frustrated.
One good way to do this is to draw up a comprehensive set of frequently asked questions (FAQs) for initial training. This can be used as the basis for a natural language model that can understand customer inquiries with accuracy.
A study by Forrester Research found that access to messaging, meeting, and calling within Teams can reduce downtime by 14.6%, and save around $650,000 over three years on average.
Such collaboration systems are continually adding new features. Some collaboration platforms are adding chatbots to help users. Chatbots, in fact, are one of the most popular of current voice recognition applications.
“These systems have grown in popularity for the ability to power applications that are proving to be helpful for businesses, from customer service chatbots to medical health lines,” said Rachel Roumeliotis, VP of AI and data content strategy, O’Reilly Media.
See more: The Artificial Intelligence (AI) Market
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