Debunking Myths About Artificial Intelligence

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Debunking Myths About Artificial Intelligence
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• Artificial intelligence (AI) has had a dramatic
  impact on numerous industries in its short life.
  Some of the most prominent include retail,
  finance, media, and healthcare. Organizations in
  developed countries across the world are enjoying
  the freedom of not having to hire workers to
  complete manual, tedious tasks. That is because
  AI has made it possible to automate them as well
  as predict future buying trends with machine
  learning.

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AI is Here to Stay and Only Getting Bigger

• Markets and Markets, a nationwide research firm,
  estimates a growth in the AI market to 5.05
  billion by the year 2020. This is due to many
  companies willing to take a chance on natural
  language processing and machine learning
  technologies. It can also be attributed to
  consumers enthusiastically embracing the Internet
  of Things (IoT).

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• By as early as 2018, industry experts predict
  that six billion connected computers,
  smartphones, and other devices will request
  assistance from an AI platform.

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• Despite all the promise of AI, the marketing
  industry has been slow to embrace it. Some
  believe that it would require too much work to
  implement it and others feel that working with AI
  involves the simple flip of a switch. The truth
  lies somewhere in between.
• Another common misconception is that only large,
  well-established companies can afford and benefit
  from AI. Perhaps the greatest concern of all is
  that it will make human workers obsolete.

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Challenging the Myths of AI

• Its understandable that marketers feel hesitant
  to embrace something as large and powerful as AI.
  Even so, many of their fears simply arent
  realistic. If youre a marketer wanting to make
  more accurate predictions about consumer behavior
  and better identify your target market, you owe
  it to yourself to separate myths from truth when
  it comes to AI.

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1. AI implementation doesnt mean excessive work for
   your in-house marketing team. It requires little
   effort to implement when set up properly. The
   biggest challenge will be to determine the most
   important goals and establish access to
   applicable streams of data. At this stage, AI
   providers determine value and identify any
   inconsistencies.

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• 2. Marketers can reap the benefits of AI quickly
  but should expect a longer refinement process.
  Implementing AI doesnt need to take a lot of
  time or resources, but its more involved than
  flipping a switch. Anticipate that it will take
  time to establish machine learning and algorithms
  and to know which data insights are most helpful.
  If you establish a realistic timeline, you should
  do just fine implementing AI.

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• 3. AI and big data are not the same. Perhaps your
  company already uses big data to improve the
  targeting of customers and make marketing
  campaigns more effective. This differs from AI.
  When you use AI, you can fully automate marketing
  processes and see the results improve steadily
  over time. Companies new to AI should realize
  these differences and make sure they realize the
  benefits of both big data and AI.

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• 4. You dont have to be a large, established
  company to implement AI. To reap its benefits,
  its important to embrace all that it offers as
  early as possible. If you fail to get onboard,
  you risk losing customers to the competition that
  has been using AI all along.

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• 5. AI cant replace human beings. The purpose of
  AI is to enhance the human experience, not
  replace it. Its true that marketing roles may
  change slightly, but the need for skilled,
  creative, and intelligent human workers isnt
  going anywhere.

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Improve Customer Engagement with AI

• By deciding to take advantage of AI rather than
  resist it due to fear, marketers can target their
  customers easier and more efficiently. That is
  because AI makes it possible to deliver a
  customized message in the right channel at the
  most effective time.

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• While you as a marketer may fear AI, consumers
  in the modern era have overwhelmingly indicated
  that they want to experience its benefits.

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• In a recent study conducted by Sonar, 70 percent
  of Americans in the millennial generation said
  they would prefer a retailer or brand using
  AI-powered technology to show them the most
  interesting products. Additionally, 72 percent
  feel that brands will be able to effortlessly
  predict what they want as AI technology develops.

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• Its almost 2018 and time to let go of
  inefficient marketing tactics. Say good-bye to
  relying on intuition and let big data and
  algorithms do the work of bringing dynamic and
  personalized physical stores to the online
  landscape of the modern consumer. This enables
  your company to get ahead of the competition
  while establishing essential customer loyalty at
  the same time.