In the words of Fei-Fei Li, a Computer Science professor at Stanford University, “Artificial Intelligence is everywhere. It’s not that big, scary thing in the future. Artificial Intelligence is here with us.”
These words identify an important benchmark in human evolution, the evolution of machines with us. Machines learn, grow, adapt, and become smarter with each passing day. But first of all, you have to understand what are the main differences between Artificial Intelligence and Machine Learning.
There have been multiple Hollywood blockbusters that have focussed on the growth of machines over the years. Robots who eventually destroy humanity or smart computers which make the population too dependent on computer-based decisions.
While all these real stories focus on a seemingly unavoidable future. The one part they all have in common is the rapid consumption of technology by mankind. We develop tech-based on our needs and make it work the way we want it to. But the smart thing done by man is making the machine understand what we need at a given instance. Machines can now determine human needs on their own and optimize themselves to fit the role.
It is no lie that we live in a world filled with patterns that have corresponding algorithms to define them. From the working of a traffic light to human behavior. Everything can be converted into a pattern. That is exactly what the collaboration of Artificial Intelligence with Machine Learning gives.
While Machine Learning finds behavioral patterns, artificial intelligence stands right behind it to give us an ultimate personalized experience. The impact of AI has increased in recent years, with tech giants spending big bucks to stay in the game.
The reason for such enormous spending has a one-word answer–personalization. Who does not like personalized items? Be it bath items or a personalized piece of clothing, the uniqueness of such products creates a sense of delight in individuals. This delight does not come from the basic product alone. It is heightened by the fact that the product in hand is crafted for a purpose private to the individual.
With online shopping and e-trends on the rise. It is no surprise that companies are making their goals more individual-oriented. Rather than taking the customer pool as a whole. Take the olden scenario of marketing, for instance.
There was a wide range of products available in the market for various purposes. All these products were being publicized to the same group of consumers, disregarding the factors of personal interests and behaviors. This created the same experience for every individual in that group, whether they were interested in the product or not. Coming to the present scenario, there are various products suited for various individuals in the same customer pool.
A smart machine that has already recorded the behavior patterns of this customer pool knows which product is to be pitched. This not only saves resources that are used up in advertising the same thing in the same way to every individual. It also creates a personalized experience for that person.
They will be more willing to buy something they feel is suited to their needs and crafted especially for them. Rather than a product which is shown in the same way to every person.
The above is backed by a study that shows that customers tend to gravitate towards personalized websites and services rather than generalized ones. This customer-centric market is not beneficial for only the customers but keeps the company informed of the products which sell the best and the improvements to be made to the least profitable commodities.
This aids in optimizing a company’s product life cycle where they can not only plan the correct products but modify the current ones to keep them relevant.
Talking about relevance, AI keeps a company relevant in the market by giving them a competitive edge. Mostly over the companies that do not support AI-supported marketing. The companies simply get a competitive advantage by knowing their customer pool better than the others by working under the umbrella of AI.
The extent of personalization has reached heights wherein the machine knows what we want before the thought of wanting something strikes us. It is this hyper-personalization that captures a person’s attention and proves beneficial to the service providers.
Our data is monitored in real-time, our activities are silently observed and our future behavior is predicted via machine algorithms highlighting our preferences and choices. With this, Artificial Intelligence aims at creating highly authentic personal engagement. With scope for optimization and modification with each segment of new data collected.
Personalization creates unique content for each customer and keeps them coming back. This is also achieved through personalized e-mails and offers being mailed to customers after their shopping experience.
The essence of doing all this is to create an environment with the consumer at the center. It is a company’s very objective to better customer service to bring in more loyal customers and increase profits. Putting the customer in the epicenter of the service or giving them such a sense of importance. It leads to the foreseeable outcome of increased customer response, higher sales, increased customer satisfaction, and an overall gain in the company reputation.
Combine that with the accuracy and robustness of AI. You’ll get a strong strategy in place to focus on other core functions. While Artificial Intelligence takes the reins. But that too needs to be done at a steady pace by incorporating various elements of current market trends and not getting too ahead of oneself.
While it seems obvious for technologies as big as AI to lead the change. It also presents the unavoidable question of it being good or bad. AI will for sure be reducing the job sector. Simply by working projects where it optimizes itself regularly – to give the maximum output.
Smart chatbots are taking over the Customer Service industry. Where instead of being connected to a human, you are directed to a chatbot that acts as a personalized assistant. It is loaded with FAQs and facts to guide you through the service process. Artificial Intelligence will affect other industries as well. It is only a matter of time until we find out its true consequences.
We are happy to talk to you about Artificial Intelligence predictions and its application? Do you have this technology in your projects? Or maybe you are looking for a team that would implement this technology?
The onset of AI is being called industry 4.0, or the 4th industrial revolution which will cause a major shift in the manufacturing industry by using machine learning techniques instead of employing human beings for tasks that require repetition in a faster, cheaper and more efficient manner.