Is Your Data Ready To Handle AI?Is Your Data Ready To Handle AI?
Is Your Data Ready To Handle AI?
June 28, 2019
by Lindsay McEwan
LONDON - Artificial intelligence (AI) is already being applied to everyday problems across multiple sectors, with an estimated 200+ startups and SMEs currently developing AI products in the UK, and venture capital firms investing almost £1 billion in these companies last year.
The use of AI is particularly prevalent in driving the relevant,personalised experiences today’s consumers expect. It is no longer enough tosimply insert a customer’s name into a preformatted marketing email, insteadcompanies need to use a breadth of information – from demographic data andprevious purchase history to personal interests and immediate context – tounderstand and predict consumer needs and fulfill them, all in real time.
AI has the power to achieve this heightened level of personalisation,and its output is used for various purposes, from informing chatbots to servingdynamic ads across multiple touchpoints. According to Forrester research, 88% of marketers are now using AIin some form to enhance decision making, speed up execution, and improveproductivity. But the majority of these companies are facing challenges thatprevent them from taking full advantage of the technology’s potential, such asa lack of uniform data.
It all starts with data
When AI initiatives don’t live up to expectations it is often becausethe technology is implemented without first establishing a strong datafoundation. No matter how advanced the technology, the results achieved throughAI are only ever as good as the data used to train or feed the machine. So wheninaccurate or inconsistent data is used the results will be of little value.Before launching into AI initiatives, companies must take a holistic approachto data orchestration, making sure all data is synchronised from initialcollection stage onwards to establish a robust data foundation that can be usedto feed AI tools and technologies.
Here are three steps to getting marketing data ready for AI:
Step one: Centralise data management
Historically marketing data is collected, stored and processed in silos,with distinct teams managing their own marketing channels and their owninformation. But to create a complete 360-degree view of the consumer,marketers need to bridge these silos, centralising data collection andprocessing, and allowing all data to flow through a single hub, such as acustomer data platform (CDP). This practise creates a single source ofintegrated data that delivers a complete picture of the consumer and can beused to feed AI tools, across the entire organisation.
Step two: Minimise inherent bias
If biased data is used to train or feed AI technologies,the resulting insights will inevitably be distorted, so companies need toensure they are starting with clean, balanced information. Raw unstructureddata such as content taken directly from the internet is often used to trainmachine learning algorithms, but this type of data will inevitably contain anelement of bias. Instead, businesses must implement advanced collection andmanagement technology within the data supply chain to cleanse and prepare datasets for use in AI. This must be an ongoing process, with technology used toidentify and cleanse potential areas of bias as they emerge.
Step three: Respect the consumer
A year on from the enforcement of the General Data Protection Regulation (GDPR), most businesses understand the importance of regulatory compliance. But those that get the best results from data-driven AI are the ones that make ethical use of consumer information a core value rather than something they have to do to avoid penalties.
Companies can respect the consumer by only collecting and processing the data they really need, by being transparent about the purpose of data processing, and by giving consumers real choice over how their data is used – as well as who it is shared with – through a clear consent mechanism. Implementing ethical data practises will help build strong, direct relationships with consumers and will provide a robust data foundation for AI initiatives.
As the use of AI becomes routine across the marketing industry and other sectors, establishing a robust data foundation with which to feed AI tools is essential. By integrating information so it flows through a single hub, by taking steps to identify and cleanse areas of bias, and by implementing an ethical data strategy with consent and transparency at the core, companies can make the most of the AI opportunity and deliver the relevant, personalised experiences today’s consumers demand.
Lindsay McEwan is VP and Managing Director EMEA for Tealium