It might seem odd to suggest that artificial intelligence (AI) and machine learning (ML) are effective tools for “humanizing” customer interactions, but we at Relativity6 see it just that way.
If you have seen AI marketing campaigns recently, you might think that AI is capable of doing everything from writing book reports, composing music, and driving cars (or you might just think that AI marketing budgets are so large that a celebrity spokesperson is de rigueur). But what does AI really do? And, how can businesses leverage advances in computer and data science to their advantage without feeling like they’re buying a bulldozer when all they need is a hammer?
At Relativity6, we believe that some of the most impactful areas for businesses to deploy AI and ML are those common, recurrent, and intractable business problems that all firms encounter, such as customer retention.
AI and ML are powerful tools, so powerful that imaginations tend to jump to visions of computers taking over the world, like in James Cameron’s Terminator films. The truth is that AI is an amorphous technological concept that has been defined and redefined over and over again for the last 50 years as computing capabilities continue to advance.
What we do know, in simple terms, is that automated computer programs can analyze massive amounts of disparate data, make predictions and observations based on that data, and adapt analytical processes, independent of human oversight, to get at desired outputs. And so, the temptation for the consumer of AI technology is to believe that the machine can address all of a firm’s problems. While that may be true, in some not so distant future, we at Relativity6 ask a rhetorical question of our clients: “is your AI service provider focused on the specific business application your looking to deploy your AI solution?” The marketing material might indicate there’s an automated solution for every problem, but we know that’s not true. Simple and practical use cases for businesses, with expert partners focused on those areas, is where we at Relativity6 believe AI makes the biggest impact on bottom lines.
We have seen customer defection rapidly on the rise, reduced switching costs in legacy industries such as insurance, and reactionary and negative customer interactions. These observations, plus the large amounts of data firms are gathering to put to analytical use, lead us to focus solely on customer retention. We at Relativity6 have decided to be the best at that one thing. Once we’ve conquered that, we’ll get to the book report, the music assignment, and the driver’s ed lesson.
At Relativity6, we're obsessed with the industry classification problem and Artificial Intelligence. And more so, we're obsessed with solving the industry classification problem with AI. To that end, we've developed an algorithm that delivers 80%+ accuracy when classifying businesses across the globe via API with responses in under 1 second. All you input is a business's name and address.
Every day we iterate on our algorithms, feed them more data, and find techniques and strategies to get more accurate.
Check out the video below to see the Relativity6 Industry Classification API in action: