AI, although fundamental for customer insight, cannot function effectively if it can’t harness the correct data across the business.
San Francisco, Calif.-based AI marketing company Blueshift has released a report detailing the current use of AI and future plans for its use across businesses.
It worked with SurveyMonkey company TechValidate in February 2018 to survey 200 business-to consumer companies about use of AI, access, and use of customer data.
It wanted to see the types of AI techniques being used, challenges encountered with customer data, and the major obstacles to AI adoption across industries. Its study shows that 64 percent of brands want to increase their use of AI in the next 12 months.
Companies are working out that the ‘right data’ to use is first-party data, gathered from their own customers acquired with the customer’s consent and trust. This is in contrast to third-party data that has been packaged and resold.
This data is usually acquired in the course of doing business with a customer, who has provided explicit consent to its use by the brand, as long as it is not sold or used by others.
This seismic shift toward first-party consent has ramifications across the industry, as brands pivot their businesses to ensure they capture relevant data — direct from the customer.
The study showed that 64 percent of businesses have started to use AI to expand their audience base, and for product recommendations and campaigns. Most brands anticipate increased usage of AI in the near future.
However, only 6 percent of brands reported using advanced AI and predictive capabilities to its fullest extent.
Almost all respondents (92 percent), said that one or more of three factors — analysis, access or unification — was a major challenge that prevented them from making better use of customer data.
Over half (54 percent) saw analysis as a top challenge, followed by access at 46 percent and unification at 41 percent.
Yet, activating more customer data, and using real-time data to frequently segment customers, was reported to have a significant impact on revenue performance
Respondents reported a 1.4-times uplift in revenue goals when using 75 percent or more of customer data compared to companies that used 75 percent or less.
Activating more customer data for AI-powered outreach is important for enterprises. Putting your customer data to work using AI will give you real-time behavioral data that your customers generate.
You can then use your engagement and transaction data across multiple touch points and channels to ensure the maximum possible conversions for your brand.
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This article was originally posted on zdnet – https://www.zdnet.com/article/survey-shows-that-three-quarters-of-businesses-improve-revenue-with-ai/