5 Ways Artificial Intelligence Impacts Marketing & ROI

Artificial Intelligence, Technology
Image Source: Shutterstock

by Naman Kapur

Throughout 2017 we saw how the enterprises have started taking Artificial Intelligence(AI) seriously, but even so, they are still yet to explore how to use it in their strategy activities and campaigns. This is eventually changing in 2018 as most of the enterprises have started taking steps to make AI a must-have in their strategy. Even a report from Gartner states that by 2020, 85% of the customer interactions will be managed without humans. This just goes to show how important AI is going to become in the coming times and those who leverage it will have a serious advantage over others.

Data Scientists and Engineers that are working on AI are pushing themselves hard to create AI systems that learn intrinsic nature, language, and emotions so that they comprehend everything and predict behaviour and possible activities. With the introduction of AI in the technology stack, marketing strategy is bound to get a strong push in multiple ways. Here are 5 ways AI will boost marketing and significantly impact ROI:

1.    Smart Searches: With the arrival of social media and intelligent search engines, consumers have become quite efficient in leveraging these tools to their benefits. They have access to vast information and it is difficult to understand their search patterns for better content optimization. This is where AI comes in-by quickly learning the search behaviour of customers, SEO and social media strategy can be improved for smart content delivery and better results. Adding to this with the arrival of voice assistants, it is imperative that voice search patterns be analyzed to understand how they affect smart searches. The more information, the easier it is to optimize content and make it available for end consumers.

2.    Intelligent Marketing: AI systems are well equipped in automatically sorting and analyzing big data coming from different sources-be it CRM, social media, customer support, offline or any data source for that matter-and are frequently being updated and improved for the marketers to compile all the information and powerful customer segmentation.

When it comes to large-scale advertising campaigns, AI can help marketers find innovative ways to optimize ad layout, content, placement, targeting and bids. This will not only result in more effective campaigns but also will reach out to people like the segment created. According to this report by Everage, 63% of marketers who participated in the survey mentioned increased conversion rates and 61% noted improved customer experiences. In addition to the marketing campaigns, AI can also suggest you to fresh content that your audience is mostly like to engage with.

3.    Automated Customer Support: The idea of human-level AI systems is becoming a reality. Enterprises have started taking a step toward making chatbots and voice assistants a part of their digital strategy. Traditional customer support will soon become obsolete as the means of communication usually includes email or telephone support for which people have to deal with the IVR system that gets on people’s nerves more often than not. Customers are now favouring brands that support automated bots for painless resolution. According to Juniper Research, Chatbots will be responsible for cost savings of over $8 billion annually by 2022, up from $20 million in 2017. Of course, it all depends on how well the bots are trained but after they are ready, expect them to extract delight out of every customer that interacts with them. Not only it will help increase customer experience but also will boost loyalty among customers.

4.    Churn Prevention: Churn of a loyal or cream customer is one of the biggest losses for any enterprise. Reason for churn can be anything-a competitor offering a better deal or service or the customer is unhappy with the brand they are already associated with. AI powered tools work on the historical data, create a predictive model and forecast churn behaviour of the customers. While those customers whose data is not enough, that is who churn quickly, are difficult to retain, the relatively old customers who have been associated with the enterprise for some time can be incentivized as soon as they smell of churn. When combined with personalized content, AI powered churn predictive model will eventually lead to better customer retention, higher customer lifetime value, and profits. In the times, when the cost of user acquisition is skyrocketing, a smart move is to invest in tools that help in retaining existing customers and maintain brand value.

5.    Smart Content Creation: Most marketers rely on content marketing when it comes to creating a demand or nurturing a prospect or enabling sales for upsell/cross-sell. However hard they may try to create buyer personas or for market research or for content that converts, it is extremely difficult to expect consistent results from each campaign. According to eMarketer, more than 60% marketers would like to leverage AI in content marketing. The usage includes predicting what consumers would like to read next, creating more accurate buyer personas, content creation and optimization according to customer preference. By 2018, Gartner predicts, 20% of all business content will be authored by machines. Adding to this, Natural Language Processing(NLP), one of the prominent AI techniques, helps content marketers to serve more relevant content to the relevant people for better results.

AI has arrived and is here to stay. Not only it is enabling marketers to convert ideas into reality but also is empowering them to connect with the customers in a way which was considered almost impossible so far. While this technology may appear to be consuming more resources or needing big investments at first, gradually when it is implemented and authorized to produce results, the ROI is going to be huge. It is safe to say that the brands with AI will clearly have a massive advantage over their competitors lacking this technology. If you would like to understand how AI can help your business with the verticalized solution and use cases, just reach out to us via this form and we will be happy to get in touch with you.

Disclaimer: The views expressed in the article above are those of the authors’ and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Article source: http://businessworld.in/article/5-Ways-Artificial-Intelligence-Impacts-Marketing-ROI/24-06-2018-152731/

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Customer Experience in Financial Services and the Influence of Technology

Artificial Intelligence, Finance
Image Source: Shutterstock

By Priyan DC | Entrepreneur India Guest Writer
Opinions expressed by Entrepreneur contributors are their own.

Gradually yet steadily, technology has taken over all aspects of our life. And the financial services sector is no exception. Financial Services spanning investments, lending and management of assets are a fundamental part of fund management for individuals as well as corporations. One of the nuances of this sector is the volatility associated with it owing to factors such as prevailing market conditions, political scenario, performance of stocks, taxation norms, etc. Since this condition is a given, companies dealing with such financial instruments need to glean reams of data before counselling clients on the right investment choice or the right kind of loan to opt, for instance.

With the advent of technologies like Machine Learning and AI, it has made it easier for financial consultants to make sense and configure the mammoth amounts of data that is available. While in all of this, the customer has also become smarter in the bargain with easy access to ready information and real-time updates. There are online tools available these days that assist investors to make the right choice. Financial Institutions therefore have no choice in this scenario but to embrace technology and to integrate it into every core offering and communication.

The customer armed with all this information has become more demanding as a result and expects better service and a secure and comforting experience while making such decisions. Financial Institutions and fund managers need to therefore adopt superior customer experience strategies that are in synch with the evolving customer.

Why We Need to Fine-Tune Our Definition of Artificial Intelligence

AI, Artificial Intelligence, Robotics, Technology
Image source: Singularity Hub
By  – Singularity Hub

 

Sophia’s uncanny-valley face, made of Hanson Robotics’ patented Frubber, is rapidly becoming an iconic image in the field of artificial intelligence. She has been interviewed on shows like 60 Minutes, made a Saudi citizen, and even appeared before the United Nations. Every media appearance sparks comments about how artificial intelligence is going to completely transform the world. This is pretty good PR for a chatbot in a robot suit.

But it’s also riding the hype around artificial intelligence, and more importantly, people’s uncertainty around what constitutes artificial intelligence, what can feasibly be done with it, and how close various milestones may be.

There are various definitions of artificial intelligence.

For example, there’s the cultural idea (from films like Ex Machina, for example) of a machine that has human-level artificial general intelligence. But human-level intelligence or performance is also seen as an important benchmark for those that develop software that aims to mimic narrow aspects of human intelligence, for example, medical diagnostics.

The latter software might be referred to as narrow AI, or weak AI. Weak it may be, but it can still disrupt society and the world of work substantially.

Then there’s the philosophical idea, championed by Ray Kurzweil, Nick Bostrom, and others, of a recursively-improving superintelligent AI that eventually compares to human intelligence in the same way as we outrank bacteria. Such a scenario would clearly change the world in ways that are difficult to imagine and harder to quantify; weighty tomes are devoted to studying how to navigate the perils, pitfalls, and possibilities of this future. The ones by Bostrom and Max Tegmark epitomize this type of thinking.

This, more often than not, is the scenario that Stephen Hawking and various Silicon Valley luminaries have warned about when they view AI as an existential risk.

Those working on superintelligence as a hypothetical future may lament for humanity when people take Sophia seriously. Yet without hype surrounding the achievements of narrow AI in industry, and the immense advances in computational power and algorithmic complexity driven by these achievements, they may not get funding to research AI safety.

Some of those who work on algorithms at the front line find the whole superintelligence debate premature, casting fear and uncertainty over work that has the potential to benefit humanity. Others even call it a dangerous distraction from the very real problems that narrow AI and automation will pose, although few actually work in the field. But even as they attempt to draw this distinction, surely some of their VC funding and share price relies on the idea that if superintelligent AI is possible, and as world-changing as everyone believes it will be, Google might get there first. These dreams may drive people to join them.

Yet the ambiguity is stark. Someone working on, say, MIT Intelligence Quest or Google Brain might be attempting to reach AGI by studying human psychology and learning or animal neuroscience, perhaps attempting to simulate the simple brain of a nematode worm. Another researcher, who we might consider to be “narrow” in focus, trains a neural network to diagnose cancer with higher accuracy than any human.

Where should something like Sophia, a chatbot that flatters to deceive as a general intelligence, sit? Its creator says: “As a hard-core transhumanist I see these as somewhat peripheral transitional questions, which will seem interesting only during a relatively short period of time before AGIs become massively superhuman in intelligence and capability. I am more interested in the use of Sophia as a platform for general intelligence R&D.” This illustrates a further source of confusion: people working in the field disagree about the end goal of their work, how close an AGI might be, and even what artificial intelligence is.

Stanford’s Jerry Kaplan is one of those who lays some of the blame at the feet of…Continue reading

 

Article source: https://singularityhub.com/2018/06/20/why-we-need-to-fine-tune-our-definition-of-artificial-intelligence/ 

AI won’t wipe out all jobs, but you need to be a constant learner to ride the wave

Artificial Intelligence, Tech
Image source: The News Minute

By Sanchit Khera | The News Minute

While being a constant learner has its own perks in the industry you’re in, it may have long-standing repercussions in the world of AI and automation. When factory workers get automated and replaced for something cheaper and more effective, their skills become inadequate to survive. They then defer to other industries or make other industries more competitive with cheaper labour. That’s the true impact of automation that isn’t being addressed these days.

Research by IT giant Infosys and Future Foundation found that teens living in countries such as India, UK, USA, Australia, France and other leading economies have a significant fear of AI. The youth of these countries believe that their future jobs will be automated in the next 10 years. Many students are losing faith in traditional educational institutions, opting for online mediums as being primary sources of information. This body of research shows how unprepared a lot of our youth are, and how we should be encouraging them to be constant leaners.

But, it’s not all doom and gloom as Satya Nadella, CEO Microsoft, believes that AI will not completely wipe out all jobs. It’s not sophisticated enough to be able to understand nuances and insights such that it can deplete all human labour from the free-market.

“We’re at that stage where the choices we make are grounded in the fact that technology development doesn’t just happen – it happens because we humans make design choices. Those design choices need to be grounded in principles and ethics – and [that’s] the best way to ensure the future we all want,” Microsoft CEO Satya Nadella was quoted as saying.

Some of the leading minds in AI don’t believe that the technology is going to completely wipe out all need for human input, however they do believe that it’s important to be a constant learner. If you’re not directly affected by AI just yet but want to lead the next wave of change, then being a part of it is a good start. You’re going to be one of the few people who understand the technology through and through, and can bring real change in the company you’re working in.

CEOs and employees who are prepared for the future, make for better leaders. They handle large-scale projects and create bigger impact on a grander scale. They’re also more prepared from a strategic perspective and can provide new avenues of growth and sustainability. When the AI wave hits India, there will be two types of CEOs – ones who are prepared for it, and others who aren’t. The ones who are constant learners can ride the wave through profitability.

When it comes to leadership from the government, there is a significant push to ensure that things are in motion. While many in the leadership role believe that AI fears are exaggerated, there are many committees being set up to understand the impact of AI and jobs.

About 40 lakh people are employed by the IT sector with 1.3 crore people being indirectly employed by it. If an AI boom were to hit India in one go, it would mean a catastrophe for those who aren’t prepared.

“We are working with Nasscom…Also, I have already set up several committees to examine the whole matter. Artificial Intelligence (AI) should be used for governance…for improvement. We are working quite closely with other departments like Niti Aayog,” IT Minister Ravi Shankar told Economic Times.

When it comes down to it, you have to take the final call of being independent. Through the power of being a constant learner you don’t need to rely on red tape, localised changes or macroeconomic factors to take place. As the power of entrepreneurship brings about steady role changes, you’re better prepared to face any consequences of AI.

You’re also going to get first-mover advantage if you use AI to your benefit. Even if you’re at the bottom of your organisation’s hierarchy, automation will not affect you if you work harder at your role. You’re competing for ‘value’ and if you bring more value than an automation software, then you won’t be removed.

It’s not sustainable anymore to work with larger organisations. Five to eight years from now, it was considered to be a stable career, to get into these larger tech companies. Nowadays, it’s a better option to start a company that leverages AI rather than eventually being displaced by one. With this, you’re entering blue oceans instead of competing on low-skill, low-differentiation, red waters.

With many of the large organisations offering courses in AI, and some of the leading Ivy-League schools having classes in machine learning, there is no space for laziness. You need to take matters in your own hands and be one of the first few to embrace this change that’s coming.

 

Article source: https://www.thenewsminute.com/sites/default/files/styles/news_detail/public/artificial-intelligence_750_0.jpg?itok=ZrGoCfUn

Revolutionizing everyday products with artificial intelligence

Tech, Machine Learning, Artificial Intelligence
Image Source: Chelsea Turner/MIT

By Mary Beth O’Leary | Department of Mechanical Engineering | MIT News

“Who is Bram Stoker?” Those three words demonstrated the amazing potential of artificial intelligence. It was the answer to a final question in a particularly memorable 2011 episode of Jeopardy!. The three competitors were former champions Brad Rutter and Ken Jennings, and Watson, a super computer developed by IBM. By answering the final question correctly, Watson became the first computer to beat a human on the famous quiz show.

“In a way, Watson winning Jeopardy! seemed unfair to people,” says Jeehwan Kim, the Class ‘47 Career Development Professor and a faculty member of the MIT departments of Mechanical Engineering and Materials Science and Engineering. “At the time, Watson was connected to a super computer the size of a room while the human brain is just a few pounds. But the ability to replicate a human brain’s ability to learn is incredibly difficult.”

Kim specializes in machine learning, which relies on algorithms to teach computers how to learn like a human brain. “Machine learning is cognitive computing,” he explains. “Your computer recognizes things without you telling the computer what it’s looking at.”

Machine learning is one example of artificial intelligence in practice. While the phrase “machine learning” often conjures up science fiction typified in shows like “Westworld” or “Battlestar Galactica,” smart systems and devices are already pervasive in the fabric of our daily lives. Computers and phones use face recognition to unlock. Systems sense and adjust the temperature in our homes. Devices answer questions or play our favorite music on demand. Nearly every major car company has entered the race to develop a safe self-driving car.

For any of these products to work, the software and hardware both have to work in…Continue reading

Article source: http://news.mit.edu/2018/revolutionizing-everyday-products-with-artificial-intelligence-mit-meche-0601

Who decides the future of artificial intelligence? Young people (if we support them)

Artificial Intelligence, Emerging Trends, Youth
http://news.itu.int

By Maria Axente, PwC AI Programme Driver & AI for Good Lead, with input from Jonnie Penn, University of Cambridge and MIT

Today, young people are in pole position to steer the best possible future of the development of artificial intelligence (AI).

As Douglas Adams famously said: “Anything that’s invented between when you’re fifteen and thirty-five is new and exciting and revolutionary and you can probably get a career in it. Anything invented after you’re thirty-five is against the natural order of things.”

The next generation is coming of age as the most exciting chapter in the development of AI is written. And there is a huge opportunity for organisations to harness the power of this younger generation to play a guiding role in how this technology is used and develops.

This would seem especially true as millennials are often seen as digital natives, having grown up with technology. However, as Jonnie Penn, an AI researcher at the University of Cambridge and MIT, points out: “We know now that what is true offline is true online as well: not all young people receive equal access to training or opportunity. The countries that invest to rectify this imbalance will benefit most from the Fourth Industrial Revolution, which will be shaped by many voices.”

As a teenager, Penn co-founded The Buried Life, a successful media startup in North America that empowers millions of young people worldwide to find purpose in their life. Making sure that all young people have access to technology and therefore have a voice and platform to discuss how it develops is vital.

Change at an unprecedented pace

This is particularly important as the world of work is experiencing a huge amount of change at an unprecedented pace, with disruptive innovations like robotics, gig economy services or collaborative commerce putting traditional jobs at risk.

PwC analysis suggests that the biggest perceived driver of change to work is technological innovation.

“The future is bright for young people in AI, as long as they’re given a seat at the table.” – Jonnie Penn

Education systems have so far struggled to cope with these rapid changes in skills structure and alternative forms of education currently lack in…continue reading

Article source: http://news.itu.int/who-decides-the-future-of-artificial-intelligence/

Online florists’ visibility ranked in new report

Horticulture, Florists, Artificial Intelligence
Image Credit: hortweek.com

by Matthew Appleby | Horticulture Week

The Florist Digital Insight Report, produced by digital marketing specialists Inside Online, ranks 50 of the leading websites according to their online performance.

The research found Bunches (151%) and eFlorist (133%) record huge increases in visibility among the top 10 as Bloom & Wild (104%) moved into ninth spot; only two of the top 10 saw a drop in their visibility year-on-year; and Serenata saw a 42% drop on the previous year but remained in the top 10.

Moonpig tops the social chart with by far the highest number of brand searches per month thanks largely to the main part of their business – cards – with floristry rarely featuring on social accounts.

Moonpig is the top performer with 1,000,000 monthly searches. Interflora comes second and Bloom & Wild is third for monthly searches with both in the top five for owned social. Next Flowers and Prestige Flowers round out the top five for social searches per month.

The social score considers followers and engaged conversations on all big social platforms.

Moonpig has a high brand search with…Continue reading

Article source: https://www.hortweek.com/online-florists-visibility-ranked-new-report/ornamentals/article/1462782