Making Money On-line: Forget The Hype And Really Understand What AI Can Do For You

Thursday, 29 March 2018

Forget The Hype And Really Understand What AI Can Do For You

Technology is transforming marketing faster than ever before. Add AI to the mix and marketers experience another layer of complexity. But according to the latest research, marketers who successfully adopt and adapt artificial intelligence into their digital marketing strategy will most certainly rise above the rest. eMarketer recently published a report, Artificial Intelligence for Marketers in 2018: Finding Value Beyond the Hype. Their research highlights benefits of brands who have already implemented AI.

But before looking at the data, let's look at what falls under the umbrella of artificial intelligence. Consulting firm McKinsey & Company defines AI under eight categories:

Natural Language Processing (NLP)
Natural Language Generation (NLG)
Speech Recognition
Machine Learning
Decision Management
Virtual Agents (chatbots, etc.)
Robotics Process Automation
Computer Vision

So what kind of advantages have organizations experienced since implementing AI? eMarketer reports:

The overall benefits are encouraging. To dive even further into real-world applications of AI, eMarketer found that retail marketers are using this technology to craft a better customer experience across the board.

While this data is promising for organizations to see, the question some grapple with is, where do we start? eMarketer shares some solid advice to those looking to incorporate AI into their business efforts.

I think the best advice the research revealed is to forget the "hype" and really understand what AI can do for your brand. Allen Nance, Global CMO of Emarsys, suggests asking questions like:

What data sets can we use to inform AI systems?
Who will develop the algorithm?
Will we have on-staff data scientists?
Show me how it will change my role and my organization?

While AI is in a growth stage, it is clear to see it will be one of the most important investments marketers can make for the future. And as you can see from the data, many have already started down that path. Is your organization ready?

For practical tips on how to bring AI into your marketing, don't miss Adaptive Intelligence: Practical Tips for Bringing AI into Your Marketing from David Gutelius, CEO of Motiva AI, a machine learning company dedicated to adaptive customer experience and an Oracle partner.