“’What Explain Data does is it moves users from understanding what happened to why it might have happened by automatically uncovering and explaining what’s going on in your data. So what we’ve done is we’ve embedded a sophisticated statistical engine in Tableau, that when launched automatically analyzes all the data on behalf of the user, and brings up possible explanations of the most relevant factors that are driving a particular data point,’ Tableau chief product officer, Francois Ajenstat explained.”
“‘Most AI use cases center around automating mundane tasks with robotic process automation, fraud mitigation, natural language processing and complementing business intelligence,’ Ram Ridgeway, VP of digital experience at Advia Credit Union, told ATM Marketplace.
Ridgeway, who will speak on the panel “Real Value or Real Hype: AI, Machine Learning and the Future of Customer Data” at the annual Bank Customer Experience Summit in Chicago, Sept. 23-25, disagrees that the technology is over hyped.”
“Take for example Cheetos. A few years back, Cheetos announced a gift collection ecommerce site timed with traditional retail holiday promotions. The site sold pretty much everything but the popular snack, from cologne and branded leggings to bronzer and a $20,000 jewelry set. No AI parsing through Cheetos marketing data sets would ever tell their CMO to sell pricey baubles. But with over 100M impressions, countess press pieces, social medial trending topics and a complete store sell out (yes, even the $20k jewelry set), Cheetos became the hot holiday season story. It’s these brave, and sometimes silly, choices that can resonate deeply with consumers in an age where marketing is becoming increasingly formulaic.”
“In times gone by, you would get to know your village shopkeeper and they would get to know you. You’d have a friendly exchange and buy the things you need for your family. Once in a while they would say something like “I’ve got in some more of that hot chocolate you like, if you’ve run out.” It would be hard to take offense at that exchange. Sure, it’s salesmanship, but it’s useful to you — it’s potentially going to create a great experience for you. So, therefore, you don’t mind.
The difference that context makes is huge. It is no longer blindly selling to anyone that will listen. It is proposing a useful service that the customer is likely to want or need — so everyone benefits.”