B2B Artificial Intelligence Software
These days, there’s a lot of noise in the market about artificial intelligence (AI) software. Companies are citing the advancements they’re making with it, and all the amazing things it can do. But are they really doing AI, or are they just calling it that?
According to Forrester, pure AI (the ability for a machine to sense, learn, think, interact and take actions like a human) is a long way off. So much for robots doing our laundry (Jetsons anyone?) or flying our space ships as they did in “A Space Odyssey”.
But there are AI building blocks that are available today that add valuable intelligence to business applications. There are a range of terms to describe these building blocks, including, for example, machine learning, deep learning, and cognitive computing.
What they all have in common is the move away from rules-based programmable systems towards those requiring human-like intelligence, whether that’s visual perception, speech recognition, or decision-making. Specifically, they are systems that learn from the knowledge they acquire and are able to infer meaning and act upon it.
What is AI Software and How Does it Work?
AI is the process of imbuing machines with “intelligence” so they can emulate a human being’s unique reasoning faculties, specifically the abilities to learn, plan, and decide. This is achieved by using algorithms that discover patterns and generate insights from the data they are exposed to, for application to future decision-making and predictions. This sidesteps the need to be programmed specifically for every single possible action.
Pure AI is a long way off, because lots of human intervention is still required to program algorithms, make decisions, and analyze data. However, what is available today is what Forrester refers to as pragmatic AI –“bright glimmers of intelligence that is advanced enough for enterprises to exploit now.” For example, enterprises use machine learning — a pragmatic AI building block — to build predictive models. And machine learning is part of what makes MRP’s predictive analytics software so smart.
Machine learning enables MRP Prelytix to make sense of massive amounts of data from a multitude of sources, filter that data in real time with an algorithm, and then use those datasets to inform customer engagement tactics, from display advertisements to direct mail to inside sales calls.
MRP Prelytix understands, absorbs, and learns from each customer engagement, improving future predictions. Each round of outreach is more effective than the last, because the machine learning algorithm has ingested the feedback from the previous engagements, and how the customer interacted with them.
Benefits of Using Artificial Intelligence Software
Artificial intelligence is not a new concept. It’s been around since the ’50s and has been a persistent theme in science fiction (think HAL in “2001: A Space Odyssey”). As we said earlier, pure AI is still a ways off. But there are building blocks of AI that have a transformative value, such as predictive models and natural language processing (NLP) to analyze customer interactions.
Here is what these AI building blocks can do for you:
- Identify your next best customers. MRP Prelytix has the ability to evaluate the content that prospects are consuming in the market and profile, identify their buying stage (early, mid, or late), and prioritize them based on their propensity to buy.
- Enable your sales team to have more informed discussions with prospects. Based on an analysis of keyword searches and content consumption, your sales team can speak to prospects about their specific pain points and business issues.
- Accelerate your sales pipeline. When the predictive capabilities of MRP’s machine learning algorithm are part of the marketing mix, opportunities have 197% higher chance of converting into closed business, and the deal sizes are 208% larger.
- Improve customer loyalty and retention. The MRP Prelytix algorithm has the ability to continuously improve predictions based on customer engagement with your marketing tactics. As a result, you can make smarter decisions about prioritizing accounts, improving the quality of customer engagement, and ultimately, building long-term customer loyalty and retention.
AI technology building blocks can add intelligence to business applications, making them more capable of learning from data. So slip into your space suits … the future will be here before you know it!