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) …
Myth: "The customer journey is not as complex as it's made out to be." One thing is for sure – the consumer decision journey is more complex than ever before. The average consumer now owns three to four devices and uses multiple online and offline channels throughout their shopping journeys. The game is changing as marketers turn to artificial intelligence, agencies and data to help them navigate new consumer behavior. Every marketer today needs to be addressing these challenges as the CDJ itself is disrupting the digital landscape.
By 2021, Artificial Intelligence (AI) will more than double the rate of innovation improvements (x2.2 times) and employee productivity gains (x2.3 times) in India, according to the country's business leaders. The study from Microsoft and IDC Asia/Pacific, Future Ready Business: Assessing Asia Pacific's Growth Potential Through AI surveyed 200 business leaders and 202 workers in India. While 77% of business leaders polled agreed that AI is instrumental for their organization's competitiveness, only one-third of organizations in India have embarked on their AI journeys. Those companies that have adopted AI expect it to increase their competitiveness by 2.3 times in 2021. "Today, every company is a software company, and increasingly, every interaction is digital. To be successful in this new world, organizations need to be fast adopters of best-in-class technology, including AI. In addition, they need to start building their own unique digital talent and ensure that all of this is based on trust and security," said Dr. Rohini Srivathsa, National Technology Officer, Microsoft India.
The opportunities to transform customer experiences by using AI as a marketing team are endless. We've now started to move beyond the hype. AI is not the domain of FTSE 250's with teams of data scientists anymore. We have seen AI democratised – through platform offerings, intelligent API's, and all the smarts embedded in SaaS/PaaS offerings making it easier for all organisations, no matter their size to access. MarTech in particular has been prominent in landing AI into organisations, sometimes in isolated pockets, but these are fertile grounds to experiment on.
The exciting promise of personalization may not be here yet (at least not at scale), but it's not far off. Advances in technology, data, and analytics will soon allow marketers to create much more personal and "human" experiences across moments, channels, and buying stages. Physical spaces will be reconceived, and customer journeys will be supported far beyond a brand's front door. While these opportunities are exciting, most marketers feel underequipped to deliver. A recent McKinsey survey of senior marketing leaders finds that only 15 percent of CMOs believe their company is on the right track with personalization.
Selma Turki is on a mission to ensure more women understand the impact of new technologies on their careers and engage with the change from the planning process. Her work as EY EMEIA leader, cognitive solutions, advisory means that she works with clients to find solutions using new technologies. When we met to discuss the challenges in addressing gender diversity in the tech space, she shared her views on where the problems lie. The most common problem cited for AI lies in programming. Gartner estimates by 2022, 85% of AI projects will have incorrect outcomes due to biases in data or algorithms.
Cerebri AI, today announced that it has been selected by Gartner, Inc. as a '2019 Cool Vendor for Artificial Intelligence for Customer Analytics', a new category created by Gartner this year that recognizes the explosive impact AI can have in understanding customers at scale. Cerebri AI, an enterprise software start-up that uses patented AI to measure a customer's commitment to a brand, that for first time can be used directly to drive financial results via a recommended series of action(s) tailored to each customer. Examining solutions from five'Cool Vendors' that extend the AI for customer analytics technology landscape, Gartner's report states that "Cerebri AI could become the most useful tool… of a CX professional and marketer". Gartner went on to say: "The Cerebri Values system calculates monetary values for each event in every customer's journey, then predicts the most opportune moments and the corresponding "best action" for maximizing brand engagement and business results. "The Cerebri Values system uses a range of AI techniques, including machine learning and reinforcement learning, to analyze each touchpoint across a shopper's journey.
PayPal is no stranger to fraud. As one of the Internet's first online payment services, PayPal has been exposed to every type of wire fraud imaginable (and some beyond imagination). Sometimes the fraudsters had the upper hand, but now, thanks to deep learning (DL) models running on high performance computing (HPC) infrastructure, PayPal is leveraging its vast repository of fraud data to keep the fraudsters on the run. PayPal is one of the classic success stories of the Internet era. Founded during the dot-com heyday of 1998, the company carved out a lucrative niche – facilitating secure payments online -- early in the Internet's development.
There's a lot of hand-wringing these days about letting your children be solo passengers in ridesharing cars run by the conventional ridesharing services. Some parents say that they would never let their young offspring be alone, i.e., without a trusted adult passenger, when going in a ridesharing vehicle, and are horrified that other parents even consider this rather untoward notion to be conceivable. Meanwhile, some parents indicate that when pressed for time and having no other viable choice, they hesitantly and reluctantly let their kids use a ridesharing service. For those that use a ride-sharing service as a last resort to get their son or daughter to baseball practice after school or get to a piano recital, such parents try to protect themselves and their children as much as possible. They get the child to take a picture of the driver and depending upon the ridesharing service can track via a mobile app the progress of the vehicle during its journey, along with sometimes having the child activate their FaceTime app on their own smartphone and try to let the parent enjoin virtually for the ride.
Digital transformation is no longer just jargon, but is in fact now the new norm that is being adopted by enterprises to thrive in the industry. Utilizing new age technologies like artificial intelligence has become imperative to provide enhanced customer experience. In an interview with DataQuest, Deepak Pargaonkar, vice president, solution engineering, Salesforce, talks about why marketers should adopt new age technologies, how artificial intelligence can boost productivity and hyper-personalization, and much more. Today's marketers face a whole different landscape than their predecessors. As connected customer experiences become standard in customers' minds, marketers are expanding beyond their traditional purviews, tactics, and toolkits to meet expectations.
The Genie is out of the bottle, and nothing can be done now. It is going to transform not just your homes but your whole workplace and much more. Well, don't get so excited it is not the Genie from the Aladdin's Magic Lamp. I am talking about the Genie of the technical world. And it is the big word in the town, Artificial Intelligence aka.