When you think of “Artificial Intelligence,” do you think of The Terminator, or does “cutting edge technology and processes meant to gain significant business insight into your increasing amounts of data” come to mind? We are going to focus on the latter in this post…
“Artificial Intelligence” has become the buzz word this year and an umbrella term for machine intelligence, machine learning, neuron nets, and cognitive computing.
Because Big Data can be hard to parse and is growing larger exponentially, new programs and computers are being created to segment the masses of data, categorize it, and monetize it. Already, data scientists have made major contributions in identifying fraud, streamlining inbound call centers, and isolating customer servicing break points all to enhance sales, profits, and customer satisfaction.
Why is AI a rejuvenated trend? Look no further than the three Vs often used to define big data: Velocity, Variety, and Volume. Marketers will see the highest value from applying AI to high volume data where the obvious answer is not apparent and there is a significant upside for increasing sales or decreasing costs. As an example, AI is being used to make sense of telephone logs to create better customer services and prevent consumer complaints.
Bank of America recently introduced Erica, a TXT bot, which was created to help customers with simple transactions such as paying down debt and checking account status on the bank’s mobile app or online banking website. The intelligence to program this txt bot was based upon huge amounts of telephone logs and dispositions of teleservice transactions.
During a transaction, a consumer could receive a TXT from Erica such as:
“Based on your typical monthly spending, you have an additional $150 you can put towards your cash rewards Visa. This can save you up to $300 in interest a year.“
One great application of Artificial Intelligence is Programmatic Advertising. Programmatic advertising uses predictive algorithms, to bid and place digital media in milliseconds. Using information about consumer such as location, device, and in some cases, over 2,000 forms of behavioral data digital media can be served with the right offer, at the right time, to the right person, with the right creative message. The algorithms that drive programmatic advertising quickly enhance the campaign’s performance until the best mix of factors is identified and your marketing return on investment is optimized.
If the machines can make our lives easier (at least the marketing and communications part of our day), then I don’t find artificial intelligence in this use all that scary.