As many of us head into a long weekend, Jim Nichols shares some of his key tasks that have taken away lots of my (and your) Mondays, along with how AI and automation are minimizing and eliminating those time-takers in his article on Forbes.com.
Forecasting is core to a growth leader’s responsibility. Without it, we cannot set goals or track our progress against them. I am excited by the early application of AI to this area because AI can provide an important addition to our business insight. It also holds the potential to free the forecasting exercise from excessive emotional bias.
2. Fraud Detection
Fraudsters are crafty, and brands are in a constant arms race to stay ahead of new developments designed to fake results or take undeserved credit for outcomes. Further, fraud attacks are often massive and sudden, so your business can lose a great deal of potential revenue in a relatively short period of time.
Instead of relying on moment-in-time inspections, AI can be “always on,” constantly scanning your data to spot issues that exceed a “noise threshold” appropriate for your business.
In digital, lots of seemingly small things can go wrong and severely limit the effectiveness of a marketing program. How many of us have had to drop everything at some point because “Omigawd the tags are broken”? AI and automation can pinpoint and even minimize errors in highly repetitive and exacting tasks.
4. Investment Decisions
Every brand must make choices. With finite resources, each growth leader must place their investment bets on the programs and tactics they believe are most likely to deliver the best results.
5. Personalization And Versioning
As consumers increasingly demand solutions tailored to their specific needs, many brands have radically increased the amount of creative and content versions they produce for their marketing and promotional efforts.
By automating production, and leveraging AI and machine learning to identify the messages and characteristics that are most preferred by individual consumers, brands can progress from delivering customized creative to connecting with consumers using messages that are truly most likely to align brand benefits with the individual’s specific needs.
To read Jim’s full article on Forbes.com, click here.