New technologies such as AI allow companies to learn more about their customers, but they also raise privacy concerns.

AI For Business


Despite the emergence of new technologies such as AI that promise to unlock business mysteries and drive greater revenue, getting to know your online customers and their expectations remains a challenge for many businesses.

this is, Fortune On Tuesday at the Brainstorm Tech conference in Park City, Utah, speakers spoke about slight advances in data processing and analysis, but added that there's still a lot of work to be done.

Real estate site Zillow has become more adaptive to consumers' rising expectations, said Jeremy Waxman, the company's chief operating officer, who spoke on the panel. For example, until a few years ago, the company let users periodically post photos of homes that were for sale or for rent. But with the rise of generative AI, Waxman said, the company can now give users more immersive, 3D walkthroughs of properties. The results are “magical,” he said.

Another company, business-software maker Salesforce, has been using machine learning and AI for years, says Susan Emerson, senior vice president of go-to-market strategy for AI products. Ten years ago, the company could understand basic details about how customers used its products: Did they buy a license? Did they ultimately adopt the software? Now, Salesforce can collect far more types of customer data, faster and in greater detail, helping to drive adoption and “unlock trapped value,” Emerson says.

Panelists also discussed the company's internal efforts to get employees using Microsoft Copilot, an AI assistant that helps users create content, automate repetitive tasks and write code while using Microsoft apps. The idea with the tool is that the AI ​​will make employees more productive by expediting some of their chores. “We have a record of engagement with Salesforce. [Copilot is] “It's not an option. It's on a screen,” Emerson said, noting that her company encourages employees to use the technology and tracks its usage.

Zillow's Waxman said the company is also promoting the use of Microsoft Copilot to help employees find the tools they use most often. “We encourage our employees to get hands-on,” he said.

As companies collect data on their customers to better tailor products to them, questions about privacy arise. It's a dynamic standard based on customer expectations that change over time, Waxman said. He cited Uber and Airbnb, two popular services that emerged in the late 2000s. At the time, “everyone thought it was creepy,” but now users accept it without a second thought. For consumers, it's a trade-off between value and privacy, according to Raj Seshadri, chief commercial payments officer at Mastercard. Consumers own their data and decide who they share it with, but companies need to be transparent about how they use it. But if consumers don't get some value from companies, “they're not going to share it,” he said.

Recommended Newsletters:

CEO Daily provides essential context for the news business leaders need to know. More than 125,000 readers trust CEO Daily every weekday morning for insight on and from the C-level. Subscribe now.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *