So, what’s the story with AI for business?
Back in 2011, Computerworld claimed that we have “enough data to fill a stack of DVDs to the moon (and back)” – while there is no doubt this was true in 2011, nowadays we probably can make two stacks of DVDs (if not more).
With all that data, it’s not surprising that Business Intelligence (BI) tools – still doing a pretty good job at transforming the data into visualizations, by the way – are insufficient for more far-reaching business decisions. This is where Artificial Intelligence (AI) comes in and becomes BI’s companion.
How exactly can Artificial Intelligence drive better business decisions? We asked our technology experts to shed light on the topic, and they shared some stimulating ideas.
1) Lowering the Cost of Prediction
Every technological change usually tends to make some important activity cheaper and easier – information search, for instance. Essentially, Artificial Intelligence is prediction technology, so we should expect prediction costs to drop. As business decision-making becomes automated, it would take much fewer resources (money, time, etc.) to make business decisions.
2) New Interpretations of Data
AI helps discover new data patterns that may not be visible to the naked eye. It finds the best and most efficient way to structure data to meet your business objectives automatically.
3) AI Drives More Accurate Business Decisions
That’s where artificial neural networks (ANNs) come into play, allowing for learning at multiple levels. With ANNs, technologies do not just operate on a task-based system but learn to interpret the ways data is presented accurately.
Deep learning algorithms can be your best bet when it comes to campaign analytics and practical applications of AI: they look at data patterns in your analytics to predict the best course of action, not just mere numbers. This process is known to leave less room for errors.
And it’s more than just about predicting the future; it’s about using existing data to generate data that are missing. For example, utilizing KPIs data from previous campaigns to understand whether your next campaign would drive higher ROI – and all this happens before you launch your campaign.
Take campaign managers, for example. They juggle tons of data every day to dig deeper into user behavior and get the best campaign performance: geolocation, device type, the kind of creatives users like their language and browser preferences, the sites they visited, etc.
There are just way too many factors to consider for the human mind. Most of them are very complex, high-correlated and confusing, which turns data measurement into an overwhelming process for campaign managers and poses challenges when it comes to measuring future campaign or business success.
Predictive analytics use machine learning techniques to help foresee market changes, user behavior, and business outcomes. When combined with propensity modeling, which is used to find patterns in previous behavior to forecast future behavior, Artificial Intelligence algorithms turn into a real lifesaver for marketers.
So far so good, but what’s the bottom line?
AI for Business – What to Do?
With so many options out there, what’s the best way to go about implementing AI into your business strategy? Here are the steps we like to follow at Webpals Group:
The base of any prediction technology is data – and the more, the merrier; but, it’s not just any data. Data comes in various forms and sizes, so it’s best to do some thorough data cleansing, making sure your data is relevant and reliable, before turning to AI for business.
Another element our experts recommend considering is your needs and the value you want your data to create. Since no objective is the same, the AI system is best to fit your business goals and values.
Last, but far from least, it’s essential to find the right AI for business; the one that provides the most efficient solutions for your questions while making the most out of the data you have. This can be trickier than it sounds; it requires lots of testing, know-how, and the drive to improve continuously.
Remember, you don’t have to go for the most complicated AI system out there, just because it’s a hit right now. Before choosing an AI for your business, ask yourself whether the challenges you want to solve require Artificial Intelligence – not all of them do. And of course, don’t forget to run proper simulations and tests before giving it a ‘go.’
Thanks to the above methods, we could successfully put the accumulated data to use at Webpals Group. Client Success Managers, Sales, and BizDev Managers and media buying experts will be able to fully benefit from the extensive AI system features that are to be implemented in our business strategy, spending less time on dealing with challenges that can be solved by Artificial Intelligence.
AI for Business – What’s Next?
Artificial Intelligence has made a long way to get to where it is today. Just a few years back, in 1956, it was first introduced as an academic discipline. Nowadays, we see Artificial Intelligence appearing in our daily lives as the ‘new normal’.
We can expect Artificial Intelligence to set new standards for e-commerce, personalizing online experiences. E-commerce businesses will be able to offer uniquely suited goods to shoppers using micro-moment marketing. Artificial Intelligence will make it easy to pinpoint these micro-moments and even predict the kind of products these potential customers may need in the future, allowing businesses to drive more high-intent audiences.
With AI gaining stream, you’ll probably see the value of human prediction skills falling, but, contrary to what many may think, this is not ‘the end of days’ for “human jobs.” Artificial Intelligence systems will become the greatest ally of the human mind and enhance performance, but humans will still have the final say.
As far as performance marketing goes, AI will further transform media buying, making more effective while maximizing performance.
If you’re fascinated by AI as much as we are and want to develop cutting-edge technologies, our Tech Department has a lot of job opportunities to offer.