Data is the key asset of any organization. It needs to be collected, organized, stored and maintained carefully preferably with the help of data entry services to ensure accuracy and easy access. Today many companies are getting prepared to adopt Artificial Intelligence to gain a competitive edge. To successfully integrate AI into the business, maintaining clean data is essential.
Companies are looking to adopt Artificial Intelligence, especially machine learning (ML), as a way to improve efficiency. Although many organizations are interested in implementing AI, very few organizations are ready for it. There are three important steps that companies should follow to power their business process optimization efforts with AI:
- Identify those areas where AI can make a difference, and where it is easier to implement and make sure the data is clean.
- Invest in a common platform that helps collect and clean the data that can be used for building training models for machine learning.
- Develop a solid technical infrastructure and invest in creating digital assets to collect and organize the data required for AI and machine learning.
Marketers of fintechs and banks are making plans to adopt Artificial Intelligence to transform the way they reach out to customers, engage and retain them. As companies become more dependent on machine-based intelligence, marketers should understand their duties to ensure that the insights are used wisely. Although AI helps to improve business performance, there is a debate regarding the security of customer data. So, regulatory bodies around the world are pushing to implement ethical standards for AI. Following are three considerations for marketers that would help ensure the transparent, responsible use of AI in financial services:
- Marketers must be educators: Misuse of customer data and data breaches are always a threat. This makes customers concerned about the security of their data and how it is used. However, financial marketers can ensure the safety of customers by educating the market about how to protect their data.
- Personalization is important: Marketers use powerful technology and data-driven insights which are available at their fingertips. The available information can be used wisely so that marketing is personalized for each customer. No one can understand the customers like marketers. It is a fact that marketers know very well how to appeal to customers and serve them at the individual level. However, marketers can also make use of reliable resources such as surveys, focus groups and AI driven tools to understand customer behaviour, their needs and demands. When personalizing, it is important to make sure that you are not intruding into the customer’s life.
- AI is not perfect: Artificial Intelligence algorithms are built by humans and are exposed to many errors, imperfect judgement and inherent biases. AI tools could fail, and therefore marketers should understand the limitations of AI and implement necessary checks to ensure human accountability for machine-driven decisions.
Machines may not be able to completely replace humans. Though in the foreseeable future, businesses may start relying more on AI for decision making, human intervention will be required. Artificial intelligence is being used even by data entry companies to ensure higher quality and speedy service to their client businesses. Even though AI helps to improve business performance and make better decisions, it requires a human touch to ensure that there is accountability in all decisions that are made.