61% of 6,000 people believe Artificial Intelligence will make the world a better place.
Since the past few years, Artificial Intelligence (AI) has witnessed a major revival but various forms of AI have been around us for a long time. We were introduced to it through speech to text transcription, voice recognition etc. These technologies were not very efficient at first but they have played their part as the base for future technologies.
Artificial Intelligence has created a huge presence through its subsidiary processes like Big Data, machine learning, and the Internet of Things.
- Big Data
It is a term used to describe a large amount of data, structured and unstructured, that overwhelms a business on a daily basis. This Big Data can be analyzed for insights that would lead to better decision making and an improvement in strategic business moves. Big Data can be understood by 3 Vs as conceptualized by industry analyst Doug Laney.
Volume. Data is collected from various sources, including but not limited to business transactions, social media and sensor or machine-to-machine data. In the past, storage would’ve been a problem but new technologies have alleviated the burden.
Velocity. Data streams in at an exceptional speed and must be dealt with in a timely manner through RFID tags, sensors, and smart metering which drive the need to deal with this huge volume of data in near-real time.
Variety. There are various types of formats that data arrives in; structured numeric data in traditional databases to unstructured text documents, email, video, audio, and financial transactions.
When Big Data is combined with high-powered analytics a lot of business-related tasks get accomplished like:
- The root causes of failures, issues, and defects get determined in near-real time
- According to the customer’s buying habits, coupons are generated at the sales point
- Entire risk portfolios can be recalculated within minutes
- Fraudulent behavior can be detected before it even affects your organization
- Machine Learning
As an application of Artificial Intelligence, it provides systems with the ability to automatically learn and improve with information from experiences without it being explicitly programmed into them. With the focus on the development of computer programs, Machine Learning accesses data that it then uses to teach itself without the need for human intervention.
- Internet of Things
Through a system of interrelated computing devices, digital and mechanical machines, objects, and people, Internet of Things (IoT) provides each of these with unique identifiers (UIDs) and the ability to perform a transfer of data over a network without the need of a human-to-human or human-to-computer interaction.
Organizations in various industries are using IoT to perform more efficient operations, better understand customers in order to deliver an enhanced customer service, improve decision making and increase business value.
AI has had an impact on the way marketers collect and analyze data and the way this data is used to improve marketing strategies. It has a transformative and profound impact on marketing, especially in the following ways.
- Helps access the overall customer experience
Artificial Intelligence can help you observe the different purchase patterns of a customer which can result in deeper insights that could potentially help marketers in planning and targeting customers. In-app messaging can be customized through automated responses and recommendations.
- Assists in user experience customization
Based on the collected data and research, personalized content can be customized, which plays a very important part in sales increases and ROI. Artificial Intelligence can be a great aid when customizing your user’s experience. Chatbot’s also known as “conversational agents” are software applications that mimic written or spoken human speech for the sole goal of simulating an interaction with a real person.
- Greatly elevates the customer experience
Customer experience can inevitably be improved through customized user experience. A marketer is able to produce and develop better products and services that improve the customer experience just by knowing his customer.
- Customer empowerment
Along with customization and an elevated customer experience, comes the empowerment of customers. When a customer feels free and empowered to make his own decision then your relationship with them gets greatly improved. With the help of AI, the best options can be offered to the customer but the choice is always their own.
- Uses human recognition
AI lets you identify a face along with the emotions on their face. This will help in providing maximum security to a customer which is a better way to understand the product impact on the customer.
- Future and present
The AI rule is to have a large dataset, study it and provide the best-customized services. The skills and usefulness of machines have improved and it has a positive effect on not only your customer’s experience but also decreases your efforts.
As you can clearly see, Artificial Intelligence has a huge impact on marketing and continues to transform it. From aiding sales staff in their efforts to acquire leads, personalizing customer experiences, enhancing all sales channels, and even maximizing customer potential AI is here to stay. So dwell into it and dwell deep, only then will you discover the infinite possibilities Artificial Intelligence holds for your business.