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Learn more about data literacy for your business: https://www.gfk.com/insights/video-the-importance-of-data-and-data-literacy-within-organizationsMy name is Anthony Cousins, CEO of Factmata.0:08 How can AI and data surface actionable trends?Actual trends require data points and previously we’ve been using numbers, right? Quantitative data to get to those data points. But now with machine reading, machine learning, and therefore AI, we can turn text and qualitative data also into data points. So AI really gives us access to a world of information we didn’t really have access to it previously.0:31 How can you measure the ROI of insights? (How can businesses set KPIs to ensure they are getting a good return on investment for data and AI?)ROI, return on investment, requires KPIs. KPIs require data points. So really setting your ROI, working out what the value is you’re trying to achieve early, working back from that to your KPIs, KPIs to the data you need to capture. That’s critical. Getting that value path set, doing that first is critical to getting to KPIs.0:58 How do businesses get clean and accurate data?Data is messy. Online data, whether it’s textual, whether it’s numbers-based, it’s increasingly complex and increasingly dirty and increasingly harmful, actually. We could, like humans to that problem. we could spend hours and some companies still are spending hours researching that data, analyzing the data, cleansing that data.But we’ve now got access to machine learning and AI. So the grunt work, the heavy lifting should be done by the computers, allowing humans to allow the more creative aspects and the more value add aspects to come through.1:35 What do businesses do if your data is misleading or inaccurate?Firstly, recognize that the data isn’t going to get less misleading. So if they’re currently feeling like they’re behind or that their skills and data capabilities aren’t quite there, that’s only going to get worse. What they need to do is invest more heavily in those skills and resources, basic data and analyst skills. And I think actually the industry sort of recognized that that’s a fundamental requirement for that staff, but I would go a step further and say, it’s not just data analysis skills we all need, it’s now the fundamentals of machine learning, that we all need. So as an AI company, we’re working on explainability. So we’re trying to make sure that people understand we’re not a black box, here’s our algorithms work, but the challenge is we can only explain so much. So I think given every member of staff, every employee right now in any business is making use of AI and ML on multiple points in their day across multiple systems.But they don’t understand the basics of how their systems work. So actually it’s across the board. Every member of staff needs a basic understanding of machine learning principles and AI.2:42 What skillsets do you need to recognize actionable data points?I think actually it’s more of a grassroots. Every member of staff needs to have a basic understanding of how those tools are working, because really effectively, those chief data officers, those chief technical officers, the CEO, they’re relying on data and importing coming up through, through the business. If those individuals, at the front line, aren’t making the best use of the data they have available to improve their daily decision-making, that is going to feed all of the business. I think fundamental data analysis skills, yes, but machine learning skills more so.3:17 How do you raise the average level of data literacy across the business?Weirdly, it starts before the business and this is kind of a broader point, but I think we need to be starting in schools. We need to be starting in universities with apprenticeship schemes. So we’ve got to start much earlier in the spectrum. So basically people feel comfortable and interested and excited by data. And by the time they hit the workplace and then we’ll hit the workplace. It’s more about the kind of how that data and that analysis affects their day jobs. It’s not the understanding, the basic concepts, which they should already have by that point.4:03 How can intelligent automation (AI) and data help decode the future?I think freeing up humans to do the creative aspects, so machines, fast, but dumb, humans are slow but intelligent. So making sure that the machines are doing the work that machines are best catered for, so huge quantities of data, finding connections, finding correlations in huge quantities of data. That’s kind of what machines are good for. And using machines to do all of that work, allowing humans to focus on the creative aspects, the insights, working out the outcomes and coming up with solutions. This is just the way it’s going to go. I think the challenge is whether or not you’re a business that gets that now, or whether you’re going to a business that isn’t going to get that until it’s too late.
Learn more about AI-powered intelligent decision-making for your business: https://www.gfk.com/insights/video-ai-powered-intelligent-decision-makingHi, I’m Lindsay. I am the author of the book, “Digital Transformation”.0:11 What is intelligent decision-making?Intelligent decision-making is exactly what it says on the tin, it’s decision-making, but you’re actually using insights & data & analysis to power those decisions.0:27 How can AI make an organization more effective?So the reason for AI to exist in any organization is to enhance human capability. It’s not a replacement for human workers, it’s an enhancement. So it’s looking at the tedious work that a human might have to do. Pouring through data, understanding what humans aren’t really necessarily good at, which is that tedious, boring, counting type work, replacing that with machine learning, but then also being able to pull in lots of different sources of data to really turn that analysis into insight.1:08 How do you set up your organization to handle more data & thrive now & in the future?The best way to set up your organization around data is first, to kind of stop calling it data because I think it creates a psychological barrier for a lot of people. They think that it’s just the realm of a techie person or a science-oriented person &instead to start reframing it as it’s insight, it’s knowledge, it’s information, & to really personalize the, you know, what you’re using as data to make it clear what the sources are so that you can start getting people comfortable with using it on a day to day basis & their roles & understanding the relevance of it to their roles.You know, it’s not about using data. It’s about empowering your decisions & these are decisions you’re already making. So they might as well be informed.2:00 How do you encourage everyone to be a data decision-maker?It’s about creating a shared goal for a team. You’re not putting people on a training course to learn how to use data. Instead, get people who need to be brought up to speed with a data tool or strategy or technique, put them on a project working with other people who have that experience, give them a shared goal & have them actually learn while doing, & then they’re going to see the value of it. They’re going to understand how it’s relevant in their day-to-day work. And they’re going to be able to carry that forward. The worst thing you can do is put them on a training course. It’s totally in isolation from their job. 2:53 Why is cross-collaboration in an organization important when working with AI?Cross collaboration, working with AI & data is, is it’s not just important. It’s critical because if you don’t have that diversity of perspective of experience, of skillset, the whole point of using data as to accomplish a goal for the organization as a whole, as it relates to their external users, you will naturally have people across the organization who play a role in delivering that service, that product to those end-users.So you need those people to be at the table, making the decisions around how to use something like. AI, otherwise the decision-making of the AI is only going to be partially informed. So you really do need that diversity, not just in terms of people’s roles, but also, their backgrounds, their insights into the people that, that end product, that end service is designed to serve. 3:52 Most businesses know they need digital transformation – but what’s the difference between a business that has successfully enacted digital transformation & one that has not?It’s really obvious the businesses that have not successfully digitally transformed because change happens around them & they panic by it, they don’t know what to do in response to change. Whereas a successfully digitally transformed organization is adaptive to change. They see change as an opportunity rather than a threat, & they’re able to mobilize around it.I say in my book, digital transformation really just boils down to being adaptive, to change the way you do it is by leveraging data, technology & new ways of working. So the new way of working for the digital age is around collaboration. Iterative working style so that you’re, you’re collaborating across your organization & you’re including the voice of the users you’re iterating on your solution, so that you’re running small experiments to get data, to find out whether the things that you’re producing is actually having the end goal that you wanted & then you’re scaling it up as you go. 5:17 How can AI and data help decode the future?AI and data are essential for decoding the future because there are so many points of data right now. There are so many sources of data right now that if you don’t use those tools and that’s really just all they are, they’re tools. If you don’t use those tools, you’re going to be missing a whole picture.
Discover gfknewron for your business: https://www.gfk.com/insights/video-what-is-gfknewronHi, I’m Sean O’Neill, Chief Product Officer at GfK.0:09 Can you tell me more about gfknewron?gfknewron is our new platform that brings together many of the insights that we have helped our clients with before, but now all together, extremely simple and easy user interface that the entire company can use to solve their business problems.0:34 What’s unique to gfknewron?We are bringing together enterprise great insights, with AI, algorithms, predictions, elasticities, supply, demand, consumer sentiment, and we’re pulling all these together to tease out the important things people need to know most. This is an easy-to-use tool and a product that the entire organization, from the frontline to the CEO and back, can use to use the same ground truth, to understand, decide, and win in their markets.1:20 How does gfknewron help its clients find the right signals within the noise of data? gfknewron helps our clients understand across a number of sectors what’s really happening.- gfknewron market product: tells you what’s happening for my brands and my models in my channels, compared to all of my competition. Who’s coming. Who’s going, am I rising or falling? – gfknewron consumer really brings together a wonderful compliment who are my target audiences? What do they care about? How does my brand compare to where they are now? How have previous brand owners of my brand, what do they feel? It’s a powerful tool to help understand who, where, and why from the consumer sentiment side. – gfknewron predict. This is the power of artificial intelligence and machine learning to really find those signals from noise and you could make an adaptation. We can help our clients run their businesses better.2:36 How can gfknewron help organizations collaborate and make better decisions?One of the really important points of gfknewron is, it is built for everybody in the organization. And as we’re able to join up point of sale data, which historically had been used heavily in some sales and category markets, but not always as available to some of the other functions. And we’re combining that with consumer sentiment data, which traditionally might have been in the brand or marketing team, but maybe other parts of the company weren’t even aware it was there. And that allows the whole company to move faster, making better decisions.3:34 Why is it important to have real-time access to up-to-data? How can this help a business win the market?The speed of competition is picking up. What used to work in the past of waiting for a month or two to try and make a decision? That’s just not good enough anymore. To succeed and to win in your market, you’ve got to keep up with what’s changing in consumer sentiment. 4:21 How do you know whether the actionable insights you’re getting will transform your business?We have many clients and their users who have already been early adopters of gfknewron. And there were many case studies we’re building up where our clients are able to get the return on investment from gfknewron, because our alerts brought to their attention products, where they were cannibalizing themselves and had not really appreciated to the depth or other clients where they’re trying to develop new products and figure out what features matter most and our insights and competitive matrix help them identify which features are going to make the biggest difference. 5:20 How can AI and data help decode the future?We’ve got incredible expertise that the world recognizes and values of understanding our markets, our categories, our products, our clients, our industries, we’re bringing the best of our human intelligence with the best of machine learning and artificial intelligence. Which products are competing for the same customers’ share of wallet and then be able to figure out well, who’s earning at the bottom of that peer groups for the price point, and who’s earning a revenue premium above it?And this intelligence from our expertise combined with the machine learning to calculate it, allows us to answer very important questions for our clients at scale, across all of these cells, they’re better together. The amount of data is overwhelming our clients and time and time again, our clients are telling me, I don’t need more data. I need actionable insights. And the difference between the massive amount of data that has the signal is hidden in it and actionable answers are how do you detect the right patterns at the scale every week for every client, every brand, every product. That is something that machines are built for. By leveraging that speed and power, we can generate tens of thousands of alerts and recommendations every single week that matter to our clients to help them win.
AI systems can only ever be as powerful as the information that they are built on.
How This Company Is Boosting Ecommerce Revenue by Using AI: The CEO of Dialogue shares how his.. News video on One News Page on Wednesday, 1 September 2021
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