Machine learning teaches marketers to cultivate a growth mindset

While digitization has strained the marketing department's traditional methods and measures in recent years, the function is regaining its energy by plugging into a rich and abundant power source: data. Existing enterprise data, as well as information gathered from engaging with consumers, has become a valuable business asset. With the advent of machine learning--a type of algorithm that identifies patterns in data and improves with experience--companies can use data to predict and "learn" to identify consumers who appear likely to become high-value customers. The business restructuring taking place today mirrors the transformation that's underway throughout entire industries, from media to manufacturing, as companies rewire to compete in a digitally drenched environment. "For a long time, none of us would have thought that selling food and beverage over e-commerce would have been such a large business," says Shyam Venugopal, vice president for global media and consumer data strategy at PepsiCo.