Artificial intelligence (AI) and Machine Learning (ML) advancements are occurring in almost every business operation. Businesses can leverage AI capabilities to understand the behavioral aspects of an individual customer and create highly exceptional customer experiences. AI and machine learning, infused in the CDP platform can help engage multiple customers simultaneously, unlike physical marketing teams. Features such as actionable intelligence facilitate customer segmentation based on a number of key aspects like customer intent and behavior. Moreover, it sends personalized content to potential customers to drive engagement and help solve queries and issues.
Marketers and CX professionals understand that emphasizing retention marketing will impact the overall business process positively. Here predictive analytics plays a vital role to promote customer retention. Utilizing AI and ML capabilities, predictive analytics determines patterns of customers who may escape from the funnel before conversion. It helps in understanding the reason for customer quitting the purchase process and takes measure accordingly.
Previously marketers were not aware of a customer’s journey, buying behavior or customer intent. They would answer these critical questions based on speculations and gut feeling. But now it is possible to access an enormous amount of data and marketers can use it to gain visibility into end-to-end customer journey. AI and ML help turn data into actionable insights.
Contemporary firms are in the process of rigorously accumulating data from multiple sources and effective utilization of that data is a priority task for them. Many organizations have embedded one or more AI and ML capabilities in their business operations. Global investments in AI technologies will open doors for impending opportunities including integrating data and ML intelligence throughout all the business levels, forecasting the next optimal decision for progress, building each product a data product, or overall new data-driven revenue streams. By investing huge capital in the CDP market, vendors are trying to become ‘AI-first’, meaning – automating, amplifying and reforming entire business development strategy using AI and ML capabilities.
The CDP solution is acknowledged for its capability and scalability to integrate all types of data safely, leveraging AI for rapid, meaningful insights and providing assistance to remodel and drive the growth of the businesses. Hence, leading vendors are investing significantly in the predictive analytics, Al and ML technologies which are helping the organization in building intelligent systems that anticipate client actions to uplift sales opportunities.