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2022 Trends: 5 Big Impacts of Data, AI and Machine Learning In Modern Businesses

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Since their introduction, Artificial Intelligence (AI) and Machine Learning (ML) have revolutionized technology. Improvements and developments in AI and ML are constantly being produced, and the possible future capabilities of such software are endless.

They're already being used by tech giants Google and Facebook for things such as website personalisation. And their influence is steadily spreading to organizations within other trades, and our everyday lives. Imagine what it could do in ten years' time.

With technology rapidly changing, it's important to stop and reflect on how these systems are already impacting our businesses. Here, we'll outline five of the biggest impacts data, Artificial Intelligence, and machine learning will have in 2022.

But first, let's ensure we understand the jargon.

What Is Big Data?

Big data is sort of what it says on the tin. It's large, complex sets of data that can't be processed by traditional software or systems. It requires more advanced AI technologies to fully comprehend what that data means for a business.

We won't go into detail explaining edge data fabric. But, a good thing to remember is the three Vs - Volume, Velocity, and Variety.

Big data is so detailed and intricate that it can help businesses tackle internal issues that wouldn't have normally been able to solve.

What Is Artificial Intelligence and Machine Learning?

The term Artificial Intelligence is typically used when referring to a machine or system that can demonstrate human-like functions to complete tasks. Machine learning algorithms build on this by analyzing, and adapting data patterns.

An AI/ML system will be able to interpret existing data to create a new algorithm that can tackle a specific problem more efficiently. For example, it could help you optimize your marketing campaign using a cx lens if that's something you're currently struggling with.

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Five Impacts of Data, AI and Ml in Modern Businesses

Personalization

It's no secret that AI is a very advanced software.

It's so advanced, in fact, that it can independently gather customer data and push personalised recommendations online.

Let's say a potential customer of a fashion business adds three products to their basket but closes their browser before completing the checkout process. AI systems can gather this data and send a notification to that customer reminding them that the purchase is not complete.

It can also display advertisements for that product or show the customer similar items to up-sale and keep them coming back for more.

It doesn't stop there. Big data and AI can also be incorporated into your social media platforms. Social media channels that are supported by AI can suggest and show relevant advertisements or sponsored posts to the targeted audience.

This can be crucial to increasing your reach and website traffic. A personalized marketing approach is always better than generic posts nobody can relate to.

This personalization feature of big data, AI, and machine learning puts the customer at the front and center. Where they should be.

Prediction & Automation

AI software has the ability to carry out predictive analysis to estimate the likelihood of potential outcomes. It does this by using previous data to predict the result of future data.

The goal of this is to create a seamless customer experience and marketing process. Not only can this help you to convert browsers into returning buyers but it can also reduce the workload for your employees. This will allow them to put all their energy into other, more pressing projects.

The mundane task of researching online trends and customers' buying habits can be eliminated as the system can do it all for them. All that's left for your creative employees to do, is provide the highest quality service they possibly can.

AI software can also investigate speech analytics. This can allow you to anticipate customer problems and arrange solutions for potential complaints. By creating a solution to a problem without your customers having to ask for it, their trust in you will grow rapidly.

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Automated content is gradually becoming more and more popular within organizations, especially those based in the retail or marketing industries. One example of automated content is chatbots, which are now used across multiple industries and platforms.

A chatbot is an AI system that allows businesses to communicate efficiently with customers without having to lift a finger.

The chatbot receives a message from a customer and uses past data to compose a response. This method of communication is so advanced that chatbots are now able to resolve problems, answer questions, take orders, and send automated product recommendations.

And that's not all. This system can be personalized depending on the target audience so say goodbye to generic customer interactions.

Online Security

Cybersecurity is (and probably always will be) one of the main concerns across all industries. It's understandable why that is. Even some of the largest companies across the world have fallen victim to online hackers and it can be extremely detrimental to their livelihood.

Keeping your business safe from online hackers is crucial to keeping your business and reputation intact. With hackers also taking advantage of the advancement of technology, AI and ML will be fundamental to keeping your company safe.

As mentioned previously, AI and ML can predict the outcomes of future data by investigating existing data. For example, it can apply email retargeting pixel to track customer behavior. But, this doesn't just have to apply to customers. Unusual, and potentially fraudulent, activity can also be identified and followed to ensure it doesn't hurt your business.

These systems can also point out weaknesses in your organization that could leave you open to an online attack. By staying on top of these vulnerabilities, you can build stronger virtual walls to keep cyberpunks away.

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Content Creation

This particular impact of AI and ML will probably be most helpful to organizations within the creative industries.

The collection, and analysis, of big data, can help AI systems create content for your business.

Let's say a copywriter for a marketing agency is writing a piece on the best ways to promote a new product. They get stuck halfway through and can't seem to break out of their writer's block. AI can help with this by filling in the blanks or providing auto-generated content ideas. It can also offer popular trends and keywords to help the writer create a custom SEO plan for their client.

This will be greatly beneficial to a business as it would ensure deadlines are met and content is always relevant. In turn, this will keep their customers and audience interested in what they have to say, and create regular buyers.

So, don't panic if you don't know what to write about next. Get a little help from AI.

Reduce costs

The last factor on the list may be the most important - we always save the best until last, right?

Reducing costs across your business can be critical to staying afloat. While you should continue with the current cost-cutting processes you have in place (for example, considering the advantages and disadvantages of VDI and deciding whether your company really needs it), incorporating data and AI into this can help you out hugely.

Just one example of how AI can help you cut costs is in your inventory.

Big data and AI can use existing data to help you predict how well products will sell in the future.

This is a great help to businesses as it saves costs on storing inventory. Especially with perishable goods that can only be kept for so long. If you overbuy a perishable product and can't move it out of your stock room due to lack of sales, then you may end up having to throw it all away.

This will result in your business losing money, rather than making a profit.

AI can tell you what products sold the most or least in a particular time period to help you prepare for future seasons. For example, if the data tells a clothing store that scarf sales reduced massively in Summer 2021, they'll know not to waste their money stocking up on scarves for Summer 2022.

We know, you may already be on top of your inventory and costs, but it won't hurt to be extra cautious.

So, What Should You Do Now?

It's all well and good knowing how such greatly advanced software can help your business. But you have to take the first step to implement them into your company processes before you can enjoy the benefits.

We know, it can seem daunting trying to understand all the technical jargon and how this all works. But once it's up and running, all you have to do is sit back and watch it work wonders. (Oh and you will also need to keep it in good condition but let's worry about that later.)

So do a little research and determine what systems and processes could help your business in the long run. You'll be thankful you did.

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ABOUT THE AUTHOR

Joanne Burman - Head of Strategic Marketing, PureClarity

Joanne Burman 

Jo is the Head of Strategic Marketing at PureClarity‚Ā†- a fast-growing AI-based ecommerce personalisation SaaS solution driving revenue and conversions through personalised shopping experience. She is an expert with over 20 years experience in Marketing, Ecommerce, and Project Management. Jo dedicated her career to empower online retailers and propel their ecommerce growth. Here is her LinkedIn.

Published Thursday, December 09, 2021 7:34 AM by David Marshall
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