According to a survey published by NewVantage, the percentage of companies investing in Big Data and AI initiatives rose from 97.2% in 2019 to 98.8% in 2020. This includes some of the biggest companies, including Google, JP Morgan Chase, Glaxo Smith Kline, and Bank of America, among others.
But how exactly are these innovations driving innovation in business? This question is all the more pressing in 2020 when the world is undergoing a transforming time like no other.
We find out this answer and more in this post.
Understanding consumer behavior
With so many options on their fingertips, today’s consumers are amongst the most fickle that the world of business has ever witnessed. Deep learning, which is a subset of AI, is helping businesses to predict consumer behavior by recognizing voice and search patterns.
Similarly, Big Data, in conjunction with predictive analytics and learning algorithms, come up with offers for customers even before they realize the need for it. A fantastic example of this is Starbucks’ personalizing customer’s experience. Through its app, it uses Big Data and AI to recommend different types of caffeine based on the weather and the customer’s location and many other features.
Improving digital marketing trends
Digital marketing is the byword of any company worth its salt. Along the same lines are SEO, generating leads, and conversion. Big Data and AI work in combination to provide better insights to companies and narrow down on the targeted consumers who are critical to digital marketing.
By making use of the latest analytic tools, businesses are also able to save a lot of money and have better conversions. Netflix, the live streaming giant, incorporates AI into its digital marketing, which has exponentially raised their subscriptions. This directly translates to increased revenue.
Driving virtual assistants
Not many of us can imagine starting the day without the help of virtual assistants or VAs. The most notable VAs are Siri and Alexa. The same is true for many businesses all around the globe. AI has helped decipher or at least make sense of Big Data, which makes the VAs more intelligent.
The reaches of Big Data and AI are seen in self-driving cars that drive on auto-pilot. Among them is the Tesla. But of course, it is no secret as the company’s CEO has been openly propagating the immense ways in which Artificial intelligence will change the very course of history.