As the adoption of artificial intelligence (AI) soars, global companies are investing billions of dollars into the new technology to gain a competitive edge. But how does this investment into AI translate into higher revenue? This was the focus of a panel discussion at the AI Summit PH, and in an interview with CoinGeek Backstage, Albert Cuadrante talked about how companies can turn AI into ROI (Return on Investment).
For AI to properly function, you need to invest in data collection, management, and analysis, and the cost can be hefty, Cuadrante told CoinGeek Backstage. As such, companies need to start thinking about how to turn this investment into revenue, stated Cuadrante, the Chief Marketing Officer at the UnionBank of the Philippines.
The first aspect to focus on should be the data quality, Cuadrante told CoinGeek Backstage reporter Claire Celdran.
“First, the quality of your data is something you must invest in because garbage in, garbage out. AI just learns, so you need to feed the machines with the right data,” he stated.
The focus on the quality, source, authenticity, and reliability of data has become central to the development of AI in recent months. ChatGPT maker OpenAI is fighting dozens of lawsuits for copyright infringement as other AI developers grapple with navigating the murky waters of data harvesting.
Once a company has nailed the data aspect, it must leverage AI to meet the ever-evolving customer demands, Cuadrante says.
“That’s how you make money out of your [AI] investment; cater to the customer you acquire from the perspective of a lifetime relationship.”
UnionBank is capitalizing on AI in its digital banking initiatives. Cuadrante revealed that the bank was integrating the technology pre-pandemic, years before it went mainstream. AI has allowed the bank to personalize its customer experience to the individual needs of its clients.
“If you open our app, you might see a different interface from your friend because you have a different lifestyle.”
Cuadrante believes that AI will become ubiquitous in the future. While some companies are using it now for specific functions like marketing, he says it will extend to every facet of an organization, from hiring and HR management to daily operations.
Watch AI Summit PH 2023: Philippines is ripe to start using artificial intelligence
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.