Artificial Intelligence isn’t just plot-fodder for sci-fi cinema anymore. It can have a positive impact on business operations and your company’s revenue.
Many people still view artificial intelligence (AI) as this futuristic technology that has yet to fully influence our day-to-day lives. They associate AI with movies like Terminator, War Games and The Matrix. The fact is AI has been part of our society since the 1950s.
What is AI?
Artificial Intelligence is when “intelligence” comes from a machine rather than a human. This intelligence is related to the human mind such as learning and problem solving. So remember that pocket calculator from 8th grade algebra? If you’re Generation X or before, that was probably your first introduction to AI.
“Forget artificial intelligence — in the brave new world of big data, it’s artificial idiocy we should be looking out for.” — Tom Chatfield*
What does AI have to do with customer churn?
One aspect of AI is Machine Learning. Machine learning gives applications the ability to automatically learn and improve from experience — predicting outcomes without being programmed only to do so. Machine learning accesses data and uses that data to learn for itself. This form of AI can be applied to your churn prediction and customer retention efforts.
Look to the future. Learn from the past.
Using predictive analytics and machine learning, you can find out which customers you’re going to lose before you lose them. These tools will analyze your historical sales data to predict customer churn and improve customer retention.
Rafael Scott is Chief Customer Experience Officer and cofounder at Spyglaz — a business intelligence platform that delivers key insights on churn and predicts potential customer loss before it happens. Spyglaz is headquartered in San Mateo, California.
*Forbes.com July 2014 28 Best Quotes About Artificial Intelligence: https://www.forbes.com/sites/bernardmarr/2017/07/25/28-best-quotes-about-artificial-intelligence/#6656592f4a6f