"Insight" is the Outcome AI Delivers
All of us have heard the phrases “data-driven business” and “digital transformation” as hallmarks of the way firms will have to evolve
Add insights-driven to that list. Though we are in the early days, that phrase is supposed to refer to the way firms mine the data they own to develop insights about customer behavior that can, in turn, be used to drive sales, retention and profit margins.
“Insight” is another way of saying “knowledge” or “understanding” about actual patterns in customer and prospect behavior, with the ability to apply such understanding to actual product features, processes and delivery, in a predictive way.
And without belaboring the point, such insights, the result of data mining using artificial intelligence or machine learning, already have been deployed in some business processes such as customized content, search, customer service operations and e-commerce.
Some firms have ad advantage, though. Etsy, the e-commerce site, created a “dedicated research department to blend quantitative and qualitative insight and embed customer insights into every department, leading to high levels of user satisfaction and smarter product decisions,” says Brian Hopkins, Forrester VP. “Insights-driven businesses not only excel at data analytics, but also bring quantitative insight to bear on problems then embed insights in their business models, operations, and company culture.”
Tesla auto performance data likewise is streamed in real-time to Tesla’s data scientists, who build models to help diagnose driving issues and provide software or firmware updates over the air.