Advances in AI and machine learning are set to make a great impact on organisations beyond just their technical capabilities. They are set to face challenges in terms of skills, implementation and more. Ben O’Brien of Jaywing, explores the questions marketers should be asking before implementing AI.
In such a highly competitive market where customer expect personalised and targeted communications, it is essential for brands to be able to make smarter and faster marketing decisions. AI will enable this but there are a few key questions that marketers must consider before embarking on this journey.
Is your data AI ready?
If the data provided is inadequate, even the best technologies in the world will not be able to provide results. Therefore, it is crucial to get data in order, ensuring that sufficient and accurate data is available before implementing AI technology.
The organisations who are able to adopt best practice data management will be much better placed to adopt AI effectively than those who are not. From data quality to data storage, or transforming data into insight, getting data in order from the start is essential to compliantly using AI.
Does your team have the right knowledge?
Although AI technology is becoming increasingly sophisticated, the level of knowledge in the industry does not seem to be keeping pace. In our data-driven marketing research study, we found that 40% of companies see the lack of data skills as their biggest barrier to successful data-driven marketing within their organisation.
In addition, in a recent Infosys research study, 53% of organisations surveyed cited that developing knowledge and skills would be key to preparing for AI deployment and use internally. In addition to this, many organisations recognised the value of outside specialist help – whether to assist with planning (46%) or for knowledge gathering (40%).
In order to gain true insights into data, it is essential for businesses to work to ensure that their teams have sufficient knowledge of the analytics behind AI models and technology systems. This leads to many organisations recruiting outside specialists in order to assist with knowledge transfer during set-up and deployment.
Have you got the correct technology?
Developments in AI technology - such as Jaywing’s modelling software Archetype - helps brands model almost any outcome on almost any data set enabling marketers to unlock much greater customer insights. These tools have the ability to create better performing models; allowing brands to transform the way their CRM campaigns work; targeting personalised campaigns and content across all channels; focus on the people most likely to respond, amending their strategies to focus retention activity or using insights from deep within data to gain more profit than with traditional techniques. This allows organisations to focus marketing activity in the places it is likely to be the most effective.
Tools such as Archetype enable brands to model almost any outcome on almost any data set – whether it’s in pricing, product and channel propensity, customer value, marketing attribution, digital activity or a host of other fields. AI gives brands the capacity to do more, in less time, with much better results so that they can focus on what’s more important – their customers. Archetype is a significant advancement in the market and for which Jaywing has applied for a patent.
Is this a new era for AI?
The successful use of AI presents organisations with many challenges. Yet with best practice data management processes, ensuring compliance with GDPR, the right skills and external support and crucially, the right technology, organisations will be well positioned to take advantage of the new era of AI.
For organisations to harness the benefits they need to act quickly – AI is currently a hot topic in marketing and plenty of organisations are starting to make moves in this direction so that they can better predict conversion, re-purchasing, lapsing and more to engage with customers and prospects on a deeper, more personal level.
Ben O’Brien, managing director, Jaywing