With explainable AI, marketers can see more precise explanations for the system’s actions. This is helping them make informed decisions and develop strategies to improve their future campaign.
Today, explainable AI is becoming so important in marketing. We’ll show you why and how it could affect your marketing strategy.
What Is Explainable AI?
Explainable AI (XAI) is a breakthrough in the world of artificial intelligence. It’s a version of AI built to explain the reasons behind the system’s behavioral patterns. This allows humans to understand why it acts a certain way.
The idea behind the development of explainable AI is to overcome the weaknesses associated with the standard version of AI. Some of these include a lack of emotions and minimum transparency.
The Benefits Explainable AI Brings To Marketing
There’s no hiding the fact that explainable AI is positively impacting how marketers conduct their business. According to a global study of 1300 business experts and 3000 customers carried out by McKinsey & Company, products that explainable AI has leveraged are more likely to achieve an annual growth of 10%.
Here are some of the benefits that explainable AI is having in marketing.
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Logical resource allocation
A lot of marketing companies struggle with strategically managing their resources. Explainable AI can help them develop unique strategies that will get the most out of their resources. This will give marketers a roadmap to get the highest return on investment.
Trust between customers and companies is everything in business. Marketers can use explainable AI to show their customers the reason for singling them out as targets for their products. When customers understand this, it helps to establish a level of trust between the two parties.
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Optimized marketing campaigns
Explainable AI is helping marketers drive better results from their marketing campaigns. Since XAI can give feedback on certain products and experiences, markets can test the effectiveness of how they brand them.
Customer data privacy is becoming more and more important. As legislation evolves, marketers are having to adhere to strict regulations. Explainable AI can have a part to play in following legislation by being upfront with explaining its actions.
The Possible Effect Explainable AI Could Have On Your Privacy
While there are huge benefits that come with explainable AI, there are worries that it’s breaching the everyday person’s privacy.
According to a report by Economic Times, AI systems, including XAI, are trained using personal data like people’s names, home addresses, medical information, etc.
It’s unknown to many that so much of our information is being collected by various websites. If this was to be compromised, it could be used to develop AI systems.
This clearly shows there’s a sizable lack of privacy when it comes to the development of explainable AI.
You can do some things as a user to protect your sensitive information from XAI. One of these includes downloading a VPN on all your devices, like a VPN for Android, to encrypt your data. This will secure your private details so nobody can steal what’s rightfully yours.
Conclusion
