TIGER Talk Recap: Modeling & Predictive Analytics: Making the Most of Your Data
Businesses big and small use data to understand and prioritize customer needs. Data can be used to predict outcomes, further define marketing strategies, and cultivate meaningful relationships. As business owners, we need to understand how to extract and interpret that data and use it to learn and grow.
Bill Balderaz, president and founder of Futurety, was Innovate New Albany’s TIGER Talk presenter on February 8. His presentation “Modeling & Predictive Analytics: Making the Most of Your Data” defined some commonly used industry terms and identified the top 10 data trends in 2019.
With powerful examples, Bill defined how intelligence and machines are designed to perform human tasks through three types of learning:
- Convergent learning: Using memory and logic to find the right answer
- Divergent learning: Using creativity and experience to come up with lots of answers
- Generative design: Building something using divergent thinking and creating a way to move forward
Here are the top 10 trends Bill defined for 2019:
#10: Custom Neural Networks
The abundance of data that companies have is being integrated to establish reusable databases. This data is organized and transformed into complex, customized neural networks.
#9: Customized Search & Social
Artificial Intelligence (AI) evaluates how and why people search on the Internet, then provides customized results for us. For example, although Google changes its algorithm 500-600 times per year, it uses AI to better perform its responsibilities. It evaluates our satisfaction with the answers we receive and interprets new, hard-to-understand queries based on our presumed intent.
#8: Consumer-Trained Algorithms
The products we use give the Internet of Things (IoT) application the data it needs to learn. For example, when we drive a Tesla, we are testing its algorithm and making other Teslas smarter. When we use the driving app Waze, we are teaching it about how people drive and what turns are typically missed. AI acquires data and obtains intelligence based on how we use it.
#7: Image Classification
Yelp’s Advanced Image Classification uses millions of food and restaurant photos to accurately identify images such as food, drink, if the photo is inside or outside, or if it’s a menu.
Chatbots learn to talk and interact with a person to the point where you wonder if it is a real person. Joy is Facebook Messenger’s bot that has been used to evaluate teen mental health. DoNotPay creates a letter for someone who committed a traffic violation that identifies others who committed a similar violation at the same intersection and did not get a ticket. Babylon Health evaluates patient needs and determines the best care path, such as if you should go to an urgent care or emergency room.
#5: Smart Transportation
Autonomous cars will have an impact on public health, urban planning, and public policy. It will supplement existing infrastructure.
#4: CRM and Lead Generation
Products such as Salesforce and Hubspot generate new leads based on past successful leads. This data can improve customer satisfaction rates, create targeted marketing campaigns and integrate tech into CRM platforms. It automates repetitive tasks, provides information and feedback, and identifies customer-buying patterns.
#3: Predicting Customer Behavior
AI can learn to observe that customers buy more sweaters in the winter. AI also learns inference, such as because a customer purchased (x), (y) must be true.
#2: AI in Healthcare
AI applications can diagnose conditions such as skin cancer more accurately and faster than dermatologists. This increases the odds of effective treatment.
#1: Real time, automated marketing
How we communicate with our prospective buyers can become more meaningful and relevant based on how they interact with our content. When our customers click on certain types of images, copy, or calls to action, AI learns what they engage with and adjusts what it sent to them, so it’s more likely to be clicked on.
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