Today, we are talking about the impact of artificial intelligence (AI) – positive or negative – and how it will surpass the human workforce. The possibilities of AI are numerous but everything depends on big data. Big data is still as relevant as it was 10 years ago as it is still underutilized.
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In 2017, Aeromexico launched a customized AI system, a neural network that was built on the foundation of machine learning. At the Facebook’s F8 Global Conference, the company announced that it went from zero to 96% automation of its customer service function and that its AI-powered platform, which learns as it goes by scanning and analyzing previous customer service transcripts, reduced the average customer service resolution time from an average of 16 minutes to just 2 minutes. I cited the above example to highlight just how important AI has become for customer engagement. The sheer volume of fragmented consumer data that is generated these days often erodes the… Read More
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Data is an invaluable commodity for businesses and this is why data security has become their top priority. Many international regulators are holding organizations liable for any privacy or security breaches. The recent Facebook – Cambridge Analytica data leak scandal, EU slapping a second $11 billion antitrust case on Google and now YouTube being made liable for copyright violating videos – all point towards how rampant data security breaches are and how serious the consequences of such violations can be. For businesses that deal with consumer data like market research firms, the burden of responsibility is huge. With stricter regulations like the GDPR coming into enforcement since May 2018,… Read More
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The next time you say “Hey Siri” or “Ok Google”, remember this—they are the products of mankind’s undying love to make machines interact like us human beings do. From understanding what machines want from us to what we want from machines—technology has come a long way. Siri and Ok Google are the products of Natural Language Processing or NLP as it is popularly known. NLP has been most commonly understood as a user interface technology, but its applications are wide ranging and applied extensively across domains and industries. NLP has become a critical technology for enterprises as it unlocks insights and analysis from a huge amount of unstructured data.… Read More
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Anyone who has ever bought a market research report knows how expensive it is. Subscription to the likes of a Gartner, Forrester, McKinsey or Nielsen costs companies tens of thousands of dollars. And surprisingly for the price companies pay, the data is used disposably, meaning once used it is archived or forgotten and everyone moves on to the next study – and the cycle repeats again. While this worked earlier, today the demands of consumers coupled with the explosion in information and technology is forcing companies to look at insights that are more agile. Making insights and market research companies realize that they need to innovate, add agility and… Read More
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Insights professionals have spent decades perfecting quantitative methods to analyze data – think survey methodologies; from clustering and factor models to predictive Bayesian analysis.
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Gone are the days when people were sceptical about e-commerce, when they were wary of making purchases online. Today, e-commerce exceeds $2 trillion in sales across the globe and is expected to make up 16% of all retail sales by 2021 at $4.479 trillion (source – Emarketer).
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AI has increasingly evolved over the recent years, with tools even managing to pass the famed Turing test – a test devised to measure intelligence in machines by the English mathematician Allen Turing. Today, AI tools are getting increasingly human-like and help marketers deliver a more personalized experience.
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A lot has been said about AI and the potential it holds for us humans – it has been touted as the panacea and also called the harbinger of global Armageddon. While both these possibilities are exaggerated, one thing that is evident is that there are many benefits to AI, one of which is the role it can play in fostering better sales and marketing alignment. Companies with strongly aligned sales and marketing teams enjoy higher win rates (38%) and are better at closing deals (67%) (Forrester). However, aligning these two departments is often easier said than done. This is where artificial intelligence (AI) comes into play.
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Your organization has gathered tons of data about your customers— from surveys, social channels and on the ground data. And it’s all over the place siloed with different teams. Without a systematic approach to aggregating and analyzing feedback in one place, it will be difficult for any company to showcase a unified Customer Experience (CX) or even provide additional perspectives that can enhance it.
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