Increasing output while reducing overhead is the name of the game. After all, most companies want to increase productivity and save on costs, right? This is normally done through improving workplace conditions, offering incentives, and cutting unneeded processes.
But, what if there was a more hands-off way to do all of these things I’m here to tell you it’s possible. And, it’s all thanks to AI productivity.
In fact, a study performed by PwC surveying 500 executives concluded that 65% of respondents believe AI would free employees from menial tasks.
AI isn’t what you see in the movies, either; a life-like robot serving you by a desk. Rather, it’s an automated helper silently operating in the background of your business.
It can take care of optimizations, forecasts, and other tasks that are best left to a computer—allowing you to focus on your strengths as a marketer.
Here are four ways AI is helping businesses work smart, not harder.
Predictive analytics and forecasting
If anyone has said there’s no crystal ball in marketing, they’ve never used predictive analytics. It is the practice of using artificial intelligence to discover predictions about marketing, advertising, finances, and other campaigns.
Predictive analytics combines data, statistics, and machine learning to continually forecast performance. This allows marketers to glimpse into the future of campaigns to make optimizations. Think of it as traditional analytics but on steroids.
As a matter of fact, you engage with AI a lot more than you think, too. Have ever you listened to music on Spotify, for instance? The automatically generated categories “Discover Weekly” and “Daily Mix” are created through predictive analytics.
Let me explain.
The weekly generated playlist is based on mixing a user’s music history with similar songs enjoyed by other users. On the other hand, the daily mix combines the user’s most played tracks along with generally recommended songs.
If we dive into the Spotify API, we get a glimpse of how this happens. Firstly, every track has audio traits like “Danceability” and “Energy” rated on a scale.
This is used to create precise data sets about specific artists and songs like you can see with these visualization displaying Spotify’s features of some of the top-performing artists:
This data is constantly dancing (No pun intended) as new songs are released and users engage with them.
Spotify uses it to categorize tracks and artists for measuring against a user’s listening history. Imagine if they had to do this by hand! Instead, they opted to use predictive analytics and save mountains of time.
The marketing industry is experimenting with automation
Of course automation is important. But, do you know what to automate and what to keep your eyes on?
Every digital marketer has been there: forgetting to turn off campaigns, re-jigging a PPC budget, triple checking tracking, etc. There are so many little things that can break or slide down the priority list, but there is hope.
AI and more specifically anomaly detection is a new way for marketers to work with data.
Let’s dig in a little more into the technology of anomaly detection.
Think of it as threat or opportunity detection – protect or grow. Artificial intelligence learns how your business operates and then find pieces of data that deviate from the norm or what is expected:
Anything outside of the lower and upper bands would be an anomaly. In terms of marketing security, an anomaly could be:
- Ad spend exceeding budget. (Have you ever forgotten to set a limit?)
- A competitor suddenly outranking you in the SERPs.
- A customer profile is experiencing low conversion rates.
How does AI increase productivity in this case? Simple. It’s saving countless hours you’d have to dedicate to finding these issues yourself.
That brings me to my next point.
New opportunities are found on your behalf
The technology I introduced in my previous point—anomaly detection—does another miraculous thing: it discovers profitable opportunities that you may not otherwise. Let me explain.
When AI finds data sets that stray from the standard deviation, it’s going to alert you. These aren’t always security alerts, though. It could also be new potential SEO keywords, content ideas, or Facebook ad audiences, for example.
Ultimately, AI will help find marketing opportunities to capitalize on—and in fact—often much quicker than we can ourselves.
Seeing as only 22% of organizations are satisfied with their conversion rates, they need to start doing something differently. And, I believe that “something different” is utilizing AI to increase output and performance.
Save time for value-added work
AI is definitely going to save you time. It’s the most valuable resource we all have and you know as a marketer that you can’t waste any of it.
That’s precisely the reason why the logistics company Hitachi developed its own AI software. After all, juggling inventory, warehousing, and shipping products isn’t easy.
The solution they created automatically calculated relationships between Hitchai’s KPIs against employee output and behavior. This was then turned into improvement proposals and delivered directly through Hitachi’s work system. These discoveries were typically done by employees in the past.
The new system with AI, however, looks like this:
Employees simply work as usual while AI collects data and offers improvements directly to them. In sum, the average work time for employees was reduced by 8% which is massive when you consider how that scales with hundreds of employees on a daily basis.
Experiment with a new way to work
Is your business doing enough to stay ahead of the competition? Do you think your team would be happier if they could focus on creative and higher value strategic work instead of menial, repetitive data tasks?
If you are interested in learning how AI can help transform your digital agency’s productivity first-hand you should Try Morphio for free today.