AI Technology Needs a Brand Overhaul
AI is shrouded in mystery, or so it seems. One side of the internet is touting it as a life-changing fix for all the world’s problems, while the other lives in fear of the singularity looming on the horizon. It’s to be expected, I guess. There’s a sharp learning curve that comes with all new technology – and most people fear what they don’t understand. The apprehension will only intensify as AI evolves. The solution? A solid rebranding.
AI Isn’t as Powerful as Everyone Thinks It Is
Robots aren't going to change the world - yet. People are so emotionally attached to the possibilities of AI that they’re blocking their own view of seeing it objectively. What’s more, the industry is rife with buzzwords that get tossed around so much they cease to mean anything at all. As Nicholas Roope says in his article for Campaign:
“On the hype cycle, we’re on the steepest gradient, heading toward the ‘peak of inflated expectations’ around the subject of AI. In familiar style, we’ve jumped straight to the ‘how robots are going to replace all our jobs’ conversation before we’ve discerned the meaningful applications this emergent technology might have today.”
The hype cycle is clouding our judgment. We’re like robots ourselves, with glazed-over looks in our eyes as we process the deluge of information every time AI does something noteworthy. It’s a real bummer because those “meaningful applications” we’re missing out on have a nearly infinite wealth of potential for businesses. Thousands of businesses have already begun implementing AI successfully. A few examples:
- Virgin Holidays (a UK company) is using AI to automate their marketing email subject lines. It may seem trivial, but the optimized emails led to a 2% increase in open rate, accounting for several million pounds in revenue.
- FireEye, a cybersecurity company, launched its AI-powered Helix platform last year, which uses machine learning to identify threats and reduce response times. As a result, the company saw an increase in new customers, a 90% renewal rate, and a 38% boost in cross-sales.
- Textio uses AI to analyze the performance of millions of job posts per month. Major companies like Johnson & Johnson, Spotify, Twitter have used the platform to find qualified and diverse talent. The company reports that job descriptions with high Textio scores attract 25% more qualified candidates, 17% faster.
While enterprise companies may have been among the first to start using AI, they’re not the only ones who can benefit from it. AI is becoming more affordable and accessible by the minute. Small businesses now have the opportunity to leverage AI in ways that work for them; marketing automation, predictive analytics, and automated HR processes are just a few of its most exciting applications. Integrating this technology doesn’t have to be a full-scale affair, either. Even something as simple as a chatbot can improve customer service, increase conversion rates, and ultimately, make more money.