The power of data is impossible to ignore. As we continue to catapult into a digital world, data and information is only getting more advanced; and arguably the most revolutionary technology of our time is-- artificial intelligence (AI). What makes this technology so novel is its ability to gather, analyze and combine vast quantities of data from different sources. This increases the information-gathering capabilities that are so valuable to businesses. But as we know, this powerful technology has raised many questions along the common theme of-- privacy. As consumers, our anonymity takes a back burner when we find value in the personalization of our online experiences. However, the moment often arises when businesses take advantage of this information to offer what feels like spam in terms of targeted advertisements embedded in every website you visit. So, this dilemma poses the question- where do we draw the line between personalization and privacy?

Although this technology may have its complications as it relates to ethical use, there are many ways in which AI is improving the quality of business and ultimately the quality of life for humans worldwide. At OpenHouse.ai we value the power of information to inform decision-making; and we believe in the ethical use of AI-technology to ultimately improve the customer journey for each individual home buyer. In this week’s blog, we dive into all things AI, from its undeniable power, to how we use it for good.

THE POWER OF ARTIFICIAL INTELLIGENCE

Nearly every business in every industry is hungry for more data and information. However, a common problem is the inability to gather information in a scalable way—this is where AI comes into play. This technology is so powerful in terms of not only scale, but also speed and automation. AI computes faster than what any human analysts are capable of and allows for big data to be processed in a reasonable amount of time. The ability to gather information is what allows for businesses to understand customer’s needs. For example, OpenHouse.ai is available as an add-on to home builder’s existing websites. The technology works behind the scenes, understanding each unique website visitor with every click.

AI technology and machine learning algorithms have the powerful capability to make predictions, this is also similar to the recommender function available on websites like Amazon, Netflix or OpenHouse.ai. Beyond that, another powerful function of this technology is the capability to use information as an input for sorting, scoring, classifying, and evaluating different users. This allows for the most detailed and accurate segmentation, empowering businesses to better market to each unique individual.

CREATING A SUPERIOR CUSTOMER EXPERIENCE

In order to provide a superior customer experience, businesses must know each unique customer, and AI technology makes this possible. The powerful combination of AI and machine learning for gathering and analyzing social historical and behavioural data empowers brands to understand each customer; and after understanding, comes personalization. Rather than more traditional data analytics software, AI is continuously learning and improving from the data it analyzes. Beyond analyzing this information, AI technology can even predict certain customer behaviours! And if a business can anticipate what customers need before they even realize it, the online shopping experience will be revolutionized! With this technology, brands have the power to provide highly relevant content to increase sales opportunities and improve the customer journey. Each buyer will feel so understood and ultimately find what they need and want, faster!

It is clear we are living in an increasingly digital world with customer engagement at the center. OpenHouse.ai is bringing AI technological capabilities used in countless other industries to homebuilding. Our marketing platform uses integrated AI to unify customer data and provide real-time functionality and decision making for marketers. As users click through homebuilder’s websites, our AI is curating a personalized experience while gathering powerful insights to inform data-driven decision-making. As we are well into the age of the customer, businesses across every industry are understanding the importance of the customer experience. AI technology isn’t the sci-fi movie threat, or the job killer that employees have worried about; it provides businesses the opportunity to better understand each customer in order to curate a superior buyer journey at every touchpoint, across all channels.

‍DATA PRIVACY CONCERNS

Although this technology has the potential for good- many consumers are still threatened by the ominous nature behind such advanced technology. However, the reality is our world is undergoing an information Big Bang in which the universe of data doubles every two years and quintillions of bytes of data are generated every day. We know, that is a crazy amount of information, but all of this data is used to fuel the latest and greatest technological advancements that are revolutionizing the way we live and work. However, with these mass amounts of data being collected, privacy is put into the spotlight as a global social issue, and artificial intelligence is accelerating this trend. Search algorithms and recommendation engines are driven by machine learning and decisions algorithms. As AI continues to evolve it magnifies the ability to use personal information in ways that can intrude on privacy interests as the analysis of personal information is being brought to new levels of speed and power.

So, the common question and concern remains- what should businesses know about us, as customers? As consumers face endless streams of lengthy user agreements, and often hesitate but continue to “accept” without realizing what privacy rights they might be giving away. Unfortunately, seemingly anonymous personal data can easily be deanonymized by AI. This is where the gravity of this technology becomes clear. When used with poor intentions, consumers can be left vulnerable. Although this is a multifaceted problem, the root of policy and legislation is rooted in transparency. At OpenHouse.ai we are passionate about the democratization and transparency of information. We believe data and AI technology can be used as a tool to support each home buyer, rather than working against them.

SUMMARY

Artificial intelligence is a powerhouse. Although the speed and magnitude of its data collection and analysis can be intimidating, this technology can be used as a tool to support consumers by offering the ultimate customer experience. By leveraging AI to gather a deeper understanding of each customer and utilizing real-time decisioning and predictive analytics, businesses like OpenHouse.ai can provide a hyper-personalized experience for each user. But the key to success with AI technology is— the consumer must be the priority. When this technology is used with the benefits of the consumer in mind, they are more comfortable with allowing for the flow of information to drive the personalization of their online experience. Although this is a complicated issue, it is the responsibility of the businesses in every industry to find the line between personalization and privacy to protect and empower each consumer. In next week’s blog we dive into our data philosophy here at OpenHouse.ai, and how we ensure our AI technology is used for good.

- The OpenHouse.ai Team

‍