Rise of Data Kingdom

Businesses have entered an era that business intelligence is becoming an absolute necessary tool to have. The importance of data and insights is growing substantially and companies have acknowledged the critical role of customers and their behavior. Keeping track of ever-expanding digital environment and virtual activities that are updating in every moment, would require great time and energy. This is where AI and machine learning are going to help businesses for scrutinization, analysis and determining the best next action. By employing previous experiences, AI can simulate different situations and provide recommendations and forecasts for future offers or campaigns with higher ROI.

Implementing AI, companies use algorithms to monitor customers’ every interaction in digital environment and transforming them into insights of how to tailor services and products to create better customer experience in every touchpoints of journey. As a matter of fact, every single click, visit or any transaction from customers would be restored in data warehouses and be employed to create customized and specified content for every target segment or audience. AI has enabled marketers to feed right customers with right content on the right channel at the right time.

With help of technology and new softwares, marketers have access to an integrated and broken down data resources which has gathered data from all digital platforms such as social media, emails and web pages. It has become very appealing and interesting for customer to receive better and more personalized services from different brands. When the bar is set very high, traditional products would not be attractive for customers.

AI is able to gather structured and unstructured data. It means data can be obtained from texts, images, emails and even video and MP3 files and transformed into structural data in order to identify the most attractive products and trends for customers. Data contains of location, demographics, interests, behavior and anything relevant to a person uses digital devices.

With data mining and machine learning, companies enjoy remarkable improvements which lead to higher customer satisfaction and growth in revenue with least required effort. Some of examples are:

Automatic Ads: Using data from cookies of websites and mobile apps and turning them into specialized ads.

Dynamic price structure: such as online taxi services that with growth in demand the prices becomes higher.

Content intelligence: Using data-driven insights to create more effective and targeted content in websites.

Voice Recognition: supporting customers with automatic responds to their voices.

Chatbots: simulating conversation scenarios with customers within text platforms.

Churn prediction: building predictive models and identify if customers are considering churn and make smart engagement with them.

One of the pioneers in using AI is definitely Google. By only searching a product and visiting more than one website, all of the sudden, you receive adds on other irrelevant websites about same or similar products. The technology by which Google is monitoring all interactions, is called Neural network which is inspired by human neurologic system. Deep neural network, processes data in more refined and detailed degree comparing other AI technologies. Not only they are using AI, they are becoming a machine learning company, to design special services and offer to other companies.

Machine learning are used to identify gaps in business procedures and companies are feeling the need to adapt such technologies. It has become so interesting that AI software market is projected to generate $59.8 Bill by 2025 based on Tractica estimations. Modern marketing is focused on gaining competitive advantage in order to acquire and retain more customers and AI provides the solution. Sooner or later, all companies who want to survive in advanced competitive world, would start to leverage AI strategies in their business. Marketers have to dedicate time and resources to AI and data-driven solutions.