Big Data, AI, Data this Data That. What does all this mean to Marketers?

Why does AI and Big Data matter?

Artificial intelligence (AI) Artificial intelligence is the science of training systems to emulate human tasks through learning and automation. At its core is the ability for the machine to learn how to apply logic and reason to gain an understanding from very complex data. Simply put: The machine learns from data it receives by identifying patterns and relationships within the data itself.

Big data is a term that describes the large volume of data — both structured and unstructured — that inundates a business on a day-to-day basis. Big data can be analyzed for insights that lead to better decisions and strategic business moves.

Identifying opportunities for AI in Different Industries

Here are a few examples of how industries are applying AI:

• Banking. Fraud detection, credit and risk analysis, and market recommendations provided by automated financial advisers.
• Government. Sensor fusion in smart cities and facial recognition by law enforcement agencies.
• Health and life sciences. Processing data from past case notes, biomedical imaging and health monitors to advance the use of predictive diagnostics and improve response times in patient care.
• Manufacturing and energy. Supply chain optimization, automated detection of defects during production and energy forecasting.
• Communications and retail. Improved chat bot functionality, personalized shopping experiences and customized recommendation

Source SAS

For purpose of this blog I will be focusing on marketing and How Big data integrates with AI to solve marketing issues and grow business.

Having big data doesn’t automatically lead to better marketing — but it has the potential to. Think of big data as your secret ingredient, your raw material, your essential element. It’s not the data itself that’s so important. Rather, it’s the insights derived from big data, the decisions you make and the actions you take that make all the difference.

By combining big data with an integrated marketing management strategy, marketing organizations can make a substantial impact in these key areas:

• Customer engagement. Big data can deliver insight into not just who your customers are, but where they are, what they want, how they want to be contacted and when.
• Customer retention and loyalty. Big data can help you discover what influences customer loyalty and what keeps them coming back again and again.
• Marketing optimization/performance. With big data, you can determine the optimal marketing spend across multiple channels, as well as continuously optimize marketing programs through testing, measurement and analysis.

Furthermore, Contextual marketing is also made possible because of Big Data which tracks and aggregates users behavior online and makes it easier for marketers to target users precisely rather than mass sharing of Ads. Google’s AdSense program, for example, is a straightforward version of contextual marketing, in which ads are displayed based on the terms that the user searches for.

We see AI and Big Data go to work in our daily lives such as such as Google’s ‘Did you mean?’ Section, Amazon’s product recommendations, You tube’s video recommendations, and so on.

AI correcting search query based on Big Data.

Also, for instance, when you post a picture with your friend on Facebook, it automatically suggests you to tag your friend and provides you with her name. Here, AI models gather our data and uses its features to find patterns in that data. These are the common applications of AI and big data in our everyday life.

Thank you.

See you next week.