One of the unique capabilities of Homo sapiens is intelligence – giving us the ability to reason, make connections and solve complex problems. Intelligence pushed us from gathering wheat and hunting animals for mere survival to discovering life in other planets. It is therefore expected since the invention of the first programmable machines that someday, technologists will push machines to assume human intelligence.
Today, artificially intelligent machines live with us. They have the abilities to reason, control and solve problems, mimicking billions of neurons in human brain.
Humans are born with limited abilities. But as we grow, our brains develop the capabilities to do unimaginable things depending on the environment we find ourselves. For instance, when most humans need to use the toilet, our brain direct our bodies to the toilet. While driving, our brain tells us to avoid an oncoming vehicle. Otherwise we would end up in a crash.
Today, machines are able to reason in similar ways.
AI is already embedded in tools we use in everyday life and in business. Google, our favourite search engine applies vision system to reason and help us search photos. And, if you are an avid Facebook user, AI is what makes it possible to find your face even when it is not tagged or suggest who you should tag in your Facebook photos. These are just a few of the growing applications of AI.
How has AI evolved?
Early work in the field of Artificial intelligence led to the development of programmable digital computers based on mathematical reasoning. If this, then that. Square A with B to produce X and other logic-based instructions.
Advances in the field of AI such as Deep Learning approach (or “deep reasoning”), computing power and massive amounts of data available today have changed how computers function. And never in history have we had this much data about everything, possess the technology to process them, have the ability to learn from new data, and automate instantaneous actions.
Today, Machine Learning is not only applicable to making dumb objects do smart things. It is equally applicable to how we deliver products and services today. Practical applications can be seen in predictive analytics, Human Assisted Virtual Assistants (HAVA), and Smart Automation to mention a few. All of which have the potential to help companies innovate, grow revenue, and reduce cost.
At The F Company, we are most excited about the potential of predictive analytics in marketing. It can help us deliver memorable user experiences which can drive growth for our clients.
Predictive analytics lets you discover insights in customer data, predict potential outcomes of customer behaviour, recommend actions to encourage positive behaviour or avoid disaster, and automate processes.
So when a customer is likely to abandon a shopping cart, unsubscribe from your newsletter or when a lead will likely become an opportunity, predictive analytics tells you in advance so you can take proactive and personalised actions. Predictive analytics puts the gas in personalisation of customer experiences.
The road that leads to a purchase is long and customers take several action several along the line. 92% of which happens in the real world. By merging online digital data with offline transactional data to identify which digital touchpoint will lead to a sale, marketers are able to take advantage of the small digital window of opportunity through personalised content.
In the past, it took months for marketers to conduct surveys on a randomly selected sample of a target population, merge with business data, draw inferences, and then project on the entire population. Using such data to broadcast marketing promotions, offers and hoping something happened. Sometimes, this worked and sometimes not. With today’s advances in technology, personalisation can be done faster and on real-time data.
Using design and technology to meet rising consumer expectations
And on the consumer side of the equation, expectations are going off the roof. Consumers expect more than products and services, they want memorable experiences, based on deep insights and what you know about them. Consumers expect you to follow them wherever they go. Delivering the right content to them on the right device and at the right time. Yet, without apparent intrusion.
With digital analytics data, offline data, CRM data, or even third-party data — we can gain a comprehensive view of customers and their activities.
And with the power of today’s technology, we are able to design and deliver experiences based on these insights.
Forward thinking brands are already using AI to unlock hidden opportunities in data and using design to craft experiences based on these insights.
There is no better time to position your brand among the innovators than now. And the biggest question you will have is “How”. Stay tuned for our sequel to this article.
Follow us to stay in touch with insights on AI, predictive analytics and other innovative technologies that can drive growth for your business.