This Halloween, businesses must tackle their demons and embrace the AI boogeyman
Business leaders are an easily spooked bunch. Economic turbulence, new competitors, and workplace skill deficits are just a few of the things that can give us a fright at any time of year, without the added frisson of All Hallows’ Eve.
But a new fear has emerged this year: customer data – namely how it’s used, stored, and protected. Data is essential to provide customers with the personal experiences that they expect from companies today, but how can brands do this at speed and scale?
Artificial intelligence (AI) is crucial for making sense of this data and delivering truly personalised experiences. New research from Adobe shows that 89 per cent of businesses view personalisation as important for success, but only a shocking 31 per cent think that they’re already on the right track. AI speeds up time-intensive tasks, meaning you can analyse and act on data faster, which is fundamental if brands want to keep pace with today’s in-control consumers.
The next two years will be a tipping point for the adoption of AI, with those left behind facing the prospect of becoming irrelevant. The primal fear for companies is this: no longer being able to meet the expectations of digitally-connected customers.
But there are more demons that companies need to face before they can embrace AI-driven relevance and personalisation.
Taming the data beast
Businesses are struggling to make sense of their data, so much so that 60 per cent think that they are collecting too much and from too many sources, making it impossible to draw actionable insights.
But businesses can’t afford to wait and risk entering the graveyard. It’s time to respond to changing customer dynamics, particularly those of us facing disruption in our industries.
Brands need to get their data in order to enable greater control and a better understanding of what is and isn’t valuable. This is crucial to providing truly personalised experiences, especially ones that don’t give customers the creeps.
Haunted by GDPR
If you’re struggling to manage your data, then you’re limited in terms of what you can do with it, whether that’s deriving customer insights or complying with data regulations.
Nearly half of businesses say that the General Data Protection Regulation (GDPR) has slowed down their efforts to roll out more personalised services.
An encouraging 88 per cent, however, expect to be using AI by 2020, which should take the GDPR chill out of the air. It will allow firms to integrate and consolidate all the data they receive, and offer privacy-weary customers greater transparency.
Ghosted by the top talent
Technology alone is not the answer. Any company that transforms with AI needs the skills to take control of their data – but finding the right individuals can be a nightmare.
There is fearsome competition for skills in digital disciplines. We found that nearly three quarters (69 per cent) of companies are hiring new employees, while 70 per cent were upskilling existing staff to gear up for AI.
The successful companies will be those that focus on bringing in a wide set of skills, including people who will help manage the improved customer experience, and others who will ensure an ethical approach and cultural fit for these new capabilities.
In a dynamic business world, shaken up by digital disruption and Jekyll-and-Hyde shifts in consumer behaviour, the fear of becoming irrelevant is real.
On Halloween, why not take the first step in tackling your demons head on: be brave and embrace the unknown to avoid missing out on the opportunities that AI has to offer.