Over the past few years, it is evident that the use of emerging technologies has radically improved the performance of enterprises by optimizing their processes across various operations. Executives in all industries are using digital advances and data science to make more informed and faster decisions. Companies are now leveraging skills like analytics and coding to help them stay relevant and agile. Enterprises have already transitioned into smart organizations operating in a data-driven economy. As such, commercial environments have transformed into intelligent digital platforms that serve a consumer-centric market.
The empowerment of Smart, Adaptive, Digital Enterprises – Because of this digital transformation, businesses evolve, environments change. Organizations explore ways to better analyze, optimize, and automate their processes. Deep machine learning methodologies use big data and cognitive computing to facilitate faster and smarter decisions.
Cognitive power has changed the Business Intelligence market place and propelled AI-driven platforms into industry mainstream applications. In fact, most AI early adopters leverage cognitive computing technologies to innovate their products and test various editions simultaneously. Experienced users are equally likely to use artificial intelligence in corporate strategy, management functions, and marketing. Many of these advanced users are embedding a full spectrum of AI technologies (Cognitive solutions that harness AI, machine learning, natural language process, semantic analysis, and intelligent APIs) to solve problems, create growth opportunities, and respond to challenges in entirely new ways.
But what is AI and the cognitive computing approach? In very simple words, AI is an algorithmic computer system that is designed to comprehend human context and perform tasks in a human manner. AI in fact acts as a translator that can convert human language into “computer language” and vice versa.
IBM is conducting remarkable research in AI by creating the first cognitive system, named Watson. Using machine learning, statistical analysis, and natural language processing, Watson can process a huge amount of data and unstructured knowledge obtained through years of exposure to and interaction with human thought patterns. Cognitive computing allows humans to collaborate with powerful AI technologies to analyze and tackle challenges in the real world.
What does this mean for marketing and other business operations?
Nowadays, many entrepreneurs are coming up with many questions about how they can streamline their own business model in specific industry. In the meanwhile, these remain unanswered for marketers across the spectrum; there is another growing trend that can help them get the answers called big data.
Every customer in the digital space brings with them an amalgamation of data and is constantly creating new data for marketers to understand process and act on. However, this big chunk of data doesn’t necessarily make things any easier. This is where AI comes in. The effects of AI will be magnified in the upcoming decade, as manufacturing, retailing, transportation, finance, health care, law, advertising, insurance, entertainment, education, and virtually every other industry transform their core processes and business models to take advantage of machine learning.
AI can better understand human behavior to the extent where not only are big data sets analyzed, segmented and filtered, but meaning is also derived from them to trigger the right response. This gives back marketers time to innovate and grow their brand. It is the beginning of the future for how marketers will use AI to connect and create greater experiences for their consumers.
In traditional marketing, it was very difficult to reach to the exact targeted people physically due to the vast geographic structure. Whereas in today’s digitalized world, the artificial Intelligence can penetrate into the massive data and help digital marketing in reaching the right audiences through segmentation and depending upon the demographics like age, gender, interests, income, education, profession etc. Through digital marketing, consumers can sit at their homes and browse through millions of websites available for their desired products from either their laptops or smartphones.
In addition, AI can recognize behavioral patterns and identify new trend progressions as they happen. This gives a business the ability to foresee changes and optimize campaigns to adapt to deviations ahead of time. When a user becomes a subscriber of your site, AI will always analyze what the user is searching the most. Through this analyze, that person can keep updated with the latest best offers and product details so that they can feel a strong connection with the given brand for a long run.
As such, AI can completely transform the role of the marketing team itself in the workplace in a more effective way. Most PPC (pay-per-click) ad campaigns are managed by either in-house teams or a PPC agency. But AI can help the team uncover new advertising channels that may not be used by any other competitors by using AI-powered PPC tools which can find better ways to optimize layout, copy, and targeting. That’s exactly what Facebook is doing with their ad delivery optimization.
From inception to implementation to the management of marketing campaigns, both labor and response time is minimized. Day-to-day operations will no longer require oversight from digital marketing team who can then concentrate on other, more subjective aspects of the marketing campaign. This application of AI allows organizations to utilize non-office hours such as weekends to be constantly improving their campaigns. Because mobile traffic is such an important part of modern marketing campaigns, the need to instantly track interactions, schedule updates, and adjust content approach based on users’ behavior in real-time becomes a challenge of the past when AI is implemented.
In the era of digital transformation, AI is changing the way businesses operate and it is evident that customer experience is slowly becoming the main product and service differentiation factor as opposed to quality and price.