It's easy to think that artificial intelligence with data is a luxury reserved only for giants like Amazon, Apple, Google, and large corporations. However, it is within reach of companies of all sizes, driving results and reshaping industries.
To contextualize, imagine AI as a microscope capable of revealing hidden patterns and valuable opportunities within your company, regardless of its size or industry. If you own a business, whether it's an online store, a restaurant, a medical clinic, or a marketing agency, AI can assist you.
In this article, we will explain how AI enables a deep understanding of customers, for example:
- Purchase patterns, preferences, and product personalization, offers, and customer service;
- Process optimizations and cost reductions through the identification of bottlenecks, inefficiencies, and automation opportunities;
- Making strategic decisions based on concrete data.
Practical Cases
Netflix: Unveiling the Secrets of Personalized Entertainment
Imagine a world where every time you open a streaming app, it seems to know you better than you know yourself. This is the magic that Netflix performs using AI to create a tailored entertainment experience. With every movie you watch and every series that captivates your attention, Netflix records and analyzes your tastes and preferences. It knows which genres appeal to your profile, which actors you like, and even whether you prefer binge-watching an entire series or watching one episode at a time.
Based on this data, its algorithms build a detailed profile tailored to your preferences, predicting which titles will pique your interest with high accuracy. Additionally, Netflix's AI also influences the production of original content, using data to identify which stories, casts, and styles have the greatest potential for success with different audiences. The result? A personalized entertainment experience that keeps you glued to the screen and boosts the company's numbers every quarter.
Fraud Prevention: Guardians You Don't Even Notice
With the rise of online transactions, where financial dealings happen every fraction of a second, security is a crucial factor. While you make purchases, manage your investments, or pay bills on your phone, a team of almost invisible guardians works behind the scenes to protect the flow of your money. Of course, we’re talking about AI.
Financial institutions train AI algorithms to become true digital detectives, capable of identifying suspicious activities in real-time by analyzing every transaction and looking for patterns that indicate fraudulent actions. A purchase in a foreign country while you’re at home? An amount far above your spending pattern? An attempt to access your banking app from an unknown device?
AI detects these and other warning signs, triggering security measures to protect your money before you even notice the threat.
Restaurants, Flavors, and Artificial Intelligence
Let’s consider the following situation: You own a restaurant and, in a market that moves up to $2.5 trillion, you decide to research how to use AI to optimize your operations and retain customers. Sounds complicated?
Here at Pareto, we thought of some cases that could be interesting for pulling results from your restaurant, for example:
- Identifying the most popular and profitable dishes: AI can analyze order history, identifying best-sellers and dishes that, despite fewer orders, generate higher profit margins;
- Optimizing the menu and inventory management: Based on AI insights, the restaurant can adjust the menu, highlighting popular dishes and creating strategic promotions for less-ordered items, optimizing ingredient use and reducing waste;
- Personalizing customer service: By integrating the AI system with the loyalty program, your restaurant can offer customers personalized recommendations, such as "Your favorite combination is on sale!" or "Try the new dish that pairs well with your previous orders!"
Fashion E-commerce: Dressing the Customer Experience with AI
Now, let’s bring in an example of an online clothing and accessories store looking to increase sales and reduce cart abandonment rates. With the help of AI, here are some strategies:
- Personalized recommendations: AI can analyze each customer's browsing history, purchases, and social media interactions, recommending visually similar products to those they've shown interest in, as well as complementary items to create a complete look. Can you imagine how an email marketing campaign would look with this information? 👀
- Size prediction and perfect fit: Based on previous purchase data and reviews from other customers, AI can suggest the ideal size for each customer, reducing exchanges and returns due to incorrect sizing, considering the shapes of clothing and shoes, for example.
- Intelligent chatbots for instant support: AI powers chatbots capable of answering frequently asked questions about products, delivery times, and return policies, providing support 24/7. Of course, all of this is based on the FAQs and previously answered questions from the company.
Conclusion
AI applied to data is not a futuristic concept but rather an accessible reality that is transforming businesses of all sizes and sectors.
Instead of fearing technology, we hope it helps you understand the power of AI to uncover the potential of data and, considering these examples, drive your company's success!