8. Collaborating 1

For this assignment we had to find answers to 3 critical questions concerning Artificial Intelligence and the impact it has on the marketing of an organisation. 

For this we had to conduct an online meeting. The link to the video recording can be found below:

https://www.youtube.com/watch?v=jZF1Xe6N2oY&feature=youtu.be

Below you can find the actual report on the 3 critical questions:

What are your questions

1. What are the advantages/disadvantages of AI in the case of marketing? (s
2. How can AI improve our health?
3. How is AI used by big companies like Uber and Tesla?

Why these 3 questions

1. When you think about the future everything becomes more autonomous and everything is connected with artificial intelligence. Thus, AI will play a very big part in our future. Because we are International Business Management students, marketing is a very interesting topic for us. The advantages and disadvantages of AI in marketing seem a very intriguing aspect of AI to us.
2. When you look at hospitals you can see that technology is very important, almost every machine or tool that they have has a link with technology. For devices that can improve our healthcare there is a very big market. That is why companies invest a lot in healthcare research. For example Apple is trying to launch a network of medical clinics for its employees and their families, in what could be a way for the tech company to test out its broader ambitions in healthcare. This is one of the examples why this question looks very interesting to us.

Answers to these questions:

How can AI improve our health?

AI has been known for a long time, the first time it was used or invented was in 1956 in Dartmouth College. The main idea was to create a machine that would be smarter than a human. They soon found out that computers were limited at that time but they estimated it would be successful in the next generation.

[1]This time, AI has had its entrance in our daily lives. This means it could improve on a lot of things we use daily and one of them is our health. AI is starting to change the way doctors see, diagnose and monitor patients. They estimated that AI could save the health industry around 100 billion dollars a year. AI in the health industry is even that big of deal that the big tech companies like Google, Apple and Microsoft are creating their own AI healthcare projects. One of the reasons why AI can help a lot in the health industry, because the more data it collects the better it becomes in curing special cases.

On this day AI is improving the diagnosis of clients through recognizing algorithms and reading X-rays.

[2]Our smartphone is another object where AI could improve our health and wellbeing. Via patterns that your smartphone has learned through your texting and talking it can detect if you have signs of depression or suicidal thoughts and alarm the authorities who are responsible for this kind of things.

An example of these smartphone aids is Your.MD, this is an app with a chatbox. The chatbox asks you questions to find out what your problem is. This is very efficient for doctors because else the client has to make an appointment and the doctor has to take time to examine the patient even if it is a minor sickness.

[3]Drug prescription will be personalized, it is possible in the coming years that people with the same sickness will not be having the same drug. This is possible with AI, it knows more about your body then a doctor or yourself so it will be able to calculate precisely what you need to be cured.

AI does have disadvantages or things it still cannot integrate into the decision process. Doctors do not only assess date and with the data make a decision. They include other subjects to this decision as well, the way the person walks, the way he or she looks, what the family members say about his previous behavior and so on. An AI robot will not be able to take this into account for now, this may change but it will not be soon. Another problem that will occur is why the computer took this decision. In most cases where we use AI today we do not have to know why it has made this decision. But in medical cases when the computer says that person has to perform chemotherapy, they want to know why. Because some people will not believe what the computer says.

This a reason why doctors should not be afraid that their jobs will be replaced by robots because you are still missing the human aspect in the medical world.

To wrap up, AI will improve the medical world to help make doctors take better decisions but they will not be replacing humans soon.

What are the advantages/disadvantages of AI in the case of marketing?

1. Advantages of AI in marketing:

[4]It's always interesting to have an overview of the advantages of AI focused on a particular market. In this case we chose marketing. There are many applications for which AI can come in handy. One example could be in the field of advertising. It allows you to have more personalized and relevant messages. It can help organisations understand the preferences of its users and then make recommendations based on the data collected. There are many famous companies that use this kind of strategy. A famous example is probably Netflix, by using AI they known which shows you watched and make recommendations based on your personal preferences. For instance, if you watch a comedy show like Friends, Netflix will most likely recommend another comedy show like How I Met Your Mother or The Big Bang Theory. Another example can be found in the sector of e-commerce. Almost all famous web shops use data from their clients in order to persuade them to buy more. Well known web shops like Amazon or Zalando have implemented AI and this has led to significant increases in profit. From a marketing point of view, guiding your users to a specific product or service without they are realising it can be a very powerful tool.

[5]A lot of research has shown that sales transactions require less human contact then it used to. By the end of the year 2020 the prediction is that 85 % of the sales transactions won't include the need of a human anymore, according to the report conducted by Business Insider.

With some extra research Artificial Intelligence can help computers determine exact user behaviour and therefore predict on which specific segments a company has to focus in order to attract potential customers. Artificial intelligence can be of great assistance for marketers in order to reduce time and efforts. They can identify their target audience easier which is one of the most important steps of the marketing plan.

This customer data that is being saved includes demographics, location, purchase history, etc.

2. Disadvantages of AI in marketing:

Customers want some 'human-contact' as well:

[6]Having a bot talking to you can sometimes be very annoying. Elderly people might find it a bit confusing or uncomfortable when they have to talk to an AI chatbot. You should really pay attention who your target audience is and if they can handle talking to a bot.

Humans are necessary:

Humans will always be necessary when it comes down to marketing jobs, it's just something robots can't do. Computers can not change their minds or make an adjustment to something, they are not creative at all. Without humans, your marketing department would look very sombre.

Algorithms can be wrong:

It's not all about the algorithms, humans are capable of so much more than just making calculations. Not all humans can be categorized under certain formulas, so sometimes the algorithms are just wrong. Humans constantly change and evolve, something that computers can't keep up with, that's what makes us so special. There will always be outliers.

Before implementing AI, you must really understand it. Let AI help you and your customers instead of turning to it because it's the new best thing. Try to get to the bottom of it otherwise you will have a lot of problems with it.

How is AI used by big companies like Uber and Tesla?

Whereas AI was first introduced to displace entry-level work, it is growing bigger and bigger. Tech companies are nowadays using artificial intelligence to take over managerial tasks.

Artificial intelligence has, the recent years, been developed in order to make its own decision, human wise. For example Uber, is developing e new learning machine called "differentiable plasticy". This is a new method of learning to learn. This is a new method for training neural networks, allowing them to change their connection weights adaptively. All by themselves. In practice, in this case, it means that self-driving cars such as these from Uber are capable of making decisions all by themselves and even in the future, make decisions based on the outcome of the first decision.

According to Elon Musk, artificial intelligence technology "will be an order of technology better than humans". Because artificial intelligence works faster, more efficient and cheaper than human labour, managers at all levels should adapt to the upcoming development of AI. Considering the fact that AI is also getting managerial jobs in companies, we can conclude that this means the power is partly shifting from the human managers to the AI functions.

However, this is where the danger hides. According to Elon Musk, this is just the start. Artificial intelligence systems will continue to grow and develop and they will end with "extreme" amounts of power, and in his opinion, there is a very small chance that humans will stay safe from that. That's why, according to Musk, the government needs to regulate AI in order to prevent bad things from happening before it's too late. Once AI turns its back against us, humanity may be under a very big threat.

And he's not the only "great mind" who thinks alike. Stephen Hawking, no introduction needed, says AI could be "the worst event in the history of our civilisation". He said it is absolutely necessary to avoid and prepare for potential risks, because AI could turn into a potential autonomous weapon, capable of mass destruction. It could also cause the economy to collapse. It might seem far into the future, but the future is coming at us faster than ever.

Artificial intelligence and machine learning are already transforming the technological landscape. From digital assistants to image-recognition software to self-driving cars, what was once the stuff of science fiction is now becoming a reality. But what exactly does it mean for marketing and advertising executives?

Higher expectations, more personalized marketing opportunities

What does this mean for marketers? The further integration of technology into the physical world creates new consumer interactions that are even more simple and instantaneous.

Put another way, high consumer expectations will be higher than ever. This will pose a challenge for brands-and a great opportunity.

A big part of the opportunity for marketers is how AI will help us fully realize personalization-and relevance-at scale. With platforms like Search and YouTube reaching billions of people everyday, digital ad platforms finally can achieve communication at scale. This scale, combined with customization possible through AI, means we'll soon be able to tailor campaigns to consumer intent in the moment. It will be like having a million planners in your pocket.

We're getting closer to a point where campaigns and customer interactions can be made more relevant end-to-end-from planning to creative messaging to media targeting to the retail experience. We will be able to take into account all the signals we have at the customer level, so we can consider not only things like a consumer's color and tone preferences, but also purchase history and contextual relevance. And all of this will be optimized on the fly in real time.

Conclusion:

We are convinced that AI is something that will be very important in the future and that more and more machines will be using it. For example Tesla it self driving cars has already a car that can 'think'. Their software still needs some perfection but the big question is: when will the governments accept things like that as legal. We think that AI is something with a lot of potential and that it is very good that the big companies are investing so much in it, they are creating our future.

[1] Bradshaw, T. (2018 February 27). Apple pushes forward with healthcare ambitions. Retrieved from https://www.ft.com/content/5cfabd7e-1b8f-11e8-aaca-4574d7dabfb6

[2] Fagella, D. (2018, 03 22). Opgehaald van Techemergence: https://www.techemergence.com/machine-learning-healthcare-applications/

[3] Molteni, M. (2017, 12 30). Opgehaald van Wired: https://www.wired.com/story/health-care-is-hemorrhaging-data-ai-is-here-to-help/

[4] Kniahynyckyj, R. (2017, October 24). The pros and cons of AI in marketing. Retrieved from https://business.twitter.com: https://business.twitter.com/en/blog/The-pros-cons-AI-in-marketing.html

[5] How AI and Machine Learning Impact Marketing - Think with Google." Google. Accessed April 24, 2018. https://www.thinkwithgoogle.com/marketing-resources/ai-personalized-marketing/

[6] Kniahynyckyj, R. (2017, October 24). The pros and cons of AI in marketing. Retrieved from https://business.twitter.com: https://business.twitter.com/en/blog/The-pros-cons-AI-in-marketing.html

Below you can find the link to our actual presentation tool. For this presentation we tried to use Spark pages, a tool we learned to use for our San Francisco trip. We were asked to try out the tool & then present a video with it at the Adobe Headquarters in San Francisco. 

Link website presentation: https://spark.adobe.com/page/6S3FcfHrQTRHZ/

 Below I will also post some screenshots of our conversation during the meeting:

References:

Kniahynyckyj, R. (2017, October 24). The pros and cons of AI in marketing. Retrieved from https://business.twitter.com: https://business.twitter.com/en/blog/The-pros-cons-AI-in-marketing.html

How AI and Machine Learning Impact Marketing - Think with Google." Google. Accessed April 24, 2018. https://www.thinkwithgoogle.com/marketing-resources/ai-personalized-marketing/.

Bradshaw, T. (2018 February 27). Apple pushes forward with healthcare ambitions. Retrieved from https://www.ft.com/content/5cfabd7e-1b8f-11e8-aaca-4574d7dabfb6

Fagella, D. (2018, 03 22). Opgehaald van Techemergence: https://www.techemergence.com/machine-learning-healthcare-applications/

Molteni, M. (2017, 12 30). Opgehaald van Wired: https://www.wired.com/story/health-care-is-hemorrhaging-data-ai-is-here-to-help/