Artificial intelligence and related technologies such as machine learning, Internet of things and predictive analytics have become integral parts of organizations’ processes as well as business strategies.
1. Content Creation Automation
AI writes run-of –the mill business stories in minutes. It helps to create content based on the context and converts the statistical data into infographics.
2. Improving Work Force Productivity
In the area of customer relationship management, organization can improve business development wherein AI can automatically summarize a long emails and other content. Meetings with the customers can be scheduled.
3. Improving Customer Experience and Personalization
Chatbots are programmed to interact with customers on the basis of data that it receives. They are used for generating ideas based on previous conversations with the customer. With sensory abilities such as voice and touch, the users will receive the impression of talking to a real person.
By harnessing the power of AI in Natural Language Processing, chatbots are able to identify user sentiment or intent to resolve their query in the most appropriate way. Many E-commerce companies are using AI for recommending the right products as well.
On the other hand, augmented reality gives the customers the ability to “try out” the product digitally before buying, thereby changing the whole buying experience for customers.
4. Improving Targeted Marketing and Segmentation
AI can determine what is relevant to the unique customer and edit what they see on the page accordingly. Recommendation engines are trained to understand user behaviour and segment trends from previous interactions. This helps in identifying what content will be most appealing and relevant to an individual.
The Internet of Things doesn’t simply access information that a consumer chooses to share publicly on platforms like social media, but information about their everyday lifestyle.
Use of IoT-enabled devices such as home automation systems, and wearable devices like smartwatches provides access to the information about a consumer’s everyday lifestyle right from when they wake up in the morning until they go to bed. Access to such data means that digital marketers can see how, when, and why specific products or services are being utilized.
5. Preventing Customer Churn
Many companies use machine learning, to decrease customer churn rates. By training a model to classify and rate each user interaction, it can make predictive decisions about a customer's future association with the brand or product. By extracting meaning from all sorts of available customer data, the likelihood of the customer leaving the service provider is calculated.
Prof. Srinivas Reddy, Faculty Associate, Marketing Management has 14 years of experience in Sales & Marketing and has worked in retail asset divisions of ICICI Bank, Axis Bank . He has extensive experience in sales management, team building & execution while being passionate about teaching and mentoring.
Prof. Jayanthi Thanigan, Associate Professor and Chairperson- Marketing and Gender Harassment, holds an Agricultural Engineering degree from Tamilnadu Agricultural University, Coimbatore.She has also completed PGDRM (Post Graduate Diploma in Rural Management), from IRMA, Anand (1994-96). She commenced her career with Gujarat Co-operative Milk Marketing Federation (GCMMF-AMUL) and worked with GCMMF for 10 years.
She has worked in various capacities such as Senior executive (Marketing), becoming the first lady Branch Manager in the organization heading Chennai Branch. As a visiting faculty in many reputed B-Schools from 2006 to 2013, she has obtained Ph.D from Anna University, Chennai in the year 2013. Joining TAPMI in 2014 for commencing full time academic career, she has held administrative positions such as Associate Dean (Academics), Area Chair (Marketing) and Team leader for AACSB Accreditation (successfully getting AACSB reaccreditation for next five years).
Prof. Kartikeya Bolar, Associate professor & co-chair – Operations and Information Science Area, has an overall experience of 13 years of teaching and research. Prior to joining TAPMI, he has taught across various b-schools in the country like IBS Hyderabad and Xavier Institute of Management and Entrepreneurship Bangalore. He was a Visiting Scholar at the College of Business Innovation, University of Toledo, Toledo (OH). He was the best outgoing student of the School of Management, Manipal University.