Artificial intelligence and machine learning have evolved from just making our lives safer and more efficient by way of smart cars and the IoT. Businesses now rely on this technology to increase revenue as well.
Many people like to use the terms AI and machine learning interchangeably. AI is the broader term that is used to describe computers trying to mimic the actions and behaviors of humans. To achieve this, there are two approaches called expert systems and machine learning. Both look at if-then rules, but expert systems can only perform the outcome that is explicitly coded by a human. There is no learning, per se. Machine learning, on the other hand, will analyze data and form the if-then rules on its own.
The latest buzzword, analytics, is on the tip of everyone’s tongue for a reason. Having large amounts of data is useless until you have the resources to compartmentalize it and seek out patterns. One of the benefits of AI is the ability to target a specific demographic by way of a personally customized marketing campaign. Everyone has their own tailored experience, down to the distinct promotional emails they receive. Businesses all over America in a variety of industries have started to appreciate how well smart machines can amass big data and then put them into patterns for people to analyze. This is digital gold for companies because predictive marketing is the wave of the future. With the latest machine learning advancements, it’s safe to say that we are now entering a phase of man-machine collaboration during this MarTech era. Machines can gather the data, and humans can collaborate with the machines to then make intuitive assessments that only humans can perform.
In addition to collaborating with a company’s marketing team and generating a 360° customer profile from previous purchases, machine technology can help businesses in other ways as well. Customer service chatbots are now available online 24/7 to answer the majority of consumer questions. This makes the customers happy and increases the morale of employees. Branding campaigns can be launched across social media networks much faster and in a more cohesive manner.