Data doesn’t always tell you the full story – would you agree? Avinash Kaushik is a bestselling author on the value of data and metrics, and he has come to realize that companies know that they should be using data. They just don’t know how.
Avinash Kaushik is an authority on marketing methods of tomorrow – and he grounds his advice in data, which he has claimed companies should use as the backbone of their strategic decisions. However, this is often easier said than done. And the problem is people; people fail at making smart strategic and leadership decisions when faced with large data sets and vague trends. For that reason, Avinash suggests companies embrace machine learning as a tool to both use data sets effectively and reduce the risk of human error. The result is that companies can make smarter decisions faster.
Sound too good to be true? This kind of artificial intelligence is already so ingrained in everyday life that it’s hardly noticeable anymore. Think of facial recognition in photos that allow you to search for people’s pictures by name or specific keywords – that’s a complex process that needs to take into account people’s aging features as well as understanding activities and objects. And yet, the numbers are crunched to deliver all the pictures of Avinash and his son in a matter of milliseconds after he hit ‘search’.
“Whatever you think of AI on the negative side is far overstated, and whatever you think on the positive side is far understated.” – Avinash Kaushik, NBFNorway 2019.
The outcomes are impressive, but the process can be daunting. Applying and integrating machine learning and artificial intelligence to your business models presents a world of opportunity, especially for business leaders. Imagine being able to refine your marketing efforts at the granular level: a computer can assess the quality of each session spent on your website and see how close each individual got to making a purchase. With this data, you now know the exact group of people to focus on converting so you don’t have to annoy (and potentially alienate) your entire user base with your next email or marketing campaign.
For more inspiration to seek out the opportunities presented by machine learning, download our free Executive Summary from our Sweden and Norway events.