Use of Artificial Intelligence (AI) and Machine learning (ML) by Marketers in 2019
It's difficult to talk about marketing today without the conversation steering to artificial intelligence (AI) or machine learning. It is the most talked about new technology ahead of big data...
In my earlier article Is your CRM/Loyalty Program infused with Artificial Intelligence (AI)? I touched upon how the best companies in retail are creating an edge over their competitors by infusing their CRM system with Artificial Intelligence (AI) for a better understanding of their customer’s journey and reducing cost resulting in higher profitable brand loyalty.
Once blustered as a golden bullet for data collation, analysis, as well as customer service, AI and ML have grown past the original hype and smart marketers are using them as a way to augment human intelligence, rather than as a replacement for it.
Technology decision makers are looking for ways to effectively implement artificial intelligence into different segments of their businesses and, therefore, drive value. Although not all technologies in AI and ML are worth investing.
If one thing and only one thing happen after you read this article, we hope it is that you are inspired to join the 62% of companies who boosted their enterprises in 2018 by adopting Artificial Intelligence into their workflow.
AI is being increasingly applied to unstructured data which do not contain a ‘set record’ format such as documents, social media feeds, digital pictures and videos, audio transmissions, and sensors used to gather facial expression, synthesizing these disparate data sources to deliver insights on behavioural patterns of consumers that remain otherwise elusive.
Marketing divisions have benefited so much from AI so far, and there is a lot of faith placed in AI. Fifty-five percent of marketers are sure AI will have a greater impact in their field then social media has.
That is confidence!
AI and ML are being used to improve engagement and increase efficiency to grow revenues faster by automating customer segmentation, customer data integration, and campaign management, streamlining repetitive tasks, and allowing decision-making leader more time for strategic thinking.
Artificial intelligence is capable of applying rules and logic to computer systems so you can use them for improving workflow, reducing fraud, lowering operational cost, enhancing productivity and avoiding costly human errors
Virtual Agents is another channel for AI integration to build loyalty and enhance the customer experience
A virtual agent is nothing more than a computer agent or program capable of interacting with humans. The most common example of this type of technology is chatbots.
Virtual agents are currently being used for customer service and support and as smart home managers. Some of the organizations that provide virtual agents include Amazon, Apple, Artificial Solutions, Assist AI, Creative Virtual, Google, IBM, IPsoft, Microsoft and Satisfi.
There is no limit as to what power AI and ML can harness but one thing is for sure, it is the next skill set that all CMOs and marketers should learn to adapt to stay in the game of innovation and business of marketing.
61% of enterprises with an innovation strategy are applying AI to their data to find previously missed opportunities such as process improvements or new revenue streams
AI and ML technologies that facilitate marketers to automate will continue to grow. With limited budgets, automation will assist marketers to scale more effectively, help inform decisions quickly and cut back on operational costs. With AI and ML driving increasingly more efficient data analysis, marketers will find it easier to deliver hyper-personalization to their customers, from content creation to unique customer journeys