Elevate your business with an AI-enhanced Data Management Platform
From consumer behavior stats to cookies, the online ecosystem lives on data. Despite the near-universal presence of ‘the new oil of the digital economy’, as Joris Toonders calls them, data often remain untapped and underutilized: they are collected, stored, and then left, or worse, lost. In this article, we explore how a Data Management Platform enhanced with Artificial Intelligence (AI) can help you make the most of your data and boost your business.
The untapped potential of data
Data are an essential aspect of online business. By recording website visitor activity, conversion rates, and prospect engagement, alongside other key metrics and behaviors, companies have access to a vast amount of data. But even if your company is successfully gathering large pools of data, you may not be taking full advantage of the valuable insights it offers.
3 challenges of using data
Why are so many companies unable to make the most of their data? Here are three key reasons:
1. There is too much data to manage
With the constantly growing size of today’s data pools, it’s easy to get overwhelmed by the sheer volume. For your employees, managing the data can be a challenge in itself, while finding meaningful figures and gathering actionable insights is even tougher.
2. Data can be unorganized, complex, and even inaccessible
Navigating data can sometimes be tricky. For example, if your data comes from multiple sources (including off- and online), is outdated, or even inaccessible, it can be hard for your team to aggregate and/or analyze it. This can make makes the process of data management time-consuming and unrewarding in the long run, wasting your company’s resources.
3. Finding and executing data-driven decisions requires sophisticated tech
In many cases, today’s data banks are simply too large for manual management. Without adopting specialized technology, it can be impossible to convert these data into practical solutions. Taking this hurdle calls for skill sets and budgets that seem daunting to many companies.
With these challenges in mind, how can today’s companies capitalize on the data they collect? Here is one key solution: Data Management Platforms (DMPs) with Artificial Intelligence (AI).
What is artificial intelligence (AI) and how does it work with data?
More and more companies are looking the effective ways to tap into the power of Artificial Intelligence (AI) to optimize their business. Data processing is a very good place to start. Thanks to AI’s processing power and learning ability, it can analyze and utilize your data streams quickly and efficiently, all while adapting to the patterns it recognizes. While you benefit from the insights AI can provide, you also save time and resources.
Harnessing AI with a Data Management Platform (DMP)
For an AI system to succeed, you need to ensure that it will fully take care of your data, and a Data Management Platform (DMP) is a sure-fire to achieving this. A DMP is a database software tool that collects real-time data, even from multiple on- or offline sources, and organizes and processes the data, converting it into useable material. A DMP can collect a vast amount of data, using it to help you understand your visitors, prospects, and customers across their entire relationship with your brand, including digital touchpoints and offline store information. Especially when linked with automation and the machine-learning of AI, a DMP can take your marketing to the next level.
3 Benefits of DMP with AI integration
Data Management Platforms and Artificial Intelligence go hand-in-hand. Only AI can parse the large volume of data companies are working with today. But without the clear collection and organization activities of a DMP, AI and Marketing Automation would be ineffective. Here are three key benefits of an AI-enhanced DMP:
1. Create 360-degree customer profiles for lookalike audiences
After collecting the behavioral data of your prospects, an AI-enhanced DMP can show you complete customers profiles, highlighting their characteristics and interactions with your touchpoints. Following this, you can identify visitors who have the same features as your converts, known as lookalikes, to reach new audiences.
2. Understand and prepare for market trends
By analyzing your data, an AI-enhanced system can recognize and predict consumer and market trends, allowing you to stay ahead of the curve and be better prepared for whatever the market brings.
3. Create automated marketing to reach your prospects
With a broad range of customer data, AI can help you generate personalized customer experiences. For example, if your AI system recognizes that prospects with a certain characteristic are more likely to value saving money, it could automatically send them an email with a discount. From tailored customer experiences to AI-generated product recommendations, you can show your visitors precisely what they want to see, helping you to increase conversions.
A Customer Data Platform (CDP) is an example of a DMP, which provides companies an accessible, centralized hub of their data, helping to increase data security, save time, and offer customers the personalized experiences they desire. Find out more in ‘What is a Customer Data Platform (CDP)?’.
Creating tailored experiences for your customers
Modern consumers are looking for engaging and relevant online experiences. This makes personalization a must for today’s marketers. With a Data Management Platform and Artificial Intelligence integration, you can offer this to your prospects. Learn more about enhancing the customer journey with data-driven personalization.
Artificial Intelligence has become a fundamental element in the world we live in, shaping many of our on- and offline activities and operations. In e-commerce, the ability of companies to put it to use is fast becoming a critical success factor in harnessing the power of raw data, using data-driven insights, and generating growth. With a Data Management Platform enhanced with Artificial Intelligence, your business can become more efficient and future-proof, while it will help to increase your conversion rate with tailored customer experiences. Overall, a DMP gives you the ability to take your company to the next level.
Want to find out more about the potential of a Data Management Platform and AI-generated marketing automation? Get in contact with someone at Datatrics today or try Datatrics for free.