Artificial Intelligence: Shaping the Future of Marketing

Artificial Intelligence: Shaping the Future of Marketing

With the paradigm shift in digital connectivity and technological advancement, the way of conducting a business is evolving rapidly. Business firms are looking for an integrated approach to market their products in a digitally empowered platform along with a brick and mortar store. Artificial intelligence, machine learning, Internet of Things (IoT) etc are already transforming the technological landscape with a considerable scale. Be it FMCG or Healthcare or automobile industry, the essence of enriching the customer experience prevails on gathering the data to understand the interaction with the product and strategizing the plans to reach out the right customer at a right time.

In traditional marketing, measuring the conversion of any marketing activities is always counterfactual. But nowadays, marketers can monitor almost every interaction through the cybernated involvement with modern day gadgets and applications. To understand such huge data on customer interaction and draw a meaningful pattern is very important in an intensively competitive environment.

Artificial intelligence is broadly dealing with the process of making intelligent machines which are capable of solving problems. At its core, machine learning is paving a new way for building those problem-solving abilities in technological systems. With machine learning, computers can be programmed to learn and interpret the theoretical aspects with a base of stringent guidelines. In this way, the modern day systems are so intuitive to find the pattern and mould suitable strategies to yield maximum conversion.

To leverage the optimum conversion from each marketing activities and enriching the customer experience, the business firms are taking help of artificial intelligence. Let’s explore some of the examples to understand the usability of AI in modern day marketing.

Campaign Targeting

With the help of AI, marketers can filter customer interests, interaction with similar products to trace the characteristics of the customer. Accordingly, the campaigns are targeted on various communication networks on a real-time basis. Also, it helps in formulating the dynamic pricing on the basis of impressions and clicks. Dynamic airfare can be sited as a premium example. Similarly, after identifying typical attributes of potential customers, the marketing activities can be automated through programmatic advertising.

Simple and Accurate Forecasting

AI enabled systems helped to minimize the gap by moving far past human limitations to consume and analyze data on a large scale. It added an extra edge to business intelligence to analyze data of a high volume and high veracity at a speed and accuracy better than any human. Analyzing and predicting the market fluctuations are becoming way easier. Meaningful insights are derived by programming the systems to respond to change indicators and thereby strategize with minimal human interference.

Be it text or voice recognition through smart gadgets or enabling chatbots to ensure faster customer interaction, the role of artificial intelligence is helping marketers to achieve better business outcomes. The biggest and most prominent example of artificial intelligence is experienced in search engine prediction which covers a major portion of digital marketing. With the help of AI, businesses are enabling themselves to provide the personalized and enriched user experience. The personalized user interface of e-commerce platforms, shopping recommendations etc are some of the most common examples.

Even marketers are looking for building smart appliances like television and refrigerators which are empowered by artificial intelligence. For example, an artificial intelligence-enabled refrigerator can inform you about the chocolate or any other products of your choice when to buy and from where to buy on a real-time basis. According to a recent press release, Samsung is going to launch advanced home appliances which are integrated artificial intelligence to ease out day-to-day problems. Such advanced appliances are not only helping the customers but also to the marketer to get the information about the potential customer, how the existing customers are interacting and so on.

Undoubtedly, the future of marketing is going to be exciting with the introduction of more and more intuitive technologies. The opportunities are enormous and marketers should be ready to encompass new experiences and reinvent existing products to sustain in this competitive environment.

NOTE: The views expressed here are those of the author's and not necessarily represent or reflect the views of DoT Club as a whole.

How Technology is changing Human Resource Management ?

HR Technology is currently undergoing one of the most disruptive periods it has seen in a decade. Investors and investing more and more and seeking the next big thing in breakthrough technology, plunged more than $2 billion into HR tech systems and platforms in 2016. HR tech activity has grown consistently in the last 5 years and at the current rate is expected to grow further more. Majority of the investment growth was spent on integrated human resource management system (HRMS) platform for midsize companies and this shows how volatile the industry is. This shift is seen from cloud to mobile, the explosion in analytics and artificial intelligence, and the emergence of video, social recruiting and wearables in the workplace. What not has changed in the field of HR? Just wait for the day when robots will take interview of humans for recruitment.

Everything is quickly changing. This includes all the technology HR professionals use, the experiences those systems deliver and all the underlying software designs- making many of the traditional HR systems purchased only a decade ago seems out of date. These changes will bring in lot of advancements in the field of HR. It will reshape HR. All the technological changes have affected businesses in more ways than we can count. It has changed the way the organizations worked. Technological advancements have to be on time and when people need it the most. From globalization and organizational adjustments to a workforce clamoring for remote and mobile job opportunities. Human resources had to adapt swiftly. If HR wants to continue to play a critical role in helping businesses anticipate, find faults and manage organizational change, it must have technology at its base and as one of the most important things.

HR advancements are necessary to meet both employee expectations and business requirements. Talent analytics and workplace analysis have become more commonplace, and companies using the data available to them will be far more competitive. As it is millennials are more than half of the current workforce- and predicted to make up 75% by 2020.

Let’s see what has changed in HR due to technology…

1.     Get smarter with big data- Technology has given HR professionals access to the power of Big Data. This has impacted the way businesses understand their customers/ consumers, market to new audiences, and communicate with existing and prospective employees. A lot of time consuming duties including paperwork with which HR has always been linked has been barred and changed to technological aspects.

Big Data has been useful in giving HR a fact based view of the current workforce, identifying emerging trends so businesses can adapt. Analytics is a growing field in HR. It has helped employers to find prospective employees because of this. Hiring decisions are being made using analytics so that lesser hunches come in the recruitment process and is real-time.

2.     Clean up your office with the cloud- Cloud based systems and Big Data go hand in hand. All the information can be nowadays easily stored in cloud rather than all those tedious papers. Employee information and many other things like tax forms, payroll data, performance reviews, and contact information — can be archived and organized in one secure location. Data interpretation becomes easy when you have all the data in just one place.

3.     Many Businesses waiting to make the change- for now- Many companies are still waiting to change/ switch to modern HR systems. But time will make them change also. HR has to look forward to cloud computing, easier storage, better insights, and greater transparency are only the beginning. Technology is a critical business to ignore.

NOTE:The views expressed here are those of the author's and not necessarily represent or reflect the views of DoT Club as a whole.