Videos A1 related https://www.youtube.com/watch?v=xH_B5xh42xc Making Friends wit

Question

Videos

A1 related

https://www.youtube.com/watch?v=xH_B5xh42xc

Making Friends with AI – Eric Horvitz

https://www.youtube.com/watch?v=dpoVh9xwdD4

Artificial Intelligence Makes the Phone a Personal Assistant

http://www.nytimes.com/2016/05/19/technology/personaltech/artificial-intelligence-makes-the-phone-a-personal-assistant.html?ref=technology

Jeff Bezos: Amazon’s Business, Technology & Future

https://youtu.be/LI1QuIyC7wY

Watch the assigned videos on Artificial Intelligence - AI

Amazon plans an interesting use of drones to deliver packages in the future

Research and present one company that is making use of AI technology to support CRM initiatives

Make sure you are clear in presenting which company, what application they use AI for, and the benefits to the customer

Also, give your perspective on challenges of using this technology

Is there an ethical problem e.g. privacy, security, legal etc

Explanation / Answer

There is a Bank in Europe, that is trying multiple CRM systems with AI, one of them being Tenger Data tech, a trail run is on, which works on AI Integration developing Deep Learning solutions.

The prime focus area in this AI initiate is to solving CRM problems of customer churn rate, as the right method of referring products to customers is not nearly enough today to reduce churn rate.
Using huge amount of raw data that is stored in corporate databases itself does not provide any meaningful information. And major gartner survey shows that more than 50% of the businesses have no idea how to get any real value out of their data.
When data is analyzed and understood, it can help you increase your sales, develop better marketing strategies, and offer personalized and immediate services that your customers want. With artificial intelligence, you can turn your pre-processed data into a steadier insight stream you require to fulfill your many expectations.
Machine Learning evolved from the computational learning theory in Artificial Intelligence. ML algorithms use statistical methods to make predictions. In business use, this is often referred to as predictive analytics.Deep Learning is a branch of Machine Learning. DL algorithms, Artificial Neural Networks (ANN), are inspired by neuroscience’s interpretation of the information processing patterns in our central nervous system.

In this initiative customer churn is predicted using AI backed Deep Learning models to predict which customers are most likely to churn. The solutions provides insights to make optimal decisions when interacting with your customers and initiate preemptive actions to minimize churn.

The artificial intelligence system integration helps take the engagement of customers to another level, by means of being cost effective, faster and more accurate, which is contrary to what you would expect when doing the tasks manually. The result is better business prospects and more customer satisfaction.

To achieve high-growth, most companies should care about up-selling products and services to existing customers. As mentioned earlier in this article, according to Gartner, 65% of a company’s business comes from existing customers. Thus, preventing churn should be the number one priority for any CRM strategy.
the CRM intiatives using AI involve models to predict customer sentiment and behavior by tracking, Causes for high churn likelihood, Levels of customer satisfaction, Trending support topics, Survey responses, Product reviews, Social media, Competitors, Recommendation Systems, best product or service recommendations, best content recommendations,
best promotional recommendations etc thus helping to predicting current customer value, predict customer lifetime value, optimizing prices dynamically, automate sales etc.
The Major challenge is the outcome and worthiness evluation with respect to the cost involved. And the Major ethical issues are breaching the Privacy of the customer by taking in depth details about them and breaching their privacy in social media etc thus paying way for an legal issue.

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