Friday, May 14, 2021

Why Data Science and AI is important for CMOs

Digital marketers are pressured with not just ROIs, but also compliances. AI and Data Sciences can play a pivotal role here

GDPR and CCPA have tightened data usage and privacy compliances very strongly in the last one year. This has created pressure on CMOs to meet all regulations while still striving for the highest possible RoI. Using available data is no longer a straightforward exercise. One of the common challenges faced during this exercise is siloed data. When it is residing in varied disconnected repositories that can be accessed by external stakeholders and managing digital assets,  adhering to compliance is a tough job.

It has become crucial that marketing messages are better targeted as customers have more options for opting-out from mailing lists. With digital marketing, the amount of marketing collaterals that prospects and prospects are exposed to is also increasing, making it difficult to create messages that stand out. Data sciences and AI, if utilized to their optimum level, can prove to be beneficial for CMOS.

Experts suggest that document management solutions (DMS) can be used to manage the master data for automation. The most significant benefit of implementing a DMS is its ability to display previously collected data from multiple sources in a single view which can be used by a sales team member. DMS compiles data from various tools like email exchanges from Outlook, lead activities from Marketo, feedback from customer experience systems, and also files from network folders and Dropbox.

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The nature of ECM and its effects on B2B Commerce initiatives is changing. Traditionally, ECM software invested in full-text search indexing, but now, modern vendors are seen investing additionally in metadata management, AI, and multi-repository support. One of the critical success factors using AI comes from its ability to serve the right content, at the right time and from any repository. AI is being used not only to gain insights but also to automate that filing process.

Experts believe that only when the mundane routines are automated, marketers will be able to look at the digital content landscape in the enterprises. Data suggests that over 50% of the digital data in enterprises is in the dark. Though the data is collected but is not being used to support decision making. Here, AI can be leveraged to discover the critical information of enterprises from the redundant, obsolete, or trivial data and make the distinction that can increase the efficiency of the processes and workflows.

Experts suggest that using AI’s computer vision can be used to identify the objects in pictures. With this, indexing of stock photos can be automated that reduces the marketing costs and that the paid content can be reutilized efficiently. Along with identifying objects, text analytics can be used to determine PII data. Experts opine that this ability of AI can be used to maintain compliance with GDPR and data regulations. An example of this is that since marketing teams store account export lists from their CRMs to network folders, they can be violating GDPR compliance.

Read More: B2B Selling – How COVID-19 Has Altered the Business Approach

Another ability of AI that marketing teams can leverage is applying sentiment analysis on feedback through email and other social media networks. This not just helps marketing teams to manage testimonials efficiently, but also helps customer success organizations to prioritize support cases.

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