As a branch of computer science, AI involves engineering machines that can operate as humans. This is achieved as AI-based devices learn from processing big data – in volumes that may be too much for man and absorbed at a speed multiple times faster than the capacity of the average human mind.
According to Forbes, the use of artificial intelligence and big data technologies to solve business problems or generate insights rose from 59% in 2015 to 95% in 2016.
This figure is projected to jump higher in the next few years.
Research and Markets estimate the AI robotics industry will soar to a $12.36 billion value by 2023, reflecting a 28.78% annual growth starting 2018. The AI market is currently pegged at $3.49 billion.
The recent market research report cited the massive adoption of the technology and, in part, the backing from governments across the world for AI-focused ventures to develop modern technologies.
Even without the encouragement of various governments and organisations, the increasing adoption of AI isn’t showing any signs of slowing, as businesses strive to keep up with the constantly evolving digital world, and the growing demand for optimised content.
And it seems that the direction towards growth and survival is being paved by:
Because of its capability to absorb massive volumes of data, AI can now determine the preference of a consumer. Thanks to its predictive analytical capability, it can also read consumer patterns, often through the searches a user inputs into Google, social media, and other information sources.
In addition to easily linking the consumer to retailer and vice versa, transactions are processed in a hasty but reliable manner. This makes AI extremely helpful in the e-commerce industry.
For instance, AI technology that’s currently available in the market can now use image recognition and machine learning to evaluate the impact of marketing campaigns to businesses bottom-line, assess a brand’s reach, or to analyse major trends. E-commerce site owners can also use CRM or ERP software to expedite processes that usually take days two finish.
This proves true in digital marketing; one of the industries AI has drastically improved for the ease of both retailers and customers.
Marketers are already relying on various tools and technologies to automate repetitive tasks, such as social media sharing, generating SEO reports, and email outreach campaigns.
With the battle for consumer attention getting stronger, marketers are hard-pressed to come up with campaigns that cater to the fluctuating needs of online buyers. This is where AI comes in.
With this technology in your arsenal, you can:
An effective marketing practice is knowing the demographics of your audience, so you can categorise them according to segments.
With AI’s capability to read behavioural patterns, marketers can now understand customer profiles, generate accurate insights, adjust their campaigns accordingly, and improve services and products.
The AI’s so-called Natural Language Generation can help you produce coherent and logical content, which can effectively incorporate data in the articles it creates.
For instance, Forbes and The Associated Press use tools like Wordsmith and Quill to transform data into articles that sound like they were written by humans. If you want to read a sample of an automated content, you can click here.
AI-users can now directly reach their desired consumers, without the need for middlemen platform to relay your message to your market.
In fact, this technology can comb huge amounts of data to find your ideal market and rate how relevant those leads are. This then eliminates manual lead generation, which is particularly helpful for finding new customers or finding employment leads.
Despite increasing evidence of its benefits, AI is still perceived with some negativity considering the rise of myths and misconceptions surrounding this revolutionary innovation.
Here are a few of the most common falsities you will hear about AI that is stunting its fast integration to businesses across several sectors:
With more tasks being entrusted to AI tools, marketers are understandably concerned over job security. Will they remain relevant to clients? How long will their services be needed?
Reality: AI will empower marketer’s jobs.
Sujan Patel, a leading digital marketing expert, believes AI is limited because of its lack of emotions that creates the core for creative content writing. Patel said AI “has to be able to feel (to have emotions), it needs to form opinions, and it needs to think critically.”
Personalisation helps marketers stand out from the myriad of information that bombards consumers every day. It gives buyers the control to filter which information they actually see.
Since consumer preference now tilts towards this, experts have come up with different tactics to personalise their brand message. This, however, gave marketers the impression that AI is an unnecessary tool in creating campaigns designed to cater specifically to buyers’ needs and wants.
Reality: AI brings personalisation to life.
Although digital marketers have come a long way, there’s always room for improvement, as the saying applies in everyday life. AI applications will help marketers by doing their activities by gathering data from previous visits and purchase history and by improving visual search.
One of the top misconceptions regarding AI is the investment needed to incorporate it to current business processes, especially since this technology, at its core, is complex and expensive. In fact, a recent study revealed that 48% of marketers assume AI integration is costly.
Reality: AI platforms are SAAS-based.
Unknown to many, AI platforms offer Software as a Service (SaaS) solutions. SaaS is a cloud–based software that reduces the cost of setting up software updates. It is capable of saving you a massive volume of data by compressing everything you need into a smaller storage size.
With the personalisation feature AI provides, retailers, and marketers can now directly reach an even a wider customer base without the additional cost afforded to pay middlemen in promoting your products.
Just last month, Canada-based Shopify reported robust sales performance in 2017. Total revenue for the full year in 2017 stood at $673.3 million or a surge of 73% from a year ago. You may have guessed a contributing factor to the company’s growth: In mid-2017, Shopify offered for free to all its members the use of its Kit services, the virtual assistant it acquired last year and is now part of its basic merchant services. So go figure.
People will always have a different take on issues such as AI, its pros and cons and whatnot. But no one can contend that the technology is slowly revolutionising the digital economy. And soon enough, AI will play a large part as we go through the motions of our everyday lives, without even realising it already did.
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