In a recent article on HRB, I read some interesting things about “Deep Learning” for artificial intelligence. I got a view into how it is opening up almost endless possibilities. The applications in the real-world are amazing. As a tech and data nerd, I’m so excited about these possibilities but a little scared too.
Companies are spending years and millions of dollars (or multiple of that) to build core capabilities. They are either opening up to others for commercial applications or to build out themselves.
Like any breakthrough innovation like artificial intelligence, time is always a factor. Hardware, software, processing power, and availability of big data are all referenced as gating factors. This has historically made this breakthrough impossible. Not anymore…
In a recent article by AdAge, a variety of companies shared their approach and desire to use purchase-based data to enhance targeting of digital ads, specifically by CPG brands. Epsilon, Acxiom, Datalogix among others are referenced. Lots of talk around high-level trends, but not as much discussion around what specific data is being used, where it comes from and how marketers are using it. Devils always in the details.
I read a post from Seth Godin recently focusing on the fatal dilemma of focusing on the urgent matters often in lieu of important matters. He puts it in simple English what the perceived versus real trade off is between the two. I venture to guess that he is suggesting to focus on the important item that can impact the long-term and help avoid the urgent. Sometimes you can’t, which means that it’s a matter of time management and prioritization so we don’t focus exclusively focusing on putting out fires versus figuring out how to prevent them in the first place.
A great article from Retail Customer Experience on where retailers are most likely to succeed first in the fight for the omni-channel customer experience. It seems like retailers are great at figuring out product, price and inventory. However, this has been optimized by channel, not across channels. Customers are more and more thinking across channels and devices (buying where/when/how they want), but retailers are ill-equipped to engage this type of customer until they figure out how to integrate their core systems to deliver a seamless customer experience regardless of device, in-store or online. Tons of investment needs to be made in both technology, organization restructurings and marketing efforts to deliver a customer-centric experience.