2018 Chief Sales Executive Forum guests heard about artificial intelligence and the implications for revenue growth from Chris Klayko, managing director, Google Cloud, Americas & Global EDU and Dave Spencer, president N.A, BackOffice Associates.
They made three key observations:
Big data has changed the game. Whereas data discussions previously focused on customer records, the parameters of what is gathered, analyzed and reported today are far more expansive. Unstructured data…social media…is huge! This drives a step change in the sheer volume of data available. With access to such data comes the ability to pursue new insight. This is the opportunity. But there is also risk.
Competitors have the same opportunities. The race is on for companies to bring the value to their customers that AI can unlock.
Said Klayko, “Popular imagination has it that machine learning looks something like this: lots of data + complex mathematics in multidimensional spaces = magical results.” In reality, asserts Klayko, harnessing machine learning involves six logical steps:
These steps need not take an excessive amount of time. The power of cloud computing is being applied to machine learning and is, according to Klayko, “democratizing AI by making it easy and fast for all developers and users.”
As a result, companies (including your customers) are increasingly using AI to help solve important problems. Examples shown include using AI to assist with scheduling, pricing, predictive analytics, customer segmentation and risk analytics.
Klayko and Spencer recommend three main actions to gain traction in the digital technology ecosystem:
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