Lytics: Your partner in the Golden Age of Data and AI

The global AI market is expected to reach $394 billion by 2025, according to Databricks in their latest research piece, the 2023 State of Data + AI report. The report also found that 75% of businesses say they are using AI in some capacity.

In the report from Databricks, Lytics, a customer data platform, has been named one of the top 10 fastest-growing data and AI products.

Our AI use cases enable businesses to better leverage their customer data. And with a solid foundation built around privacy and compliance and a platform that’s powered by a modern, composable architecture, we’re on a mission to fuel the next generation of customer-centric companies. And we’re doing so in the midst of what Databricks called “the golden age of data and AI.”

So, how is your organization leveraging AI?  If the answer is, “we’re not,” “or we’re not yet,” you are certain to be left behind. Now is the time to lean in and embrace this new technology.

But to do so, today’s customer-centric companies need to organize the chaos of structured and structured data they all sit on (often without being able to act on it). Let’s take a look at the challenges they currently face, and how AI-driven solutions can help solve them.

Businesses are rich in data, but struggling to make sense of it all

When leveraged correctly, data can be extremely powerful in providing insights into customers, operations, and beyond. But, according to the report, the volume of data continues to grow at an exponential rate. In fact, 90% of data in the world was created in the last two years alone with the average company now generating 2.5 quintillion bytes of data per day. At that rate, it’s no wonder why businesses are struggling to make sense of their data. 

In fact, the Databricks’ report states that:

• 80% of data scientists spend more than half their time on data preparation and cleaning
• 73% of businesses recognize the need to improve their data literacy
• 69% of businesses recognize the need to improve their data governance.

Reasons for that struggle listed in the report include a lack of skills, resources, and tools to collect, store, and analyze data. But, with data and AI becoming increasingly integrated, businesses who lean in to AI and adopt a data-driven approach are more likely to overcome these challenges. Here’s how.

AI can help you master your data and gain a competitive edge

The report from Databricks concludes by reiterating the importance of data for all businesses. And that those who can effectively collect, store, and analyze data will be able to gain a competitive advantage and drive innovation. The report recommends that businesses can best leverage data by:

• Investing in data infrastructure and tools
• Developing a data-driven culture
• Hiring and training data scientists and engineers
• Partnering with data and AI experts

At Lytics, we think the future of AI is bright. And although we’ve only gotten started on our path toward AI-enabled data-driven growth for all, we already have lots to offer that has never before been seen in the CDP space. 

So far, we’ve made it possible for businesses to use AI to automate audience building (using natural language), schema mapping, and context-rich customer engagement via chatbot. And that’s just the beginning.

How Lytics uses AI to help businesses get more from their customer data

Our roots are in customer data. And with that, Lytics has thought about AI since its inception. We know that better AI needs better data—and the data that AI wants are called “features,” which produce signals from noise. When our Chief Data Scientist, Drew Lanenga, joined Lytics 10 years ago, his very first task was to create an AI scoring engine that would enrich every customer profile with the type of “features” AI wants. Those features are part of what we call our “Decision Schema,” which is a universal schema (all profiles on all accounts) that provides behavioral, interest, and intent data that can feed feature-hungry AI models.

So the recent developments and available tech in the AI space have only created a new playground for our engineers to explore. Here’s what we’ve accomplished to date:

1. We believe that in order to keep your sensitive customer data secure, the best place for it to live is your data warehouse. But then making that data accessible across the business can become a challenge. Enter Lytics Audience Generator AI, a generative AI tool that allows organizations to create sophisticated audiences using a simple written prompt. For example, your marketing team can use a prompt like, “Hey Lytics, search BigQuery to find my premium subscribers whose subscription is about to expire. Do not include any PII in the result set, and make sure to hash the email address.” Our SQL translator will read this prompt, query the data warehouse, and provide an audience your marketing team can then use for activation.
2. We’ve also built Lytics Schema Copilot, which offers the most efficient and intelligent way to connect data sources and create rich profiles. Using Generative AI, Schema Copilot automatically maps data from different sources to a common schema, making it easier than ever to create unified customer views. By simply connecting their data sources to Lytics, businesses can effortlessly make their data available in profiles for activation.
3. And we have Lytics Customer Profile Contextual Chatbot, a tool that goes beyond traditional chatbot interactions by leveraging the rich data inside your Lytics customer profiles. With 200+ attributes per profile, our contextual chatbot (powered by Vertex AI) is able to deeply understand each customer’s unique preferences—and can provide tailored responses in real-time for more meaningful conversations.

???? When it comes to AI, the Lytics engineering team is only just getting started. Ever wanted to build smarter, more strategic use cases with AI guidance? Soon, with Lytics, you can. You can keep up on what we’ll do next with generative AI, and what features we’re dropping next, via this web page.

AI + CDP = Limitless data potential

Now is the time to lean in and embrace the potential of what AI can do for your business. And for most, the potential is ever greater than is being recognized. AI isn’t just about predicting behaviors or identifying the next best product to recommend to a returning customer. When combined with the power of CDP, it can go a step further to unlock your organization’s true customer data potential.

According to CDP.com, “Customer data platforms (CDPs) that are equipped with AI and ML capabilities help marketers understand and predict customers behavior in order to personalize customer experiences. To set themselves apart from competitors and gain a competitive edge, they should be looking to more advanced AI/ML-powered applications and use cases to set them apart.” 

This AI-as-differentiator approach includes using AI to create better customer profiles, orchestrate the customer journey, increase efficiency through automation, and optimizing data-driven processes. And it’s all possible with Lytics. 

???????? Let us guide and help shepherd your business through today’s golden age of data and AI diving into our on-demand webinar (or get in touch with us here to chat with an expert directly).