2018 is the year of artificial intelligence for companies worldwide. According to a survey published in January by New Vantage Partners, 97.2% of companies claim to be investing in big data and artificial intelligence projects.
The study, conducted in 60 companies on the Fortune 1000 list, showed that 76.5% of executives believe that artificial intelligence and big data are intertwining. Because as the available information increases, artificial intelligence becomes necessary to make sense, find patterns and predict behaviors.
Companies like American Express, MetLife, Goldman Sachs and Ford Motors already integrate artificial intelligence and big data in their processes ranging from offering new products to credit approval in real time.
“Globally, companies of all sizes are identifying the key areas where artificial intelligence and big data add value,” said Gustavo Parés, CEO of Nearshore Delivery Solutions. “With these tools, companies can get to know their customers better and improve their processes,” Parés added.
We present some of how big data and artificial intelligence are transforming business:
Real-time customer segmentation
By analysing large amounts of data, online stores and companies can accurately locate potential customers with very specific characteristics to offer their products in a personalized way.
Companies such as Netflix and Amazon already use these strategies based on machine learning to predict the content that interests their consumers. These techniques are responsible for 60% of the content visited on Netflix and up to 35% of total sales at Amazon.
The advertising industry has also benefited from the information processed by artificial intelligence, through campaigns designed and presented to audiences during specific times to ensure a greater impact.
Successfully crossing large amounts of data and correlating them in search of findings is one of the biggest challenges for companies today. As the number of information increases considerably, the challenge becomes greater. Until 2003, 5 exabytes of information had been generated (each exabyte is equivalent to 10 gigabytes to the ninth power). In 2018, humans generate that same amount of data every two days.
Artificial intelligence is used to order and make sense of the vast amount of information that often comes from various sources. The data coming from parameters of use of a website, social networks, databases of companies, searches, news sites, among others, is used to perform analyzes, predictions, and ultimately to make better-informed business decisions.
Better communication with customers
As people get used to social networks, they grow their expectations in terms of customer service. Customers expect a quick and effective response from brands. According to a Nielsen study, currently, 42% of consumers expect an answer of 60 minutes or less when contacting a company.
Chatbots or conversational bots have become an invaluable ally of companies of all kinds. Through natural language processing, chatbots can interact with a person as if they were representatives of the brand.
In addition to being available to answer questions 24 hours a day, chatbots can be used to process orders, make recommendations or schedule appointments.
By crossing and interpreting large amounts of conversations, artificial intelligence can learn how to communicate and respond effectively through different platforms such as social networks, email or on websites.