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Artificial Intelligence

How Artificial Intelligence is reshaping marketing and sales

Artificial Intelligence is driving three megatrends in sales and marketing: automation, forecasting and personalisation. These are the areas where marketing leaders should focus their energies to build capabilities.

Automation allows machines to make decisions, or at least to assist human decision-makers. Typical examples include dynamic pricing and systems for product recommendations. Automation is currently particularly relevant in online retail and has clear disruptive potential. This will only become more pronounced as technology evolves to make completely independent decisions.

Forecasting depends on having a strong set of historical data to feed Artificial Intelligence, which can then find patterns and develop models for future scenarios. In this way, we can predict typical customer behaviour, such as purchase decisions or patterns of fraud. These systems are not static; they are always learning and adapting to new data contexts.

Personalisation refers to the application of forecast results to tailored customer segments and individuals. Using comprehensive customer information, the system analyses each person to make carefully targeted, personalised promotions, products and price offerings.

Source: Holger Hürtgen, Partner at McKinsey & Company | The New Economy

 

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