The world is buzzing right now about Chat GPT. If you have no idea what that is, don't worry, it will show up on your newsfeed soon enough, but what captured our attention is how people from every industry and background are getting worked up about one common topic – artificial intelligence (AI). So, let's talk about what the hype is all about and why AI is not just another marketing fad.
If you asked 10 people what artificial intelligence is, you’d get a mixed bag of answers, but the common denominator lies in augmentation. AI allows people to do more – fast! – completely revolutionizing how we integrate information, analyze data, and improve decision-making. While the technology has been around for decades, it's only recently been adopted at scale. AI is currently being used across a wide range of industries to solve specific problems. To put it in perspective, here’s a short list of ways companies are taking advantage of the technology:
- Personal Assistants – Apple Siri, Google Now, Amazon Alexa
- Personalization – Amazon, Spotify, Pandora, Expedia, Netflix, Twitter
- Fraud Prevention – Paypal, eBay, MasterCard
- Facial Recognition – Facebook, Nest, Microsoft, Apple
- Video Production – USA Today
- Player and Game-Play Analytics – NFL
- Copywriting – ChatGPT, Jasper, Copy.ai
AI works by combining large amounts of data with fast, repetitive, and intelligent algorithms allowing software to learn from patterns and features within the data. More specifically, AI can:
- Automate repetitive learning by performing frequent, high-volume, computerized tasks. In order to do so, though, it relies on humans to set up the system and ask the right questions.
- Add intelligence with other technologies, especially if you’re already using Alexa, Siri, or Google in your everyday life. This is done by automation, conversational platforms, bots, and smart machines in which their data can be combined with larger amounts of data to improve your usage and technologies. For example, you can upgrade your technologies at home with security intelligence and smart cameras.
- Adapt to learning algorithms by finding structures and patterns in data so that algorithms can get the skills needed specifically to the consumer. Just as an algorithm can teach itself how to play a game, it can also teach itself what products and services to recommend next.
- Achieve accuracy by your interactions with Alexa, Siri, and Google. The accuracy is based on deep learning; the more we use them, too, the more exact they will become.
- Gets the most out of data, as data is one of the biggest assets businesses have today, and how to stay competitive. If you’re using the same tactics, but have better data for AI to learn from, you’ll win.
So, how can businesses benefit from AI?
Businesses now have an unprecedented amount of data that they can get greater use out of than ever before because it’s affordable. When done right, AI can supply great value to your marketing plans. Automation can cut costs and bring new levels of consistency, speed, and scalability to business processes.
It’s not just about efficiency or streamlining tasks, either. Thanks to the machine and deep learning, AI’s ability to self-learn and perfect means it helps businesses adapt with velocity with a continuous stream of insights to drive innovation and have a competitive advantage. Ultimately, AI can become a key asset of your strategic plan and survival.
In fact, Accenture reports that 84% of business executives believe they will need to use AI to achieve their growth objectives.
No matter where you’re at in the AI journey, know that there are countless ways to incorporate it. In order to find out what to focus on, begin defining what your business value is and then assess what AI applications would achieve success for that value.
