SwissCognitive Guest Blogger: Yahya Mohamed Mao, Head of Business Development & Marketing, Swiss GRC

Artificial intelligence, or AI, is the ability of a computer or machine to mimic human intelligence, including the capacity to learn from examples and experience, recognize objects, comprehend and respond to language, make decisions, and solve problems. AI can then combine these abilities with others to carry out tasks that are within its power. Although AI has been prevalent in business for quite some time now, its areas of application in marketing are still modest or about to be discovered.

The central activities of marketing are understanding customers’ needs, matching them with products and services, and convincing people to buy. The matchmaking of AI and marketing, also known as AI Marketing, is often described as a method of leveraging customer data and AI concepts. The goal always is to anticipate a customer’s next move, improving customer experience. In other words, AI marketing is the process of using artificial intelligence to automate data gathering and analytics, which empowers marketing teams to make better data-driven decisions.

How AI is reshaping marketing

Today’s marketing professionals and executives do not worry about being replaced; instead, they try to find ways of successfully employing AI algorithms to acquire a competitive advantage, draw in more customers, and boost customer engagement. Artificial intelligence is quickly expanding to become a crucial component of successful marketing due to the rising demand for personalized marketing experiences (which can increase sales by up to 80%) and the complexity of modern marketing operations (which cross multiple channels and involve multiple touch points before potential customers make purchases). In fact, AI has already shown that it is capable of extracting predictive information from transactional data using complex algorithms that far exceed earlier marketing models. From invaluable insights, personalized product recommendations, and tech-enabled help, AI in marketing is already driving some of the biggest advances in overall customer engagement. With AI, brands are able to improve marketing campaigns ROI with predictive modeling, enhanced segmentation, and personalization. Target segmentation is one of the keystone elements to customizing marketing campaigns, but there are plenty of other ways that AI can help businesses customize experiences for their audiences and customers.

AI marketing brings together smart technology and human creativity to learn, understand, and interact with consumers on an individualized level through highly personalized, relevant, and timely communications, making them feel compelling to stay engaged. When used effectively, marketers can transform their marketing campaigns by harnessing AI, mining for their most valuable insights and acting on them in real-time – analyzing, for instance, the most effective placement of ads for better engagement. AI marketing and its ability to analyze vast data sets can be used to spot emerging trends, by joining real-time conversations or events with users. AI, then, can be used to extract valuable insights from data and provide that insight in a manner easy for employees at different levels in your marketing team, as well as wider leadership teams, to understand and utilize. The next generation of AI-powered marketing technology is expected to enable advertisers to apply complex algorithms that convert information about customer purchases into suggestions of the kinds of things they might be interested in, advancing tailored targeting.

AI will increase marketing efficiency

AI provides real-time, more informed marketing decisions. It may provide businesses with a better understanding of their customers through machine learning and large data analytics. Artificial intelligence will remove a lot of the guesswork involved in customer interactions, whether you are doing email marketing or offering customer care. Personalizing the customer experience, reacting to customer interactions, and approaching potential consumers at the ideal moment through the channels most likely to be successful are some instances of AI-driven marketing automation. Marketing content required for the marketing process is for example an area that bodes well for AI-powered tools. Despite less talked about, AI-based content creation is just as important as it can drive many areas of digital marketing. While tools for AI-driven content creation will not ever completely replace creativity or strategic thinking, they can speed up productivity because tools for AI content generation could genuinely produce a lot of content with little direction. When developing content, these AI-powered tools can help save time and effort. Marketers may leverage predictive analytics, automate content creation, enhance customization and target content, and more with the help of AI solutions. Marketers may monitor consumer preferences, habits, and interactions with information with the aid of machine learning. AI solutions assist in making data-driven content marketing judgments. In conclusion, content analytics enables marketers to analyze data, draw conclusions from it, and improve the outcomes of their content marketing campaigns. To assist marketers in producing engaging content and receiving research-based marketing plan advice, content analytics harnesses the power of artificial intelligence. Marketers should consider how AI tools may strengthen their competitive edge and boost profitability because content also presents a chance for brand distinctiveness.

Are we ready for AI in marketing?

A few years ago, the digital age also reached the marketing world to a more advanced and digital approach to marketing strategy. Targeting consumers based on their behavior was the cornerstone of previous marketing strategies, which paved the way for automation and, in turn, for online shopping and virtual customer support. And that might soon pave or has already paved the way to AI marketing.

trueNorth revealed impressive AI facts in 2020. These are as follows:

• Artificial intelligence, according to 61% of marketers, is the key component of their data strategy.
• 80% of business and technology leaders claim that AI already increases productivity.
• The current state of AI technology can increase business productivity by up to 40%.
• AI-enabled voice assistants are used by 97% of mobile users.
• 83% of early adopters of AI have already seen significant (30%) or moderate (53%%) economic benefits.

When it comes to AI marketing, the human and AI combination is crucial. The key is to be aware of the benefits that AI technology already offers. For sure, it has a lot of growing up to do. AI in its present development stage is essentially automation and machine learning combined with the aim of discovering and implementing insights that human teams are not capable of doing as quickly or on such a large scale. Companies that want to maximize data usage, develop effective workflows, and increase productivity already have to use technology for this purpose. Unfortunately, AI is not yet capable of making highly original decisions or foreseeing nuanced emotional reactions, and it might never be. By handling more of the mundane, repetitive tasks that make up the majority of marketers’ workloads, AI will create more jobs than it steals, enabling marketers to spend more time making creative decisions.

About the Author:

Yahya Mohamed is Head of Business Development and Marketing at Swiss GRC. He is the author of “The multidimensional characteristics of modern marketing” and “Managing risk and uncertainty in the innovation process”. Yahya has been invited to speak at international conferences including AIBC Summit Malta & Dubai, DMEA Connecting Digital Health Berlin, The Wall Street Journal, Affiliate Grand Slam Dubai and the SWISS GRC Day.

Der Beitrag AI Marketing – A data-driven approach to digital marketing erschien zuerst auf SwissCognitive | AI Ventures, Advisory & Research.

Copyright by www.independent.com.mt

The document, called ‘Malta the Ultimate AI Launchpad: A Strategy and Vision for Artificial Intelligence in Malta 2030’, aims to ensure that benefits brought about by this next wave of innovation delivers benefits across all segments of Maltese society.

Speaking at the Summit, Muscat highlighted that this year’s summit doubled in size, from 4,500 people registering last year, to 10,000 this year.

“This summit is one of the best opportunities for Malta to showcase our progress, our achievements and our dedication in areas of emerging technology to the world,” Muscat said.

“We made great strides compared to other countries as we were ambitious in our initiatives.” He said other jurisdictions were sometimes reluctant to regulate tech, like Blockchain, unlike Malta. Muscat said that the government’s work is now moving to the AI and E-sport sectors, adding that the governance recognises the importance of emerging technologies.

“We want to be the government that becomes one of the first that is AI powered and leads by example. We are committed to implementing pilot projects in priority areas like education, healthcare, transport and customer relations. We encounter AI daily, from the algorithms controlling our newsfeed, to the use of search engines.” Parliamentary Secretary Schembri said that the government has taken a clear stance on technological innovation. “It should be embraced and not stifled. Malta should be a disrupter rather than a follower, in order to bring about positive social and economic transformation.”

Schembri said that Malta has established itself as a leader in new technology, and that now Malta is setting out to place itself on the map in the AI sector.

He expects AI to become a key driver with which people, R&D, and investment can grow on the island. He also expects technology to become even more intertwined in everyday life, “enhancing the way we live and our entertainment.”

“I am proud to announce that Malta will become the first country to launch a National AI Certification programme,” he said, which will be built on Malta’s ethical AI framework, aiming to create trust in AI, transparency and accountability.

The programme will be voluntary initially, and aims to provide applicants with valuable recognition in the marketplace, that their AI systems developed in a transparent and responsible manner. Certification would be given after an audit by independent examiners takes place.

“We want to team up with, share and also co-innovate with governments, organisations, researchers and others from around the globe to explore, showcase and champion the benefits AI delivers. We want to become the ultimate AI launchpad, a place where local and foreign companies can develop and test AI and showcase the value of their innovation across an entire nation primed for adoption. We want to create platform for AI to springboard it across the world.”  […]

Read more – www.independent.com.mt

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AI just claimed another gaming victory over humans by winning a 20-day poker tournament. The AI, called Libratus, took on four of the world’s best Heads-Up No-Limit Texas Hold ‘Em poker players at a Pennsylvania casino. After 120,000 hands, Libratus won with a lead of over $1.7 million in chips.

Science is celebrating

“I’m feeling great,” says Tuomas Sandholm , a computer scientist at Carnegie Mellon University who was part of the team that created the AI. “This is a David versus Goliath story, and Libratus was able to throw a pebble.” A poker-proficient AI is remarkable because poker is a game of “imperfect information”: players don’t know what cards their opponents have, so never have a full view of the state of play. This means the AI has to take into account how its opponent is playing and rework its approach so it doesn’t give away when it has a good hand or is bluffing. “It’s a really important milestone for artificial intelligence,” says Georgios Yannakakis at the University of Malta. “This is like reality. The real world is a game of imperfect information, so by solving poker we become one step closer to general artificial intelligence.”

Algorithms can be used everywhere

Libratus’s algorithms are not specific to poker, or even just to games. The AI has not been taught any strategies and instead has to work out its own way to play based on the information it’s given – in this case, the rules of poker. This means that Libratus could be applied to any situation that requires a response based on imperfect information. “There are applications in cybersecurity, negotiations, military settings, auctions and more,” says Sandholm. His lab has also been looking at how AI can bolster the fight against infections, by viewing treatment plans as game strategies. “You can learn to battle diseases better even if you have no extra medicines at your disposal – you just use them smarter,” says Sandholm. […]

read more – copyright by www.newscientist.com

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