What Is PWin & Why Is It Important

What Is PWin & Why Is It Important

Pwin (Probability of Win) is an important tool for assessing the chances a company has for winning a business opportunity. Contractors want to win, or capture, the contract they go after. Pwin indicates a probability rather than a guarantee of victory because the winning factors vary with each new opportunity.

What Is Pwin?

Pwin is a method for contractors to assess the chances of winning a particular Request for Proposal (RFP) opportunity by looking at several factors, or where they stand with the probabilities at any given point of time. It is a way to evaluate the preparedness of a proposal for confident submission, or for discerning needed adjustments. Using Pwin, the company gets a number indicator for the preparedness evaluation of their proposal. It is used for two distinct purposes. It is used for financial decision-making and for the capture process regarding a business opportunity. It defines bid decision criteria for making bids. These criteria are then reviewed against the capture status and proposal achievements.

Pwin Must Be Tracked With The Four Cs In mind:

Cost

The cost, or value, of the proposition must be analyzed.

Capabilities

Are the contractor’s capabilities competent? Does the company stand out from the competitors?

Competitors

The competitors must be known and assessed. What is the vendor’s positioning in relation to theirs?

Customer

The customer must be known. Do they know the contractor?

Why Is Pwin Important?

Pwin is an important way to assess the probabilities of winning an opportunity because of the critical factors it considers. These components are:

Internal Resources

The team that can build a winning proposal.

Technical Qualifications

The capabilities, technologies, and skills to accomplish the business opportunity.

Relevant Experience

Any previous work experience, or successful relationship with this customer, or location experience.

Competitive Positioning

The ability to present a better contract price compared to the leading competitor.

Client Knowledge

Is the client well known or not? Is the contractor well know or not? Is there an established relationship?

Proposed Staffing

The best assembled team and program manager.

Pricing Strategy

The best pricing to win the bid. What is the customer’s pricing strategy?

How To Improve Pwin

The best way to improve your Pwin is to employ software technology that uses artificial intelligence (AI) such as Natural Language Processing (NLP). This type of tool can analyze the RFP to position the company to fully address all requirements and questions. It can provide Bid/No Bid evaluations of the weighed elements of the project requirements The components contributing to the Pwin tool do not produce a sure winning number alone. These evaluations are subjective. So, the number obtained is only suggestive and not solid ground. Rather, the number suggested should provoke discussion about how to improve the proposal for greater chances of winning the bid.

Conclusion

Pwin is the evaluating concept that will help position the contractor into a more probable win for the bid. The best help toward gaining the good Pwin number for confident bidding is using AI-empowered software, such as Scion Analytics’ Content Analytics Platform (CAP), that can provide comprehensive Bid/No Bid analysis of an RFP quickly

What Is A Compliance Matrix?

What Is A Compliance Matrix?

A compliance matrix is a type of grid where you cross-reference a list of work requirements and their fulfillment. The federal government and other civil companies publish project needs for qualified vendors to supply. The Request for Proposals (RFPs) are announced with detailed requirements for, and questions about, the stated project. Contractors must not only be qualified to perform the work but must meet all the requirements. A compliance matrix helps proposal managers ensure the complete fulfilment of the list of detailed requirements for the work needed. A compliance matrix uses a table to list every specification, stipulation, and question regarding a project, which can then be referenced to the page and section of the RFP.

The compliance matrix is a tool that helps both a contractor and the evaluator of the project. It helps the competing vendor to address all work requirements. It helps the evaluator of a proposal to easily scan the items addressed by the contractor. Traditionally, the tedious process of creating compliance proposals was accomplished by extensive time and energy. Oversights and errors were bound to happen. But advanced technologies such as document analyzers now aid the process immensely. A document analyzer such as the Content Analytics Platform (CAP), developed by Scion Analytics, can quickly shred any RFP. These software tools can easily build any type of compliance matrix ensuring successful compliance. They provide huge time and costs savings.

Compliance Matrix Examples

An example of using a compliance matrix is where the United States Air Force publishes a need for an aircraft engine. Military projects are demanding in their specifications. By using a compliance matrix, qualified civilian corporations that build jet engines can successfully bid on the project by thoroughly detecting and addressing every detailed requirement and concern of the USAF. But not only the manufacturer of jet engines uses the compliance matrix as a checklist. The aviation company will probably employ engineering consultants or SMEs to contribute according to the matrix checklist. Because of the details of the compliance matrix, they will know their roles in the venture.

Compliance Matrix Benefits

Thoroughly Address Every Requirement

Most RFPs are complex documents. They are long and detailed, composed of paragraphs and questions. Various items are scattered throughout the text. It is easy to miss an important statement, specification, or question for the vendors. It will take time and tedious combing to be apprised of the contents needing to be addressed. Using a compliance matrix provides a table to visibly itemize the requirements, making them easily scannable and addressed by all team members involved with the project. A compliance matrix helps display every detailed requirement in a clear, thorough manner.

Confidently Plan For Every Requirement

 A compliance matrix will list and outline all specifications, materials, and timelines. This detailed listing of requirements helps guide effective project planning and work assignments. The proposal team assignments and the responsibility matrix, such as a RACI matrix, can be established being guided by the compliance matrix. When every request, question, and detail is listed in a clear manner, nothing will be missed.

All Necessary Subject Matter Experts (SMEs) Are Retained

 Without a compliance matrix detailing every concern and question for the project requestor, necessary expert consultation will be overlooked. But the compliance matrix helps identify what SMEs are needed by listing all specifications clearly.

Compliance Matrix Capabilities

The Contract and Proposal Suite software capabilities are:

· Quickly generate a starter compliance matrix using the Shipley Associates Excel template:

· The Excel spreadsheet result displays all requirement statements within the document.

· The requirement statements are highlighted.

· The Excel spreadsheet result displays their RFP number.

· The Excel spreadsheet result displays their headings.

· The Excel spreadsheet result displays their page locations.

· Parse a federal government Request for Proposal (RFP) using the Legal parser and Keyword Group (Keyword Library) “Required” to help identify requirements

Conclusion

The world of RFPs and proposals is a highly intricate and regulated business. Missing a requirement can mean your proposal being thrown out of consideration. A good compliance matrix will unsure a thorough, winning proposal. The requesting enterprise will see the competency in the vendor and be assured of getting exactly what they require in the transaction. The software technologies that use Artificial Intelligence (AI) such as Natural Language Processing (NLP) can quickly analyze and rearrange the entire data content of any RFP into a detailed requirement compliance matrix.

The Importance of Accessibility in Language

The Importance of Accessibility in Language

Words Matter

In the age of Information, we are given a choice about the content we consume. Content has become more sophisticated and complex for the general audience. But how digestible is it for people with cognitive disabilities? Cognitive disabilities are invisible and less recognized in society. There are ramps to replace steps, doorways that are widened, and restrooms that accommodate wheelchairs. But information is hardly cognitively accessible for everyone. For people with intellectual, developmental, and learning disabilities processing relevant and everyday information can still be a challenge.

Businesses must accept the responsibility of accessible communication. In 2010, Barack Obama signed the Plain Language Act into law. It required government agencies to use plain language for federal communication. This law ensured that critical communication such as disaster relief and pandemic-related news will be understood by everyone.

How To Use Plain Language For Accessible Communication

There are certain steps and guidelines businesses can take to accommodate special populations when it comes to information.

1. Use most common words with fewer syllables. There is no need for complex jargon and vocabulary words. Simple syntax is key.

2. Use one idea per sentence. Avoid using run-on sentences and compound sentences.

3. Start each paragraph with one idea and develop that idea to completion within the paragraph.

4. Use active voice over passive voice. Instead of writing, “Seatbelts should be worn by everyone,” say “Everyone should wear seatbelts”.

5. Use the text to communicate information rather than describe something or entertain the reader.

6. Use simple fonts that are not highly stylized.

7. Use a simple layout for the text. Consider the spacing and the visual impression of the document. Text that is accommodating has more space between lines, more space between paragraphs, and uses bullet points and lists.

The Implications Of Accessibility In Language

The interesting thing about businesses adapting to plain language is that it requires a deeper understanding of the subject matter. Plain language is intended for an 8th-grade reading level. The average American reads at an 8th-grade level. To write at a higher reading level requires more extensive vocabulary but a more cursory grasp of the subject matter.

Plain language requires the writer to be concise and to explain things well. Plain language content might be longer because there is more to explain. It doesn’t encourage using metaphors, idioms, and flowery language as descriptions of ideas. While it can be a challenge to explain a complex subject matter in plain language, the practice greatly contributes to the accessibility of information.

Conclusion

On the internet, content is currency. From social media to websites, blogs and everything imaginable content dominates the way people consume and process information. In turn, that information exchange dictates the quality of the decisions people make in their lives. It is only fair and responsible that businesses take into consideration the cognitively disabled individuals in society and how information is consumed by them. By using plain language to explain complex ideas, businesses promote more equality and inclusivity in communication.

Speech Recognition Using Artificial Intelligence

Speech Recognition Using Artificial Intelligence

Speech recognition using Artificial Intelligence (AI) is a software technology powered by advanced solutions such as Natural Language Processing (NLP) and Machine Learning (ML). NLP could be called human language processing because it is an AI technology that processes natural human speaking. The recorded voice data is first converted to a digital form that computer software can process. The digitized data is further processed by the NLP, ML, and deep learning technologies. This digitized speech can then be used for consumer solutions like smart phones, smart homes, and other voice-activated solutions.

What Is Speech Recognition?

Speech recognition is an AI-enhanced technology converting human speech from an analog form to digital form. Advanced computer programs then use the digital speech for further processing. Speech recognition is a computer receiving dictation and is different from NLP. NLP technology helps to understand the digitized dictated speech captured by speech recognition. One technology simply learns speech data. The other attempts to comprehend and respond to the speech data.

How Speech Recognition Uses AI

Speech recognition uses the AI technologies of NLP, ML, and deep learning to process voice data input. It is a data analysis technology that is not pre-programmed explicitly. ML is fed large volumes of data, and using algorithms, recognizes patterns. ML learns data from data. Then a text result or other form of output is provided. Some of the tasks that NLP uses to break down the digitized language are:

· Part of speech tagging, such as discerning between a noun or verb regarding the same word.

· Word sense disambiguation, distinguishes a word meaning from multiple possibilities.

· Named entity recognition, determines if a word is a location or a name, for example.

· Co-reference resolution, attempts to discern nuances of meaning regarding the same word.

· Sentiment analysis, attempts to detect subjective feelings or moods.

· Natural language generation, changes structured information into human language.

Speech Recognition Examples

Voice Activated Digital Assistants

These are smart phone and computer features such as Siri, Alexa, Cortana. These are voice activated and draw information from a vast number of available databases and other digitized sources to respond to commands or answer questions. These digital assistants transform the way people interact with their devices.

Speech Recognition Solutions In Banking

Voice recognition helps banking customers with their personalized queries and responds to such requests as account balances, transactions, and payments. It can improve customer care satisfaction and loyalty.

Voice Recognition In Healthcare

Healthcare often demands quick decision-making and responses. Being able to direct patient care with the voice, freeing the hands of medical professionals, improves both the speed and quality of healthcare. Less paperwork is needed. Health records can be easily accessed. Nursing staff can be reminded of appointments. It can improve hospital bedding administration. It can improve patient data inputting and change service delivery in healthcare.

Conclusion

Speech recognition software solutions powered by AI technologies of NLP and ML bring invaluable conveniences in accomplishing basic queries and simple tasks. These advantages can improve time use and eliminate many mundane tasks. Voice activated technologies enhance the customer experience, providing satisfying advantages both at home and work

Proposal Vs. Contracts

Proposal Vs. Contracts

Proposals and contracts are two types of business documentation. They are both similar and different. A proposal is a professional suggestion or offer concerning how a project, a good, or a service can be accomplished by the proposer. A contract is the legally binding agreement when parties mutually accept the proposal, which must be fulfilled by the contracting parties. Proposals might be written or oral in form. Contracts must have certain elements to be properly created or valid. They must have an offer, a consideration, an acceptance, and an agreement. Proposals must have an offer of something desired or needed by the offeree, such as a product or service. Binding contracts must have consideration, which could be something of value to the offeror. This could be money, or other material items, or service of some kind. Contracts must be mutually accepted to be legally enforceable. Contracts must be completely agreed upon by both parties. If a contract is not fully agreed upon, then a counteroffer can be made. The counteroffer also must be completely agreed upon.

Similarities

The similarities between proposals and contracts are that both say what the project is and describe it in some detail. Both will state important items such as time, materials, and costs. Both proposals and contracts demand respective capabilities on their parts.

Desired State

Proposals and contracts are similar by having the same project or desire stated. This must match to be a legally binding agreement. If there are discrepancies in the contents, then there is not actual consent. This can give rise to legal disputes.

Modification

The items or requirements, such as time and materials, of both the proposal and the contract are negotiable and can be modified. If one party is not satisfied with a stipulation or the price, then a change can be suggested. The revised proposal or contract is then presented again to the other party for consideration.

Competencies

Both the contract and the proposal are similar because they must be capable of performing what they intend to do in their respective parts. Both parties must be competent to contract.

Differences

The differences between proposals and contracts are that a proposal is not a promise like a contract. A contract is a legally binding agreement, but a proposal is only an offer to meet the need or product requested in exchange for some form of payment. In most cases, the contract will be the evidence rather than the proposal in a legal dispute.

Price And Payment

A proposal suggests an offer of providing a good or service in exchange for some consideration. A contract then promises to deliver that good or service as described in the proposal in exchange for the stated consideration.

Work Outline And Work Owed

A proposal outlines various items of goods or services that can be made by the vendor seeking new work. A contract is a legal promise or commitment to deliver those items according to the described requirements and the deadlines of their deliveries.

Legally Free And Legally Binding

The contract is a legally enforceable document, but the proposal is not. However, if the vendor agrees to the proposal in its entirety, then it can be legally binding.

Conclusion

The honorable covenant resulting from the interplay between proposals and then drafted contracts are foundational to good business. Business is sound because the contract ensures competent and faithful vendors performing according to the promised deliverables. Compliance between proposals and contracts are the security of business dealings.

Robotic Process Automation In HR

Robotic Process Automation In HR

Robotic Process Automation (RPA) in Human Resources (HR) is utilizing software technologies to perform routine tasks in a company’s HR department. RPA is a related technology to Artificial Intelligence (AI) but not the same. RPA is a robotic tool that mimics human interaction by doing common work. It performs workflow operations that do not require decision-making and judgments. AI does more of the thinking type of human work. RPA improves HR workflow by automating such activities as onboarding new hires, creating badges, facilitating benefits enrollment, and auditing data. RPA is always improving, with the main advantage over past versions being the Graphical User Interface (GUI). The user experience is more intuitive and friendly, making such technologies easier to implement in a company’s HR department.

Robotic Process Automation In HR Examples

· Simplified data entry, by RPA scanning and inputting data from numerous resumes.

· RPA can transmit job-related status emails to numerous applicants. It can use technologies like Natural Language Processing (NLP) to read and interpret incoming email and respond appropriately.

· RPA provides the chatbot dialogues on company websites answering frequent and common employment queries.

· Resumes are analyzed and quickly assessed, streamlining the applicant selection process.

· RPA automates new hire orientation.

· Company policies and manuals can be quickly provided to employees.

Robotic Process Automation In HR Benefits

· Mundane tasks and routine operations are eliminated from the human workforce. The manual task of recording information from a resume is now automatically captured.

· HR staff are freed up to engage in the more human interactions. Most employees would rather talk to a live person concerning many employment and benefit queries.

· Resumes are automatically analyzed and evaluated. A search for applicants’ employment experience, training, and keywords are easily detected and weighed.

· New hire onboarding is automated.

· Employee forms are automated.

· New hire orientation is automated. Company policies, tutorials and safety training are automated.

· Employment applicants are updated automatically. Applicants want to know the status of their job search and can be automatically informed.

· Special events and communications are automatically accomplished. Company planned training or meetings are automated.

· Website chatbots answer basic and common customer service queries. Many questions can be answered with robotic chat sessions.

· Human HR personnel duties are more efficiently accomplished.

· HR personnel are relieved of tedious, repetitive tasks to do more important functions that add value and are more satisfying.

Conclusion

The use of Robotic Process Automation (RPA), smartly deployed in a company’s HR operations, will improve both the workflow efficiency, personnel cost, and the satisfaction of the HR staff. RPA in the HR department will not displace the need for human personnel. It better manages some necessary tasks within the HR department by automation. It does not threaten an entire HR job. RPA in the HR departments will transform them to operate in a smart, cost-effective manner and be quicker in their services.

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Intelligent Document Automation

Intelligent Document Automation

Intelligent Document Automation (IDA) is also known as Intelligent Document Processing (IDP). IDA uses software technologies such as Artificial Intelligence (AI) and Machine Learning (ML) to extract data from any document format. The extracted data contents are then presented in a usable manner for business purposes. Many businesses are data-centric, using data as a core business component. The available data dictates business operations. But most available data exists in a variety of formats such as legal forms, emails, social media postings, SMS texts, spreadsheets, and even tables, graphs, and charts. This is labeled as unstructured data. Unstructured data is not usable for businesses if manually harnessed. Manually extracting data is labor-intensive, costly, inefficient, and prone to human errors. Software that can intelligently read the data in any format and rearrange it in a structured, usable presentation is an invaluable tool. Company data is money. Using a software tool like IDP within a Robotic Process Automation (RPA) platform is a great way to garner the profitable data.

Intelligent Document Automation Examples

Data From Non-standard Reports

Companies’ annual financial reports come in many formats and styles. There is no universal standard format. They vary every year and might contain charts and graphs. The structure proves too complex for an Optical Character Recognition (OCR) solution. In the past, the reports were reviewed by bank personnel, which was an inefficient and costly effort. The data extraction was done manually or by some type of OCR system. But these OCR tools would bog down with overly complex formatting, text, or difficult handwriting. But with a robust software platform utilizing AI, these complex documents can be quickly read, the data extracted, and rearranged in a usable, structured output.

Data From Panel Drawings

Panel drawings are plans with diagrams, components, and lists, such as an electrical panel. These are notbstraightforward information. But the data contents of these panel drawing are necessary for an electrical contractor to propose a bid for new work. Gathering the data manually will demand time and be susceptible to error. Even an OCR tool will not be able to tell the different line thicknesses, read the differently oriented texts, or discern between letters and symbols. But with an AI-powered data extraction platform, such complex contents can be quickly extracted and presented in a user-friendly format.

Data From Tables

Tables are found in many documents such as bills, receipts, financial reports, and manuals. They vary with different layouts, have different fonts, have a mix of letters and numbers, and could be many pages long. People can be informed by simple tables, but complex and long tables can be misread, and mistakes will be made. But the software technologies supplied by AI can make easy work of data extraction from tables.

Intelligent Document Automation Benefits

· AI technologies can process any complex document for data extraction quickly and easily. Extracting valuable data from any document empowers companies to be beneficial to their customers, ensuring success.

· AI software serves as a tool to make a company smart and accurate. Intelligent automation improves efficiency with data management. This will lower costs of operation and increase revenue.

· The advantages of AI software solutions are providing a more satisfying work environment for personnel.

Conclusion

A company using intelligent document automation as part of their software arsenal will be transformed. The business of efficient data content management will make that company stand out. AI empowers businesses to manages data comprehensively, improve efficiency, work smarter, lower operational costs, charting a successful course.

Intelligent Automation Benefits

Intelligent Automation Benefits

Intelligent Automation (IA) is an advanced level of digital automation where software simulates human intelligence and judgment. Ordinary IT automation digitally performs perfunctory, thoughtless operations but IA does automated decision-making and thoughtful tasks. IT automation, such as Robotic Process Automation (RPA), is rule-based technology that produces repetitive work. IA uses artificial intelligence (AI) technologies such as machine learning (ML) and natural language processing (NLP) to behave with human-like judgment during its tasks.

Process Efficiency

The cardinal benefit of process efficiency is reward enough. Necessary human tasks normally produce the goods and services of a successful business. Many of these are now accomplished intelligently with inhuman accuracy, speed, and ease, because of the technologies of artificial intelligence (AI) and machine learning (ML).

Improved Customer Experience

Efficient and intelligent software technology produces improved customer experience. Customers will always be happy when they are assisted by intuitive websites or knowledgeable and efficient customer service representatives. Good customer service experience can be ensured with the aid of intelligent automation empowering intuitive web pages and speedily-informed phone and chat representatives.

Optimized Back-Office Tasks

Many back-office tasks and processes are optimized. Traditionally, back-office tasks were very manual. Intelligent automation now accelerates these tasks with fewer workers needed.

Risk Management

The double advantage of reducing labor costs and minimizing human risks are accomplished. Intelligent automation means fewer people are needed to do traditionally manual tasks. This also means fewer people are exposed to risks to safety in the workplace.

Improved Production

When factory processes are done with the efficiency, accuracy, economy, and ease that AI provides, work force productivity is greatly optimized. AI-powered computers and robots can perform tasks tirelessly and without failure, demanding less human capital, resources, and space.

Improved Security

AI can benefit businesses with vigilant monitoring and fraud detection. AI-powered computers can monitor the workplace devices and people without fatigue, boredom, or distraction.

Business Innovation

AI can significantly contribute to goods and services innovation. AI can better sense or log the hindrances and flaws of products and services, contributing to new ideas and improvements.

Conclusion

Intelligent Automation (IA) is an advanced level of digital automation where AI and NLP software simulates human intelligence and judgment. It outperforms ordinary IT automation by accomplishing many processes that require thoughtfulness, perception, and decision-making in some measure. Neither AI nor IT automation are new concepts. But AI-powered computers, capable of machine-learning (ML) combined with increased computer power, greater sensors, and increased data storage, have a far reach in the global economy. Much of the work being done in the world economy involves the management of document data and the administration of business decisions based on that managed data. Intelligent automation (IA) can process enormous amounts of such work with ease. The Content Analytics Platform (CAP), developed by Scion Analytics, is a robust document analyzer capable of intelligently processing vast amounts of unstructured data quickly. The CAP can produce results that will position any company’s use of data for success.

Automation In HR Management

Automation In HR Management

Automation in Human Resources (HR) Management uses software technologies to automate many common processes necessary for standard HR management. Software applications such as Robotic Process Automation (RPA) and Artificial Intelligence (AI) are deployed for the automation of many tedious and routine functions in the HR department of a company.

What Is HR Automation?

HR automation is the digitizing of common processes, traditionally performed manually by human personnel, to be automated. Many tasks that are tedious and time-consuming can be done quickly and efficiently with automation software. A business cannot properly operate without an HR staff accomplishing many routine tasks. These standard tasks include candidate recruitment, resume reviewing, payroll, benefits, and onboarding of new hires.

Benefits Of HR Automation

Department Efficiency

HR operations deal with documents and data. Traditional HR functions that were manually done, were extremely inefficient, required extensive personnel time, and were costly. HR automation digitizes all the employment data. Using software technologies of RPA and AI, automated tasks improve the HR workers’ efficiency by the inhuman reliability and speed of robotic processes.

Procedure Correction

HR automation facilitates monitoring patterns and tracking failures. Reports can be made. These can then be corrected and improved.

Minimize Errors

HR automation eliminates the human errors susceptible in processing many common tasks such as timesheets, payroll, and vacation time.

Better Communication

HR automation provides an extensive and clear understanding of the HR department operations.

Better Collaboration

When the HR work is understood across the department, collaboration is facilitated.

Minimize Paper Processing Costs

HR automation digitizes records, and with increased electronic storage, document processing is easy and accessible.

Candidates’ And Employees’ Satisfaction

HR automation creates a positive work experience for the entire staff. The efficiency of automated candidate recruitment, onboarding, and orientation makes a more satisfying hiring process for both the company and the employee.

HR Automation Examples

Employee Recruiting

The recruitment process involves posting job ads, acknowledging applicants, resume evaluating, and automated email responses. Automating these procedures will improve the recruitment efforts and free up personnel for human engagement with candidates.

New Hire Onboarding

The employee onboarding process involves gathering signed forms, tax documentation, background verification, granting software application access, and issuing computer hardware or tools. The automating of these standard functions by digitizing the entire documentation processes, automating computer account administration, and electronically storing employee data improves HR operations tremendously.

Employee Off-boarding

The off-boarding procedure is an important part of the HR department’s tasks. It can be overlooked. Offboarding requires updating personal documentation, exit interviews, arranging final payroll, removing software access, retrieving computer hardware or equipment, and removal from the company email directory. Automation will minimize the personnel labor required to prepare for these tasks.

Company Expense Claim

Many employees regard the manual reporting of expenses to be boring, causing work dissatisfaction. With HR automation, these expense reports can be uploaded with photos and electronically processed. Employees can then focus on more important work. This will contribute to overall company satisfaction.

Conclusion

Automation in HR is the efficient use of personnel, engages people, and creates smarter budgets. The Content Analytics Platform (CAP), developed by Scion Analytics, can quickly screen and weigh employment candidates’ resumes, saving the company time and costs.

Pros and Cons of Artificial Intelligence in Marketing

Pros and Cons of Artificial Intelligence in Marketing

The pros and cons of Artificial Intelligence (AI) in marketing consider the amazing advantages and some disadvantages of AI In the marketing industry. Such AI technologies as Natural Language Processing (NLP) and machine learning (ML), are invaluable software tools. The world of modern commerce impacts most peoples’ lives, at least in developed countries. These companies market the goods and services that most people need. A large number of sales depend on the software technology of the vendors. Marketers’ dependence on software can be a concern if the technology fails in some way. But malfunctioning technology can be repaired. Technological advantage is a permanent tool for success.

Pros Of Artificial Intelligence In Marketing

The pros of AI in marketing are numerous and invaluable. Traditionally, many marketing companies’ tasks, operations, and their customer accounts were done and managed by human personnel and their limited capabilities. This means errors, fatigue, and small output. Multiplying personnel does not necessarily prevent these challenges. But now the AI technologies of ML and NLP are mimicking human work efforts with far more speed and reliability. AI-powered computers and robots can do routine work efficiently, tirelessly, and speedily. Ad campaigns and email marketing are done efficiently. A website chatbot can mimic human interaction and not show any human subjective feelings about servicing an impatient customer. A robust document analyzer can quickly scan a large contract and detect risks and non-compliance elements. These flaws might be overlooked by a proposal team member. Given enough data, powerful computers enhanced with AI technologies can predict market trends and pricing changes. These business analyses require vast amounts of data. AI can handle enormous data analysis with machine speed and perception.

Disadvantages Of Artificial Intelligence In Marketing

Some disadvantages of AI in marketing deserve notice. Companies need to be able to predict market trends to stay competitive and successful. This market analysis requires troves of data. Powerful computers enhanced with AI technologies such as NLP and ML, along with cloud-based computing, does this predictive analysis. But if the supporting IT technology becomes unavailable due to malfunction or loss of power, then the abilities of AI are lost too. This dependence on AI can negatively replace human skill to sustain the company. When a company depends on robust software technology to do their email marketing or social media postings, the IT infrastructure uptime is critical to their success. Though the marketing industry using AI is not bulletproof, AI is always valuable for marketing success. AI technology and the IT infrastructure required is more costly. But the companies willing to invest capital into these technologies typically find greater success and return on investment. When AI can increase a company’s sales by 14% and cut overhead costs by 12%, investing in AI technology is a safe bet.

Conclusion

Artificial intelligence (AI) offers invaluable marketing tools. Companies willing to invest capital into the AI technologies using NLP and ML typically find greater success and return on investment. AI can increase a company’s sales by 14% and cut overhead costs by 12%. Investing in AI technology is typically profitable. The disadvantages are real, but the advantages far outweigh them. Malfunctioning infrastructure can be repaired. AI technologies are permanent, improving, and always helpful.