Data has become one of the most valuable resources for businesses in the 21st century. The more insights and information you have on your customers, the more you can improve and enhance your customer experience to ultimately drive business improvement. Leveraging artificial intelligence (AI) can not only make data collection easier, but also enhance the customer experience through machine learning and personalisation.
This month’s Networx event brought together a panel of business AI and data specialists to discuss the latest trends in data collection and AI-driven activation. Featuring Nick Therkelsen-Terry of Max Kelsen, Natasha Lam of Blackbook.ai, and Ryan Stuart of Kapiche, these were our key takeouts from the evening.
— Networx Brisbane (@NetworxEvents) October 29, 2019
Own your data
While many marketers rely on Google Analytics as their primary data source, there are other tools out there which allow businesses to take control of their own data. Platforms like Segment allow you to add all your pixels into one place without the need for a developer, enabling businesses to integrate first-party data from advertising, email and analytics tools using one API.
Be responsible with your data
Data is now more granular than ever before, which means we have to be more responsible with how we manage it. When it comes to data privacy and ethics, Nick from Max Kelsen recommends setting the EU General Data Protection Regulation (GDPR) as your standard, as Australian laws are too relaxed. Businesses can use these regulations to benchmark how they collect and buy first party data to protect themselves.
Don’t use AI just for the sake of it
Natasha says businesses should look at AI as another way to solve a business problem. It’s not a silver bullet, so don’t fall into the trap of over investing in it and over resourcing, because you’re not guaranteed to get value out of it.
A better approach is to diagnose the issue that’s causing the business problem and look at all the options to solve it. Maybe AI is the best option, but this should be determined based on ROI and whether it’s actually going to enhance customer engagement.
“AI is suppose to make it possible for a human to do things that they couldn’t achieve before – not do their job for them.” @kapicheofficial Interesting panel chatting through all things customer data & AI at the latest #networx #nxbris pic.twitter.com/4pnnqc1JI3
— EllySavOfficialTwit (@eliasavvakis) October 29, 2019
Not sure where to start with AI? Educate yourself! Stay informed of the latest tools and trends so you can understand how it’s going to benefit your business and your customers. When it comes to data, start by leveraging what you already have before investing in advanced platforms.
Want to learn more about the latest trends in marketing, communication and digital? Check out Networx for upcoming events in Brisbane!