tag:econsultancy.com,2008:/topics/big-data Latest Big data content from Econsultancy 2018-05-23T17:58:12+01:00 tag:econsultancy.com,2008:TrainingDate/3539 2018-05-23T17:58:12+01:00 2018-05-23T17:58:12+01:00 GDPR Essentials for Marketers - Online <p>This online course will help you learn everything you need to know about the General Data Protection Regulation (GDPR) before it comes into force in May 2018, and crucially: what to do about it.</p> <h4>In association with:</h4> <p><img src="http://image.mail.centaurmedia.com/lib/fe9612747465007c7d/m/2/logo_RGB_web.png" alt="" width="250" height="150">       </p> <p> <img src="https://cdn.frontify.com/api/screen/thumbnail/EAzkFg3Qo4YvWC4ph_8yDMC_6Ml5rGzx333b8HZkq4KJx64s6xyk9RzcSAvrX2PW9ftJln_n7gjA8HJCDP8ZQg/800" alt="" width="300" height="100"> </p> tag:econsultancy.com,2008:TrainingDate/3538 2018-05-23T17:47:10+01:00 2018-05-23T17:47:10+01:00 GDPR Essentials for Marketers - Online <p>This online course will help you learn everything you need to know about the General Data Protection Regulation (GDPR) before it comes into force in May 2018, and crucially: what to do about it.</p> <h4>In association with:</h4> <p><img src="http://image.mail.centaurmedia.com/lib/fe9612747465007c7d/m/2/logo_RGB_web.png" alt="" width="250" height="150">       </p> <p> <img src="https://cdn.frontify.com/api/screen/thumbnail/EAzkFg3Qo4YvWC4ph_8yDMC_6Ml5rGzx333b8HZkq4KJx64s6xyk9RzcSAvrX2PW9ftJln_n7gjA8HJCDP8ZQg/800" alt="" width="300" height="100"> </p> tag:econsultancy.com,2008:BlogPost/70007 2018-05-10T13:46:25+01:00 2018-05-10T13:46:25+01:00 How banks are using big data & segmentation to lure depositors Patricio Robles <p>As detailed in this month's issue of American Banker, <a href="https://wolfstreet.com/2018/05/09/act-now-and-lock-in-these-deposit-rates-banking-cat-fight-breaks-out-like-we-havent-seen-in-over-10-years/">as reported by Wolfstreet</a>, banks aren't offering higher rates to all of their customers.</p> <p>Instead, they're using big data to segment their customers. American Banker explained:</p> <blockquote> <p>Over the past two quarters, at least two of the nation’s biggest banks – Wells Fargo and Bank of America – have tinkered with the way they set deposit rates, carving up a handful of key states into smaller markets...</p> </blockquote> <p>Some banks are getting even more sophisticated:</p> <blockquote> <p>Other banks, meanwhile, are exploring new ways to use data and analytics to adjust rates for lucrative customer segments. For instance, some are offering promotions to affluent millennials who may be tempted to open higher-yielding accounts at online banks, observers said.</p> </blockquote> <p>According to American Banker, "the moves illustrate how the industry’s biggest players are becoming more precise and tech-savvy on setting deposit rates."</p> <p>For banks, the rationale for segmenting depositors, existing and new, is simple: there are literally billions upon billions of dollars of profit at stake.</p> <p>Put simply, banks now want to grow deposits while minimizing the margins they have to sacrifice to do so.</p> <p>Since the Great Recession, when the US Federal Reserve cut interest rates to near 0%, the vast majority of Americans have been paid next to nothing – and sometimes nothing – for their deposits.</p> <h3>Inviting controversy?</h3> <p>But with interest rates rising and the Federal Reserve signaling that it will continue to hike rates in earnest despite recent volatility in the stock market, the days of banks being able to get away with this are numbered.</p> <p>Thanks to the technology and the Big Data revolution, large banks, in theory, should be more capable than ever of engaging in what is, effectively, personalized dynamic pricing for deposits. In fact, some might even be able to create a segment of one.</p> <p><a href="https://www.econsultancy.com/blog/69939-why-dynamic-pricing-is-still-as-relevant-as-ever">Dynamic pricing</a>, of course, has become increasingly common in retail and will probably be ubiquitous at some point. That, however, doesn't mean it isn't controversial and <a href="https://www.econsultancy.com/blog/69699-can-dynamic-pricing-be-a-headache-for-brands">the potential source of backlash</a>.</p> <p>While it's widely known among consumers that those who have more money tend to get better deals and service from financial institutions, for large banks, some of which are still not seen favorably thanks to <a href="https://econsultancy.com/blog/68407-the-five-things-every-company-can-learn-from-the-wells-fargo-scandal">ongoing scandals</a>, the application of Big Data and sophisticated algorithms to offer personalized rates could also produce scorn.</p> <p>After all, we're not talking about charging a customer $5 more for a product based on the customer's location or the time of day. We're talking about how much an individual is paid to keep his or her money deposited at a particular financial institution. </p> <p>If a bank depositor learns that a friend is getting a much more attractive interest rate on a savings account or certificate of deposit based on factors such as those associated with affluence, it might not go over too well in today's environment.</p> <h3>The importance of transparency</h3> <p>For this reason, it's important for banks to consider just how clever they get with their segmentation and dynamic interest rate determinations.</p> <p>While in theory extreme optimization could offer a financial boon, from a brand and customer experience perspective, banks should balance this with the virtues of transparency. Those that help existing and prospective depositors better understand how the interest rates they're being offered on their deposits have been set are probably more likely to gain the trust of consumers and less likely to come under fire for their practices.</p> <p>And if competition for deposits really heats up, a really bold bank might even consider flipping the script and adopting a Priceline-style model that allows existing and prospective customers to name their own rate. Using its data and technology, including AI/machine learning, such a bank could conceivably determine whether the proposed rate was acceptable and, if necessary, counter with the rate it could offer.</p> <p>Although such a radical approach would certainly present challenges, it plays into the growing consumer demand for control and transparency and even if banks can't go this far, as they seek deposits, they would be wise to think more like depositors and less like banks.</p> <p><em><strong>More on banking:</strong></em></p> <ul> <li><a href="https://www.econsultancy.com/blog/69634-six-ways-fintech-startups-could-hurt-incumbent-banks">Six ways fintech startups could hurt incumbent banks</a></li> </ul> tag:econsultancy.com,2008:Report/4789 2018-05-04T09:28:00+01:00 2018-05-04T09:28:00+01:00 Embracing Technology and Innovation in Digital Marketing – Energy and Utilities <p>The energy and utilities industry is undergoing a period of unprecedented transformation. The wave of technological innovations in the industry mean that companies have to change the way they communicate and interact with their customers. </p> <p>The sector is moving away from a call centre industry and embracing modern tools such as programmatic advertising, chatbots and personal assistants to bolster its marketing and communication efforts. While disruption and innovation are becoming the new norm, industry professionals are faced with evermore demanding market circumstances.</p> <p><strong>'Embracing Technology and Innovation in Digital Marketing – Energy and Utilities'</strong> will uncover the marketing innovations in the energy and utilities sector, investigate marketers' openness to embracing new practices and technologies and explore how they are preparing to better position their organisations in an increasingly uncertain and competitive world.</p> <p>Econsultancy would like to thank the following professionals for their contributions to this report:</p> <ul> <li> <strong>Adam Ashcroft,</strong> Director, Synthetix</li> <li> <strong>Conor Barron,</strong> Digital Communications Manager, Bord Gáis Energy</li> <li> <strong>Steven Davidson</strong>, Head of Marketing, Black Sheep Utilities</li> <li> <strong>Janelle Dawson</strong>, Marketing Manager, Viva Energy</li> <li> <strong>Morgan Lloyd</strong>, Head of Brand and Marketing, Welsh Water</li> <li> <strong>Lorne MacLennan</strong>, Director of Marketing Operations, SSE plc</li> <li> <strong>Peter McKean</strong>, Managing Director, Synthetix</li> <li> <strong>Stuart Ravens</strong>, Principal Research Analyst, Navigant</li> <li> <strong>Camille Seoane,</strong> Public Relations &amp; Marketing Assistant, The Energy Check</li> <li> <strong>Dr Neil Williams</strong>, Founder, Tilix Smart Energy</li> </ul> tag:econsultancy.com,2008:Report/4785 2018-04-26T15:08:00+01:00 2018-04-26T15:08:00+01:00 A Marketer’s Guide to the Internet of Things <p><strong>A Marketer's Guide to the Internet of Things</strong> will demystify the Internet of Things (IoT), provide an update on the current adoption of IoT and explain how organisations can use IoT in marketing. </p> <p>It will explain the role of IoT as part of the trend towards ubiquitous computing and the opportunities that gives marketers to acquire data, develop products and services and add value to customers</p> <p>The report will: </p> <ul> <li>Help marketers establish an IoT point of view and opinion on how it might fit into their marketing plans. </li> <li>Provide an overall understanding of IoT and how it combines with other emerging technology trends.</li> <li>Make predictions on market size and the speed of adoption. </li> <li>Explore how and why IoT will transform the marketing of products and services and how it can be harnessed right now. </li> <li>Offer examples from different industries including retail, FMCG/CPG, financial services, utilities and telecommunications, travel, manufacturing and logistics, pharmaceutical and healthcare. </li> <li>Explain the breadth of opportunity afforded to brands, including revenues, brand extension, customer service and advertising. </li> <li>Discuss important considerations for designing a strategy. </li> <li>Propose a formula for IoT success.</li> </ul> <p>Econsultancy would like to thank the following people for their contribution to this report:</p> <ul> <li> <strong>Niall Murphy and Andy Hobsbawm</strong>, Co-founders, EVRYTHNG</li> <li> <strong>Josh Valman</strong>, CEO, RPD International</li> <li> <strong>Tom Wood</strong>, Managing Partner, Foolproof</li> <li> <strong>David Simmons</strong>, CTO and General Manager, Ping Asset Ltd</li> <li> <strong>Hans Nasemann</strong>, VP Major Appliances Asia Pacific, Electrolux</li> <li> <strong>Gerd Leonhard,</strong> CEO, The Futures Agency</li> <li> <strong>Mirko Giacco Michelangelo</strong>, Director of Commercial Operations and Digital, Vodafone Hungary</li> <li> <strong>James Chandler,</strong> Chief Marketing Officer, IAB UK</li> </ul> tag:econsultancy.com,2008:TrainingDate/3537 2018-04-18T17:21:14+01:00 2018-04-18T17:21:14+01:00 GDPR Essentials for Marketers - Online <p>This online course will help you learn everything you need to know about the General Data Protection Regulation (GDPR) before it comes into force in May 2018, and crucially: what to do about it.</p> <h4>In association with:</h4> <p><img src="http://image.mail.centaurmedia.com/lib/fe9612747465007c7d/m/2/logo_RGB_web.png" alt="" width="250" height="150">       </p> <p> <img src="https://cdn.frontify.com/api/screen/thumbnail/EAzkFg3Qo4YvWC4ph_8yDMC_6Ml5rGzx333b8HZkq4KJx64s6xyk9RzcSAvrX2PW9ftJln_n7gjA8HJCDP8ZQg/800" alt="" width="300" height="100"> </p> tag:econsultancy.com,2008:Report/4739 2018-03-15T15:20:00+00:00 2018-03-15T15:20:00+00:00 Second-Party Data <p>First-party data at scale sounds unattainable. But by creating second-party data pools, brands and publishers can vastly increase the applicability of their customer data. This report, created in partnership with <a href="https://www.salesforce.com/products/marketing-cloud/data-management/"><strong>Salesforce</strong></a>, addresses the fundamental questions about second-party data so it can move from abstract concept to specific strategy.</p> <p>The promise of customer data has tantalized brands for the better part of a decade. Their interest was focused on the maturation of the programmatic marketplace, where it became possible to easily buy audiences instead of space. The evolution of the ecosystem has been fueled by previously underutilized troves of customer and aggregate data.</p> <p>Today, it’s clear that huge stockpiles of data processed and sorted by third parties only hold the solutions to some of marketers’ needs. For data to be effective in digital media, it needs to balance quantity with quality and relevance. As the ad ecosystem evolves, marketers demand more certainty, accuracy and trust in the data that underlies their efforts.</p> <p>In recent years, the industry has begun exploring the value of second-party data—another brand’s first-party data acquired directly through partnership. The use of second-party data is no longer a nascent opportunity. We now can lay out guidelines for how to select partners whose data can enliven your campaigns, how to navigate walled-garden environments, and how to apply this data without risking your partners’ security or users’ privacy.</p> tag:econsultancy.com,2008:BlogPost/69805 2018-02-15T13:11:15+00:00 2018-02-15T13:11:15+00:00 45% of marketers cite content & experience management as top priority in 2018 Nikki Gilliland <p>So, what exactly are they doing, and what are the top digital priorities for the year ahead? Here's a few key findings and charts to consider.</p> <h3>45% cite content and experience management as their top priority</h3> <p>In terms of strategic priorities, 45% of companies cite content and experience management as their number one, demonstrating the importance of ensuring effective interactions with customers across multiple touchpoints.</p> <p>This also looks to be a key differentiator. Top-performing companies are 50% more likely than their peers to have well-designed user journeys that facilitate clear communication and a seamless transaction. (69% vs. 46%).</p> <p>With analytics and audience and data management coming next on the list of top priorities, the importance of a strong foundation in data and analytics is evident. Ultimately, content and data need to work in conjunction for effective digital experiences to occur.</p> <p><img src="https://assets.econsultancy.com/images/0009/2288/Content_and_data.JPG" alt="" width="902" height="537"></p> <h3>Data-driven marketing increasingly seen as exciting opportunity</h3> <p>In 2018, optimising the customer experience once again came out on top as the <em>single most exciting opportunity</em> for organisations. While there has been a drop in the proportion of respondents citing this since 2017 – down from 22% to 19% - this doesn’t necessarily mean that CX has become less important. </p> <p>Companies appear to be more focused on specific opportunities which also feed into the overall customer experience. Data-driven marketing, for example, is up from 12% in 2017 to 16% of marketers in 2018 who see this as the most exciting opportunity for their organisation.</p> <p><img src="https://assets.econsultancy.com/images/0009/2286/CX.JPG" alt="" width="780" height="500"></p> <p>Interestingly, companies that display a cross-team approach to improving customer experience are nearly twice as likely as their peers to be exceeding their business goals (20% vs. 11%).</p> <h3>Top performing companies twice as likely to be using AI for marketing</h3> <p>Finally, with a constant stream of new innovations on the horizon, it can be difficult for marketers to know where to focus and invest. However, getting this right can be the key to success. </p> <p>When asked about the themes and technologies companies are most excited about in the next three years, the most popular choice was ‘delivering personalised experiences in real time’. 36% of company respondents and 40% of agency respondents chose this option.</p> <p>This means that, while big trends such as <a href="https://econsultancy.com/blog/67834-why-virtual-reality-is-the-ultimate-storytelling-tool-for-marketers/" target="_blank">virtual reality</a> are on many marketers’ radar (15%), the majority remain fixed on delivering against core objectives, namely on serving customers with relevant and personalised content and messaging at key moments and touchpoints.</p> <p>That’s not to say that some technologies aren’t emerging as differentiators. Artificial intelligence is one tool that is helping companies provide more compelling real-time experiences. In fact, top performing companies are more than twice as likely to be using AI for marketing (28% vs. 12%).</p> <p>There’s still resistance, however, with 41% of marketers citing a lack of knowledge, 38% citing resources, and 25% citing immaturity as barriers to integrating AI into their marketing mix. </p> <p><img src="https://assets.econsultancy.com/images/0009/2289/AI_potential.JPG" alt="" width="780" height="506"></p> <p><em><strong>Don't forget, subscribers can download the <a href="https://econsultancy.com/reports/digital-intelligence-briefing-2018-digital-trends/" target="_blank">2018 Digital Trends</a> report in full now.</strong></em></p> tag:econsultancy.com,2008:BlogPost/69716 2018-01-11T09:22:00+00:00 2018-01-11T09:22:00+00:00 Why fashion and beauty brands are still betting on chatbots Nikki Gilliland <p>So, is this investment in bots paying off, and if so – how come? Here’s more on why chatbots are proving a popular tactic for fashion and beauty brands.</p> <p><em>(N.B. If you're interested in marketing applications of AI, <a href="http://conferences.marketingweek.com/supercharged">Econsultancy's Supercharged conference</a> takes place in London on May 1, 2018 and is chocked full of case studies and advice on how to build out your data science capability. Speakers come from Ikea, Danske Bank, Just Eat, Age UK, RBS and more)</em></p> <h3>Try before you buy</h3> <p>We’ve seen many brands launch chatbots in the hope that social media users will naturally want to interact and engage with them in one of their most frequently-used channels – i.e. Facebook. However, it’s clear that occupying this space is simply not enough, as many bots have failed to offer users anything of real value, or a reason to come back after an initial conversation. </p> <p>Take the Whole Foods bot, for example, which replies to emojis with recipe ideas. It's a bit of fun initially, perhaps, but is it enough to overtake regular search for serious recipe-seekers? Probably not.</p> <p>For fashion and beauty brands, chatbots can solve a much more tangible problem, and something that has always been a barrier for ecommerce. That is the issue of not being able to try a product before ordering it online. This is especially pertinent in the beauty industry, where matching to skin-tone and colour also comes into play. </p> <p>It is through the integration of <a href="https://www.econsultancy.com/blog/69388-ar-is-on-the-brink-of-a-breakout-thanks-to-new-platforms-from-google-apple" target="_blank">AR</a> into chatbots that beauty brands are able to solve this, with bots able to help users find the right shade of lipstick or foundation based on a photo.</p> <p><img src="https://assets.econsultancy.com/images/0009/1590/estee_lauder_lip_artist_2.JPG" alt="" width="600" height="489"></p> <p>Estee Lauder’s lip artist chatbot is one decent example of this technology. By giving the option of a lip shade (and showing what it might look like in real life), the user is naturally prompted into making a purchase. This mirrors the in-store beauty experience, whereby trying out a product provides reassurance and instils desire.</p> <p><img src="https://assets.econsultancy.com/images/0009/1585/estee_lauder_lip_artist.JPG" alt="" width="600" height="540"></p> <h3>An online stylist</h3> <p>For fashion brands, the ability to ‘try before you buy’ is limited, with AR and clothing proving a much trickier combination. However, one way fashion and ecommerce brands can tap into consumer need is by offering personal styling tips and advice. This also means that brands can combine general customer service with personalised recommendations, which again aims to replicate what an in-store employee might provide.</p> <p>There are limitations to this of course, with success largely depending on how advanced or slick the technology is. The best examples tend to be those which – instead of offering users a general selection of products based on broad categories – help consumers to narrow down to one specific item.</p> <p>One example of this is the Levi’s Virtual Stylist, which asks users questions about size, preference of fit etc. in order to suggest the right pair of jeans.</p> <p><img src="https://assets.econsultancy.com/images/0009/1587/levis.JPG" alt="" width="780" height="537"></p> <p>Another benefit is that it uses True Fit technology, which is designed to increase the chances of retailers providing customers with the exact fit, which in turn helps to <a href="https://econsultancy.com/blog/68477-how-six-online-retailers-are-combatting-wrong-size-returns" target="_blank">reduce the likelihood of returns</a>.</p> <p><img src="https://assets.econsultancy.com/images/0009/1586/Levi_s_true_fit.JPG" alt="" width="600" height="482"></p> <p>As well as providing helpful advice, the chatbot also effectively saves the user time, taking away the need to browse on the website or look around in-store. </p> <p>Does it matter that the bot is clearly a bot – i.e. that it does not sound like a human? If it offers something of real value, which the Levi’s example does, I don’t think users will linger over this disappointment for very long. </p> <h3>Better integration</h3> <p>One of the biggest barriers to chatbot success has been the fact that many consumers do not know they exist. Many brands have <a href="https://www.econsultancy.com/blog/68805-are-brands-failing-to-properly-promote-their-new-chatbots" target="_blank">failed to promote their bots</a>, instead relying on users to stumble across them on Facebook or seek them out themselves.</p> <p>Recently, however, Facebook has launched a new plug-in which could help to combat this issue. It allows businesses to integrate Messenger into their own websites, allowing users to interact with the chatbot on mobile, desktop, and tablet devices.</p> <p><img src="https://assets.econsultancy.com/images/0009/1589/Bodeaz_bot.JPG" alt="" width="780" height="388"></p> <p>In some ways, this negates why Messenger chatbots exist in the first place (with the idea that users spend most of their time in this channel), however it certainly means that bots will become less of an isolated medium, and users will become more aware of the service as they naturally browse on brand websites.</p> <p>Plus, it also means that users will be able to visit Messenger at a later date to re-read or continue the conversation. With regular live chat on brand websites, users are typically required to start over again if they click away or end the conversation. </p> <p>Lastly, Facebook has also taken steps to help users discover chatbots in its own platform, with the launch of a new ‘Discover’ tab within Messenger. By suggesting recommended brand chatbots, Facebook is clearly placing a renewed focus on the medium, hoping that users begin to look to bots for problem-solving rather than fun and entertainment. </p> <p><img src="https://assets.econsultancy.com/images/0009/1588/chatbot_discover.JPG" alt="" width="296" height="545"></p> <p>So, will other brands (other than fashion and beauty) start to invest as a result? Perhaps, but with aforementioned benefits of AR integration and personalisation – it’s clear why these industries in particular are still intent on reaching out to consumers in this way. </p> <p><em><strong>Related reading:</strong></em></p> <ul> <li><a href="https://econsultancy.com/blog/68732-what-makes-a-good-chatbot-ux/" target="_blank">What makes a good chatbot UX?</a></li> <li><a href="https://econsultancy.com/blog/69146-five-things-we-learned-from-launching-a-facebook-messenger-chatbot" target="_blank">Five things we learned from launching a Facebook Messenger chatbot</a></li> </ul> tag:econsultancy.com,2008:BlogPost/69714 2018-01-10T09:45:00+00:00 2018-01-10T09:45:00+00:00 The five Ps of AI strategy for marketers Mark Patron <p>(N.B. If you're interested in marketing applications of AI, <a href="http://conferences.marketingweek.com/supercharged">Econsultancy's Supercharged conference</a> takes place in London on May 1, 2018 and is chocked full of case studies and advice on how to build out your data science capability. Speakers come from Ikea, Danske Bank, Just Eat, Age UK, RBS and more)</p> <h3>Purpose</h3> <p>AI for what? How can AI help your organisation? What business problem are you trying to solve?</p> <p>AI is good at targeting ads, product recommendations, deciding if someone is likely to repay a loan, face and voice recognition, even driving cars. AI is not good at more profound thinking such as creativity and innovation.</p> <p>The economics of your business can help guide you to areas where AI can add value. Customer acquisition, conversion and retention are good places to start. Consider the whole customer journey. </p> <p>Anything that you can automate is a good candidate for AI. Gartner forecasts that by 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human. That will require a lot of automation. AI can help with the necessary personalisation of targeting, content and customer journey. Optimising those three things in real-time is better suited to AI than a human being.</p> <p>Benchmark your competitors and similar industries for potential AI applications. One of the reasons AI is not more developed is that many organisations are yet to work out what they can do with AI. With AI answers are easy, it’s the questions that tend to be more difficult.</p> <h3>Predictive data </h3> <p>The increasing power of computers and the greater availability of digital data have fuelled the growth of AI.</p> <p>First ask yourself if you can access the data you need to fulfil what you want to achieve with AI? Ideally you want a single customer view. Data silos can be a challenge. Data integration tools such as tag management and APIs are improving things but we still have a long way to go. Data is often the largest part of an AI project. Two thirds of the work in data mining projects is typically data preparation.</p> <p>As with all things IT – rubbish in, rubbish out. Data quality is important. Data needs to be predictive. If you have lots of data variables, by the time you add the last variable it is less likely to add much value to the overall AI solution. The answer may have already been found with the previous data. Data gives diminishing returns, especially if it is all saying the same thing. For example, customer databases in the financial services industry normally contain lots of wealth indicators. Ideally you want different types of predictive data. </p> <p>Sustainable competitive advantage and barriers to entry tend to be data rather than AI related. Data is easier to protect than AI. Data is less easy to copy than an AI algorithm. You do not need to own all the data, just enough to put competitors off from copying you.</p> <h3>People </h3> <p>AI needs people to make it work. Similar to how digital started, develop a centre of excellence. Centralise your AI task team. Then over time integrate AI resources into the business units.</p> <p>Recruiting and retaining AI people is hard. Good analysts are like gold-dust. You want people who are good with numbers and analysis, communicate well and understand your business. Not an easy combination to find.</p> <p>Do you use internal or external personnel? It’s often best to pilot AI externally and over time bring proven AI value in-house. External resources may be more flexible and knowledgeable about the many different AI possibilities. Internal resources will work out cheaper and may be better at optimising your AI solutions in the long run.</p> <h3>Process</h3> <p>Building an AI capability is not a short term project. It is a long term process. Changing your organisation’s culture to embrace and leverage AI takes time. </p> <p>Initially keep it simple. Walk before you run. Start with quick wins to build corporate confidence. Things change so AI algorithms need to be regularly updated. You need an optimisation process to continually improve them.</p> <p>ROI is obviously important. The incremental improvement AI brings has to outweigh the total costs of implementing AI. That is why testing is vital. AI is ideally suited to digital businesses that have developed an agile, data driven, test and learn culture.  </p> <h3>Platform</h3> <p>Last but not least, which AI platform? I say last because the choice of platform should only come after the four Ps above. Don’t rush into the mistake many marketers make of buying the latest technology and then wondering why it has not fixed the problem. </p> <p>There are many AI platforms available from cloud providers such as Amazon, Microsoft, Google and IBM to many new start-ups. Which of the numerous tools available is best for your organisation will become clear over time. And you do have time. AI is not built in a day. It’s much more important to grow a strong AI capability than finish a few quick and dirty AI projects.</p> <p>AI is poised to unlock incredible value for marketers. Define your goals, then test and optimise your AI processes. Develop talented people who can capitalise on AI. The next industrial revolution will come when enough smart people start asking the right questions about what AI can do.</p> <p><em><strong>More on AI strategy for marketers:</strong></em></p> <ul> <li><a href="https://econsultancy.com/blog/69151-a-day-in-the-life-of-senior-data-scientist-at-asos">A day in the life of... senior data scientist at ASOS</a></li> <li><a href="https://www.marketingweek.com/2017/11/28/ben-davis-ai-hype/">AI is much hyped but often misunderstood</a></li> <li><a href="https://econsultancy.com/blog/69187-channel-4-on-the-future-of-tv-personalisation-gdpr">Channel 4 on the future of TV, personalisation &amp; GDPR</a></li> </ul>