How to ready your business for the future.
The future is AI and data is the engine.
97% of marketing leaders around the world believe that the future of the industry is in machine learning and predictive technologies.
This isn’t a topic about which there is much debate. And a quick google search reveals why. At this nascent stage, AI is slated to save money in just about every industry: $52 billion US by 2021 in the healthcare industry. Up to 41 billion annually for government. $200 million to UPS. These are just a few of the exciting numbers which give us a peek behind the buzz around this industry. AI can and already does improve human life in immeasurable ways. From driverless cars to predictive services, AI is changing the way we live. But there is one mantra that all the professionals keep repeating: get your data in order now.
What is the connection between AI and data?
AI breathes data.
In order to understand this, we have to review how AI works. AI is the process by which software can make meaning out of data. It takes large amounts of data and through processing and algorithms, it recognizes patterns. But in order for the software to be empowered to learn and to apply meaning to the data it reviews – it needs a great deal of data. And we mean A GREAT DEAL OF DATA. The datasets must be enormous, and must encompass many different parameters that can be used in concert to give the software the infrastructure it needs to uncover new understandings.
Companies that dominate their industries today, like Google, Facebook, Amazon, succeeded in doing so because they were first adopters in gathering data. They created huge data sets that allowed them to take charge of their market.
But AI is not only for huge companies. Small and medium businesses are already leveraging AI technologies in several ways that save them money and increase their productivity.
Companies that want to reap the greatest benefit from AI and machine learning must begin by gathering data. Accenture reports that AI can improve business productivity by 40%, giving us another reason for its popularity – and for the importance in beginning to gather data.
The time to do this is now, if not yesterday. Even way before you know how you are going to reap the benefits of AI, it is important to put systems in place that will help you gather information.
SimpleChat to the rescue.
One way to do this is with SimpleChat. SimpleChat is an add-on for Microsoft’s Dynamics, one of the world’s best CRMs. When SimpleChat is connected to your CRM, you can manage interactions (including company mentions) on social media, chats, WhatsApp and more, using the same powerful CRM brain that has been gathering data in more traditional sources of interaction like telephone conversations with a customer service representative.
How does it work?
SimpleChat connects all the various communications channels through one simple to use interface. Wherever the interaction originates, the representative will have all the tools at his or her disposal to handle the request. Every single consumer interaction, even if just a simple question about a product, gets saved in our data bank and can be mined for intelligence to improve customer experience for this and other clients.
Why should we keep social media data?
Your clients and potential clients are on social media. That is where they are talking, sharing their pain points and their successes. This is where it will be most convenient for them to connect to you. And why save the data? Because this is where it’s happening. Not saving the data is wasting the most important intelligence you have to build the future of your product and company.