Conversion Business Intelligence

Artificial intelligence (AI) is a branch of computer science that is developing machines capable of intelligent behavior. This involves building machines that can learn from example and complete tasks that would normally require human intelligence, such as speech recognition, language translation, decision-making and visual perception.

Conversion Business Intelligence

Purpose of Business Intelligence

Artificial intelligence uses machine learning, including deep learning (i.e. neural networks)  and evolutionary algorithms to make machines behave like humans. Artificial intelligence is the science, whilst machine learning is the enabler for AI.

Companies like Google and Nvidia are at the forefront of AI development, conducting research and applying the science to work in areas such as visual processing (e.g. facial recognition), self-driving cars, product recommendations and lip reading.

Using an innovation methodology, you’ll move from identifying a business challenge which could be solved by technology to creating a pretototype which provides the solution. You will follow a step-by-step approach and be inspired by examples from many industries. In an interactive, experiential environment, your journey through the exciting world of new technologies and innovation in the context of your business. You will leave with  a pretotype (a working prototype) for your business transformation.

Traditional machine learning algorithms generally reach a plateau of performance after processing a certain amount of data. However, deep learning algorithms continue to improve their performance as more data is fed into them. This is especially powerful for areas where data is being generated after the algorithm has started to process and learn from an initial set of data.

How will AI change conversion rate optimization?

Artificial intelligence is a natural fit for conversion rate optimization because AI is about learning from experience (e.g. A/B testing), incremental change (e.g. exploiting insights) and predicting outcomes (e.g. personalisation and anticipatory design).

Multi-armed bandits are already being used for the first two scenarios. However, with the development of deep learning and evolutionary algorithms it is inevitable that marketers will want to exploit the potential for much more complex and faster testing.  Companies like Sentient are already offering such solutions with Ascend for rapid testing and Aware to deliver intelligent recommendations, identify customer intent and personalize the customer experience.

AI is potentially a growth hacker’s dream solution; though it will still require imagination and agility to fully exploit it. But the potential for more rapid exploitation of insights, including automating incremental change and real-time personalisation will inevitably disrupt the market for A/B testing  solutions as the boundary between testing and exploitation becomes blurred.

AI is a fast growing field of computer science with obvious applications in digital optimization. AI will not replace the need for optimization experts as it still needs to be told what kind of changes customers may respond to and graphic design is a creative process. However, AI is likely to be increasingly integrated into digital optimization software to allow for faster and more complex testing processes to speed up the exploration phase of testing and to deliver real-time personalisation of the customer experience.

The potential benefits of business intelligence programs include:

  1. Accelerating and improving decision making
  2. Optimizing internal business processes
  3. Increasing operational efficiency
  4. Driving new revenues
  5. Gaining competitive advantages over business rivals.
  6. Identifying market trends
  7. Spotting business problems that need to be addressed

There is no question on the benefits of business intelligence when it comes to helping you reduce cost, improve revenues, reduce risk, speed up decision and action processes, and gain data visibility across your organization. The software will prove to be one of your most important business tools.

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