CEO Insights

Top Brands are Crunching Mounds of Real Time Data and Using AI to Deliver the Best Customer Experience

By April 2, 2019 No Comments

The world is in the thick of an unprecedented AI race. Top tech titans such as Google, Microsoft, IBM, Facebook, and Amazon are continually ramping up their artificial intelligence operations. The trend has placed the world of marketing in a state of flux, where changes are happening more rapidly than ever before. Machine learning, AI, and big data analytics are being used by more and more leading brands to create tailored campaigns and take content and experience to consumers exactly in line with their intent at the moment.

Ahead of the Black Friday sale in 2017, a leading global wireless carrier partnered with a credit card company to merge CRM data and transactional stats in order to understand people’s buying habits. The marketing cloud firm, Zeta Global – that ran this campaign, told the US media, without naming the brands involved, that the pool of data was cross-matched with 400 million users on the cloud database to ascertain which of these people were looking for a new phone. Several terabytes of data were analyzed to help the brand push its ads to a super-specific group of potential buyers.

The results were naturally impressive as targeted marketing to a core group always comes with a potential of yielding more results than broader marketing to a mass group. This was made possible by an AI platform that ingested large chunks of data to deliver specific, timely analytics. The marketing campaign that spanned over a week only grew smarter as the days progressed, as the AI system was able to grasp people’s reactions to the marketing message, which were then fed back into the primary database to tweak the message to suit the sensibilities of different sub-groups of the audience.

Just a couple of years ago, this scenario may have seemed hypothetical and unrealistic. However, today, it serves as a fine example of how reams of data and artificial intelligence can be used to develop a deeper understanding of people’s interaction with a brand and its products, which can, in turn, be used to enhance customer experience.

A data analyst can at best work with 30 to 40 data points to predict the potential behavior of customers and the outcome of a marketing campaign. In contrast, AI can work with tens of thousands of such data points simultaneously. Thus, data-based processes coupled with AI systems have the potential to deliver nearly 1,600 percent higher returns in comparison to generic marketing campaigns.

Understanding Customers through AI

Attention has become one of the most precious commodities for businesses in the digital age. As per a recent study, the average consumer spends nearly eight hours a day interacting with digital content across multiple platforms. Tapping into real-time data and using AI and machine learning to make sense of these large chunks of data can be a resourceful approach toward spotting patterns that help in understanding the consumers’ mindset. This understanding can then be used to ascertain which products to take to different consumers and how and when to reach them to capture their attention most effectively.

Using Big Data and AI to Personalise Content and Boost Its Performance

Businesses today are realizing the incredible potential of AI and data processing to create more effective content. AI has the capability to reform the painstakingly long process of creative decision-making into one that delivers instantaneous results. It can also help build more personalised, relevant real-time experiences for customers.

With the right blend of AI, machine learning, and data analytics, you can pull real-time customer data and deploy it to design and deliver creative concepts, content, or visuals to customers right at the moment.

To enhance the effectiveness of capturing consumer’s minds, marketers today are relying on a ubiquitous-channel approach to decode customer behavior, understand their journey, and deliver the right message, through the right medium and at the right time. The ultimate goal is to use an exorbitant amount of data to deliver custom solutions at the individual level.

The role of AI in the distant future may be unclear but marketing gurus across the world are certainly tapping into its potential in the most creative ways to drive business growth. And that’s not going to change in the foreseeable future at least. The future of AI notwithstanding, it is amply clear that enterprises that do not embrace the advantages of real-time data analytics and AI in the present would stand to lose their strategic advantage in the market very soon.

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