What is AI?
Artificial Intelligence (AI) is a computer system that is able to think for itself and make decisions based on the data it is being fed. AI uses the technology of Machine Learning in order to learn, to build and to evolve. It combines analysis, implementation and development of methods to allow accomplishment of complex tasks. It has the ability to process immeasurable depths of information in an extremely quick time faster and more efficiently than human minds. AI is able to perform in real time, personalise offers and improve customer experiences.
If you have experienced any of these, then you have already interacted with AI:
Have you ever spoken to Siri?
Have you used Google Translate lately?
Have you ever connected with a long time friend with Facebook suggestions?
Has Spotify provided you recommendations based on your user experience?
Have you had ‘Nike On Demand’ sending you messages like a personal trainer to help you achieve your fitness goals?
Another example of an AI system is IBM’s Watson. Watson is a question-answering computer system that finds answers and insights by analysing volumes of structured and un-structured data. Watson provides answers in real time and in any language. Watson accesses 90 servers with a combined data store of over 200 million pages of information. It is being used in automotive, hospitality, retail, healthcare industries to name a few. Watch this video to see how IBM’s Watson works.
KEY DATA FINDINGS
The market for technologies of or related to Artificial Intelligence, is bound to increase up to $40 billion by the year 2020.
Chatbots will power 85% of all customer service interactions by 2020.
All the automating knowledge work, with Artificial Intelligence, is bound to generate close to $7 trillion.
51% of marketers are leveraging the power of AI to obtain valuable insights about their customers, automate tasks and improve workflows.
27% are expected to incorporate the technology by 2019.
AI is advancing rapidly into data generation. Taking insights from media like voice and video, humans no longer have to manually categorize or describe various types of media.
AI enhanced analytics will help brands proactively plan and execute more efficiently campaigns in three areas: segmentation, tracking, and keyword tagging.
64% of brands say that AI has greatly or substantially increased their overall marketing efficiency.
61% of marketing leaders expect AI to have a substantial or transformational impact on hyper-personalization of content over the next 5 years.
75% of companies rate CRM system as a very important data source of their AI strategy.
48% of marketers reported that personalization on their websites or apps lifted revenues in excess of 10%.
AI is an opportunity to automating or augmenting many decision making tasks in real time, more accurately, consistently, 24/7 and using more facts. Why wouldn’t AI be part of your marketing strategy?
References: Data Corporation, Gartner, Mckinsey Global Institute, Salesforce, Business Insider Intelligence, The AI Summit, London 2018.