Jul 18, 2020
The Big Mistake People Make with AI
Business leaders of today have to understand the technology of tomorrow. Specifically, one would be wise to understand what AI is, how it works, and what problems it can solve for your business.
This episode of The Intuitive Customer is a conversation with Bikram Ghosh, associate professor of marketing at the Eller College of Management at the University of Arizona, Tucson about AI in business today and what is possible for your business processes.
Ghosh studies AI and its overlap with behavioral economics. He believes that the future of Customer Experience management and the way to foster customer-driven growth is AI, and here’s why:
AI is machine intelligence driven by algorithms. The goal is to mimic the human mind. By taking stimuli from an external environment, called inputs, machines try to predict the outcome.
There are many types of AI.
Machine Learning is a type of AI where machines attempt to learn from their mistakes. We learn from our mistakes; machines seek to do the same thing by making mistakes, recognizing them, sourcing them, and then fixing them moving forward.
Attitudinal Data refers to how customers talk about products on blogs and social media. From attitudinal data, the algorithm can extrapolate behavioral nuances.
Natural Language Processing makes it possible to detect behavioral nuances, and is a significant area of work in Machine Learning.
Computer Vision is when the machine analyzes micro-expressions or picture data to determine how people react to a product of brand. This AI helps companies learn how people react to their product or brand from studying customers’ micro-expressions or from picture data analysis.
AI is great at determining how a large group feels in general, but not individually. Machines are improving in these areas, however. Amazon is working on capturing the data about the nuances of customer emotions.
AI is excellent at categorizing groups. This news is excellent as many organizations do not have sufficient segmentation in their customer groups. The potential for segmenting by customer behavior is a possibility in the near future, which would allow for tracking the dynamic nature of customer actions and emotions.
Ghosh realizes that it can be daunting for people not familiar with AI to dive into the process. However, he offers some practical tips in this area:
Some additional takeaways are:
To discuss this further contact us at www.BeyondPhilosophy.com
About Beyond Philosophy:
Beyond Philosophy help organizations unlock growth by discovering customers' hidden, unmet needs that drive value ($). We then capitalize on this by improving your customer experience to meet these needs thereby retaining and acquiring new customers across the market.