Join top executives in San Francisco July 11-12 and learn how business leaders are anticipating the generative AI revolution. Learn more
In recent years, Generative AI has emerged as a transformative technology, its advanced algorithms have revolutionized industries by improving business processes, redefining human interactions and optimizing productivity. Technology enables the analysis and generation of natural language, driving innovation and growth in various industries.
For businesses, generative AI offers generating personalized marketing emails, developing chatbots for customer queries, and even writing code. Automating tasks and providing insights simplifies productivity, empowering people to make informed decisions. Gen AI can, for example, summarize long texts, detect data patterns and stimulate creative thinking.
Customer insights through generative AI
During Transform 2023, Stellarthe third largest automaker in the world, highlighted its use of treasure Data’s Customer Data Cloud to gain customer insights. This effort has yielded outstanding results, including cost savings and revenue growth through enhanced marketing campaigns.
Treasure Data’s Customer Data Cloud platform enables companies to consolidate customer data from various sources, facilitating the creation of comprehensive customer profiles for personalized and relevant marketing activities.
In the case of Stellantis, the AI cloud platform made it possible to identify customers with the highest potential interest in specific products or services. As a result, the business could target its marketing campaigns, resulting in a substantial increase in conversion rates.
>>Follow for all of our VentureBeat Transform 2023 coverage<
Gail Muldoon, head of customer data and analytics at Stellantis, expressed enthusiasm for the integration of AI-powered recommendation engines, emphasizing the indispensability of data in modern business decisions. “The automotive industry is moving into an era where data-driven decisions are imperative,” she said. “It’s really exciting.”
Treasure Data’s platform has also boosted conversion rates and reduced marketing spend for Stellantis. The company could focus its resources on the most effective channels by identifying the most receptive customers. According to Muldoon, the Customer Data Cloud has enabled Stellantis to create personalized customer experiences by effectively tracking customer preferences and interactions.
“The Data Cloud has allowed us to anticipate customers’ purchasing interests, allowing us to suggest specific products from our range and understand their preferences. In addition, we have also integrated our business services in the post-purchase phase to provide customers with personalized recommendations, offers and content through our digital platforms,” she explained.
Slow and steady
Mark Tack, chief marketing officer at Treasure Data, highlighted the common challenges encountered while implementing AI and their remedies. Tack emphasized the importance of a deliberate approach, warning against large-scale premature adoption without adequate building blocks.
“It is crucial to evaluate existing processes before considering the role of AI. Hastily diving into AI without a strong foundation can lead to negative consequences, undermining progress rather than enhancing it,” Tack told VentureBeat.
Tack said that generative AI will soon play a crucial role in facilitating purchasing decisions and providing purchasing recommendations.
“Whether you’re looking to rent or buy a car, future AI assistants will know your preferences, family, driving style and destination. They may even provide weather updates for the area you are heading to,” Tack explained. “Therefore, it is imperative that we handle customer data ethically and align ourselves with consumer expectations by delivering personalized experiences.”
He underlined the paramount importance of ethics, privacy and data governance in light of the growing importance of generative AI.
“When integrating AI into any process, transparency becomes key, as does gaining consumer consent,” Tack said. “There may come a time when it becomes necessary to disclose the use of AI and its specific contribution to outcomes or interactions. This could potentially be a direction we take with AI, but given its rapid and real-time evolution, it remains a crucial topic for vigilance among all stakeholders.”
VentureBeat’s mission it is to be a digital city square for technical decision makers to gain insights into transformative business technology and transactions. Discover our Briefings.
