AI adoption has been relatively slow across industries, but those organizations that have begun to integrate AI into their workflows are already experiencing its transformative power. Here, according to Northwestern University’s Kellogg School of Management, are four of the most significant trends in how AI is changing how organizations find and serve customers.
1. Gleaning customer insights: Natural language processing and other machine learning software can generate insights from online posts and reviews and other instances of natural, everyday language that were previously unreadable by traditional analytical tools.
2. Making smart recommendations: Companies like Amazon and Netflix use customers’ past behavior to suggest new products and content, and this knack for making informed recommendations will continue to be a pillar of AI’s capabilities, according to Kellogg. In the future, organizations could use natural language processing and image recognition to recommend products, services and treatments based on a customer’s online posts or a photo of their face.
3. Protecting user privacy: Typically, the more useful the AI, the more data it needs, a concept that sparks questions and concerns about the privacy of highly sensitive user information. According to Kellogg, organizations are heeding these concerns by using deep learning algorithms to build highly accurate models that can predict behavior based on smaller pools of less invasive data.
4. Understanding that data is the product: As AI provides organizations with increasingly advanced insights into their consumers, they are beginning to realize the immense value of the data feeding those insights. As a result, many startups are simultaneously analyzing data to inform their own businesses while also licensing their meticulously sourced databases to larger, more established companies.
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