Chart of the Day: McKinsey Analysis rates machine learning marketing applications highly
I thought this was an interesting chart and article from McKinsey on 'What’s now and next in analytics, AI, and automation'.
McKinsey outline the range of opportunities for applying artificial intelligence in their article. They say:
'For companies, successful adoption of these evolving technologies will significantly enhance performance. Some of the gains will come from labor substitution, but automation also has the potential to enhance productivity, raise throughput, improve predictions, outcomes, accuracy, and optimization, as well expand the discovery of new solutions in massively complex areas such as synthetic biology and material science'.
At Smart Insights, we've been looking beyond the hype to look at specific practical applications for applying AI in marketing. Our recommendation is that the best marketing applications are in machine learning where predictive analytics is applied to learn from historic data to deliver more relevant personalization, both on site, using email automation and offsite in programmatic advertising. This high potential is also clear from this chart from McKinsey:
You can see that 'personalize advertising' is rated highly and this relates to different forms of personalised messaging I mentioned above. Optimize merchandising strategy is a retail application which is related.