In Chapter 10 of the Stukent text book, we start to learn the abilities of artificial intelligence. Artificial intelligence can be split into two pieces, machine learning and deep learning. Stukent provides an Expert Session that talks about how artificial intelligence impacts marketing. You can watch this video in the text book, on their site, or via podcast.
Speaker Jim Sterne published his 12thbook on Artificial Intelligence for Marketing: Practical Applications. I would say he is reliable source when it comes to this. Jim speaks on machine learning and how it has been around for a long time.
So, what is machine learning?
Jim describes machine learning as, “instead of giving the machine exact instructions on what to do, we tell it how to interpret and we give it the authority and ability to change its mind when new information comes in.” There are three different types of machine learning:
- Supervised: You know the right answer. The machine needs many examples of labeled data.
- Unsupervised: You don’t know the right answer, but you want the machine to find patterns in unlabeled data. (Really good for categorization)
- Reinforcement: You are not sure what the right answer is. Give the machine the ability to figure it.
Well, how does it work?
Machine learning is made up of algorithms. They are decision trees/ random forest, support vector machines, neural nets / deep learning and ensemble. Ensemble is all of the algorithms combined. This allows machine learning to choose, which one is best. Now that we have some kind of idea on how it works, it’s important to know what it is good at. It is good for high dimensionality and high cardinality. To be honest, I have no clue what that means. Jim says that dimensionality means attributes per object and cardinality is options per attribute. Still lost? Me too. It’s basically attributes that this person has in their system. Machine learning is good at knowing it and storing it and turning it into data. Our brains would not be able to do this. The machine is able to store big data, it’s quick, accurate, cost efficient and has zero attitude. On the other hand, it does not show emotion, empathy and common sense.
We are already seeing artificial intelligence without even realizing it. For example, Gmail. When we are writing an email, Google can predict the ending of our sentence or the beginning. This makes it faster to write up a response. Let’s think about Alexa. You can say “Alexa, order me more toilet paper.” Well, when your account is updated, Alexa will do so. Alexa could order past toilet paper you used or buy you a different brand. This is AI. This is now something marketers have to get in front of and make sure their brand is being recognized.
Below I added the video from the expert session:
About to graduate and knowing that artificial intelligence is on the rise is kind of scary. I honestly don’t know what to expect with it and feel that this is something that I need to educate myself further on. It is really important to try and get ahead of your competitor or stay beside them when engaging with customers and potential customers.