Collecting data through customer feedback and market research has long been a core task for businesses wanting to take a data-driven approach to change, but the way we’re collecting this data is evolving. Digital footprints are getting bigger, which means there’s more data than ever before, and more channels for us to collect from.
Quite simply, big data is becoming bigger and bigger, and drawing out all of the valuable information from these data sources is increasingly more important. Hidden within that data lies trends, behavioral patterns and indicators which can help you to better serve your customers, better meet their expectations, and better engage with new customers.
Artificial intelligence technologies have the capacity to closely analyze huge pools of data, not only deciphering what’s there but also using this information to identify niche trends and highlight historical patterns to predict behaviors and trends in the future.
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How are brands using big data and AI for growth?
Forward-thinking businesses are using both quantitative analysis and qualitative analysis of big data to fuel machine learning and ‘feed’ these technologies with more and more data that enables them to locate trends and form their own future predictions.
Here are just some of the business applications for big data and AI:
- Customer behavior predictions: Based on identified purchasing trends and engagement trends, big data and AI can be used to more accurately determine what campaigns are most likely to attract a target audience, and what products and services will appeal to customers at specific times of the year.
- Chatbots: Virtual assistants and chatbots are a hot topic in the customer service world, and they’re fuelled by AI and big data. By analyzing data and understanding what customers want, chatbots are able to form and deliver human-like responses to questions by picking up on keywords in an inquiry.
- Fraud Detection: While many of the benefits of AI and big data apply directly to the business itself, there are ways that the relationship between the two is providing peace of mind for customers. Big data and AI can be used to predict common behaviors and flag suspicious activity for improved fraud detection.
Check our Case Study
Discover how GBSN Research worked with a premium vodka brand to draw meaning from customer’s reviews and determine brand perception.
The concept of big data has been around for a while, but it’s been limited in its applications; businesses are collecting these huge pools of data with massive potential, yet they’ve been unable to really do anything with what they have. AI turns potential into value; it provides an outlet for these data pools and enables them to be analyzed by and shared with machine learning technologies to facilitate a future of automation.
As the relationship between AI and big data continues to grow, we can expect to see a sharp increase in the number of workplace tasks that can successfully be automated, freeing up valuable internal resources to take new growth opportunities that may arise.
And as customers become more accustomed to services that have been tailored as a result of AI and big data, we can expect the introduction of a new trend of hyper-personalization, and a strong focus on really adapting the human experience.
If you want to grow your business through machine learning and artificial intelligence, talk to our team today!
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