If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
The'Internet of Things' is a name given to exponential technologies encompassing our physical devices, vehicles, home appliances and increasingly normal everyday objects such as water bottles, that can store and exchange data. For consumers, they are often fearful of these advances and question how secure their personal data is. To overcome this issue, consumers must self-educate about personal security, moving away from a naive perspective and become mature, responsible agents when operating these data-storing devices. They discuss the implications of the Internet of Things (IoT) and what the future holds – not just for businesses but also consumers. 'Artificial Intelligence' has materialised much faster than leading researchers and security professionals in the field expected, and the future of it remains unknown.
The major trend observed across industry and the public sector is artificial intelligence (AI)/machine learning (ML) for automation. This, in turn, plays a major part in any digital transformation journey. The trend grew out of the Bay Area, providing a customer-centric view of data and often involved using data as part of the product or service. This consumer- or customer-centric model assumes data enrichment with data from multiple sources. However, fundamentally, it divides the data into two main areas.
Artificial intelligence and machine learning are proving to be very useful in just about every business function in the enterprise, and marketing is no exception. AI is already impacting marketing, and it's going to further shape the future of how business is done and how relationships are forged between companies and their clients. As I wrote recently in MarTechToday, most AI in marketing applications are focused on B2C use cases, many of which we're very familiar with as consumers ourselves. Most of us know that the ads that show up on Facebook, on banners or on Google are targeting individual users directly based on past behavior, demographic data, location information and more -- a process that couldn't be done at scale without the aid of AI. For companies that sell to businesses, communication between salespeople and marketing teams is critical.
According to a recent marketing report by Forrester Research, artificial intelligence (AI) is moving beyond the buzzword stage as organizational leaders start to realize the amount of work required to make significant use of the technology. The study notes notes that implementing AI to meet objectives requires precise deployment, planning, and governance. Despite this, the report forecasts vast improvements in the technology as big data trends lean further toward AI. In fact, Forrester foresees a redesign of data analysis and management roles that will change intelligence delivery logistics and create a new information marketplace. This revelation is highly likely, as up to 70 percent of businesses plan to implement AI technology in 2018, representing a gain of more than 50 percent compared to the previous year.
According to a January 2018 survey of 200 US senior decision marketers conducted by Verndale, personalization is most important for increasing sales and improving customer satisfaction and retention. Yet, 84% of survey respondents agreed that the potential of personalization has not been fully realized. "In an increasingly connected, digital world, consumers now expect brands to serve them personalized content at the optimal moment and on their preferred device," said Jeremy Hlavacek, head of revenue at IBM Watson Advertising. "To achieve this level of engagement, marketers need the ability to predict--without coming across as intrusive--what their target audience will think, feel, say and do across a variety of scenarios. And with the incredible amount of data available now, personalization is more complex than ever," he said.
We profit from it, we fear it, and we find it impossibly hard to quantify: risk. While not the sexiest of industries, insurance can be a life-saving protector, pooling everyone's premiums to safeguard against some of our greatest, most unexpected losses. One of the most profitable in the world, the insurance industry exceeded $1.2 trillion in annual revenue since 2011 in the US alone. But risk is becoming predictable. And insurance is getting disrupted fast.
Paul Duan was working as a data scientist at Eventbrite in San Francisco by day, and volunteering at homeless shelters and soup kitchens by night. He realized one day that he wanted to use AI to help unemployed people find jobs--a core mission of his Paris, France-based nonprofit Bayes Impact. Bayes Impact uses data to build social services fit for a better future. "When you work at a soup kitchen, you serve a soup one by one to each individual, and it feels great," says Duan, "But then it gets really sad because you see that there are 50 people in line behind the person, and you know that behind the closed door of the shelter you have 10,000 more on the streets. So the one question that came to mind was, 'how can we impact people at the biggest scale?'"
The concept of chatbots is great for companies that are looking for efficiencies -- hand off simple communication tasks to automation so that humans can either concentrate on more complicated work, or be eliminated altogether. But have chatbots lived up to their promise? According to her and her team, chatbots, paired with the right tech, can increase engagement and speed up conversions. Consumers want more intelligence from their bots. Pegasystems recently surveyed 3,500 global consumers and found that though most consumers are okay with short chatbot dialogues, 65 percent still prefer to interact with a human being.
Facebook wants to you to spend $199 to $349 to install its version of a connected, talking video speaker – such as Amazon's Echo – into your home. It has a camera that follows you as you move for video calls and the ability to track what you're doing. In announcing the Portal product (as in "Hey, Portal,") Facebook bent over backward to assure consumers that it takes your privacy seriously. That strategy took several steps backward Wednesday with the admission that yes, indeed, Facebook did want to track your calls and sell ads based on the data elsewhere on Facebook. Thank you for this beautiful, wooden horse, Facebook!
Brett King, co-founder and CEO of Moven, explores how artificial intelligence (AI), embedded tech and experience design are reframing banking. As technology has dominated our lives over the last decade, banking has transformed what customers expect in an everyday banking experience. Today, a digital presence is simply table stakes – it has become imperative in how banks engage and more importantly, retain their customers. Despite this progress, less than 5% of banks in markets like the US and UK allow a customer to open an account through a mobile phone. So where are banks today, and what do they need to do to compete with the challenger banks whose offerings are 100% digital?