The words artificial intelligence (AI), machine learning (ML) and data visualization are everywhere right now. Both AI and ML have gained an immense role in defining the business world and have especially influenced the way we define the customer experience.
But when it comes to understanding AI and ML, some people tend to mix them up or they believe that one can substitute the other, which is not exactly the case.
The difference between AI and ML
This term is used in order to define technologies that have a human- like intelligence, which are able to do cognitive tasks that were usually reserved to human minds. The term machine learning is meant to describe the process machines go through in order to get data and basically learn for themselves. A better understanding of advanced applied analytics, which is what both AI and ML are based on is definitely necessary in order to bring improvements to all business areas.
To paint a picture of how far AI has come, we bring up the victory of Google's AlphaGo against Go grandmaster Lee Sedol, in March 2016. Considering that Go is a game that requires strategic thinking, creativity and, not to mention, intuition, it's easy to understand that when AlphaGo won the game, it also reached an important milestone for such a program.
Here are some of the ways AI and ML have already redefined the customer experience:
A tailor-made, personalized experience
Machine learning is already being used by companies in order to offer their clients unique experiences. But how does it work, exactly? Using advanced algorithms, ML is able to learn your preferences. To put it simply, machines are able to take the customer's past experiences in order to offer content that is personalized, therefore relevant to said customer. We are all familiar with this type of custom-made experience; it shows up on different sites as product suggestions, adverts or personalized deals, based on your browsing history (and past purchases, in some cases). This is all the result of a predictive analysis, something that any Marketing department needs in order to create strong, durable relations with their customers. It is a customer-centric strategy that is meant to lead to a better understanding of the market, meaning that the proper, right content is delivered exactly to the audience is intended for, thus enhancing the customer's experience.
Automation is the word
Generally speaking, the process of automation is about the technique through which a system operates automatically; AI and ML have become key elements when it comes to the automation of works.
Every business needs to find the best solutions in order to properly deal with their time-consuming, everyday tasks. To stay on top of the game, companies are constantly searching for ways in which to automate and streamline tasks in order to grow. Analytics, web management, email and social media automation, and especially the automation of customer support are all great tools that will help businesses get closer to the ultimate goal of completely redefining the customer experience.
The example of the self-driving vehicles is on everyone's lips when talking about how far technology and automation have come. Companies like Google and Tesla have already created self-driving cars, which can operate autonomously, being able to change lanes or stop at traffic lights, thanks to AI and ML, which are making the car adapt to navigation guidelines and learn how to make decisions based on interactions with its surroundings.
The next step for retail
The end of check-out lines may actually be closer than we think. Creating cashier-free stores is no strange territory for some of the bigger companies, but it isn't ready to become part of our everyday reality. The â??no lines, checkouts, no registers' idea envisioned by Amazon GO is definitely appealing to most of the people who have spent more than their fair share of time behind check-out lines. Another giant step that could change the retail industry is the possibility of using flying drones in order to deliver merchandise to the customers. This kind of technology will definitely revolutionize the supply chain industry and completely change the way we understand retail. The fact is that ML is basically allowing companies to reshape the business process by using digital intelligence.
The machine learning technology is also used in order to prevent fraud and to maximize security when it comes to online transactions. Due to the fact that ML can recognize patterns in data, it also means that it can spot any anomalies in these patterns, which can help prevent fraud. Banks and other financial institution are often developing prevention mechanisms against online cyber-crime by using machine learning, but this is also true for some online brands, which are using the same rule of identifying patterns when it comes to analyzing the user's purchase history in order to find any suspicious activity.
Data visualization: a digital experience for the customer
Data visualization means that information is presented in a graphical or pictorial format, which is very useful when it comes to understanding difficult concepts. It's a form of visual organization that can help businesses and institution better understand their data, by identifying trends, correlations, and patterns - all essential elements in order to offer their clients the best experiences. The relationship between client and businesses has changed, it's more dynamic nowadays and it calls for constant interchanges.
Even though the idea of a digital transformation may not be an easy task, many companies are making serious efforts to get their clients digitally involved by offering them the exceptional experiences they crave.
What are the main advantages of data visualization?
Data visualization is a great way to identify the factors that are influencing the customer's behavior
; it can also offer a precise understanding of which product should be placed where - which leads to superior product performances. To keep the customers satisfied, it's essential to understand that their expectations need to be met - they are asking for easy, intuitive interactions that can reshape the way they relate to their own experiences.
In this highly competitive world, the businesses that want to improve their work process are definitely aware of the crucial part that AI, ML and data visualization are playing. This will lead to a whole new way of understanding how to build the perfect customer experience, by making it more personal, safe, enjoyable, and, let's not forget, faster.