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This A.I. Bot Writes Such Convincing Ads, Chase Just ‘Hired’ It to Write Marketing Copy

Here are two headlines. One was written by a human. One was written by a robot. Can you guess which?

  • Access cash from the equity in your home. Take a look.

  • It’s true–You can unlock cash from the equity in your home. Click to apply.

Both lines of marketing copy were used to pitch home equity lines of credit to JPMorgan Chase customers. The second garnered nearly twice as many applications, according to the Wall Street Journal. It was generated by Persado’s artificial intelligence tool.

This is why Chase just signed a five-year deal with Persado Inc., a software company that uses artificial intelligence to tweak marketing language for its clients. After a trial period with the company, Chase has found Persado’s bot-generated copy incredibly effective. “Chase saw as high as a 450 percent lift in click-through rates on ads,” Persado said in a statement.

That email might have been written by a bot.

Chase says it will use Persado’s tool to rewrite language for email promotions, online ads, and potentially snail mail promotions. It’s also looking into using the tool for internal communications and customer service communications.

When asked if this might lead to downsizing, a Chase spokesperson told AdAge: “Our relationship with Persado hasn’t had an impact on our structure.”

Persado’s tool starts with human-written copy and analyzes it for six elements (narrative, emotion, descriptions, calls-to-action, formatting, and word positioning). It then creates thousands of combinations by making tweaks to those elements.

Kristin Lemkau, chief marketing officer at JPMorgan Chase, is fully on board with Persado. Chase began experimenting with its software three years ago. Sometimes the tool would recommend a wordier headline, which goes against marketing 101. But that longer headline garnered more clicks.

“They made a couple of changes that made sense and I was like, ‘Why were we so dumb that we didn’t figure that out?'” she told the Journal.

By: Betsy Mikel Owner, Aveck @BetsyM

Source: This A.I. Bot Writes Such Convincing Ads, Chase Just ‘Hired’ It to Write Marketing Copy

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How AI Is Revolutionizing Healthcare

Great strides are being made by AI in the healthcare sector. The AI market in healthcare is due to increase tenfold by 2025, becoming a $13 billion industry, according to Global Market Insights. But currently, advances are generally tied to frontline medicine, rather than back-office administrative and finance functions. “Most of the machine learning and artificial intelligence gains we’re seeing right now are on the clinical and diagnostic sides,” explains Brian Sanderson, National Managing Principal of Healthcare Services at the accounting, consulting and technology firm Crowe.

But there’s a value opportunity to be gained from harnessing machine learning and AI beyond the bedside, too. It’s one that can help hospitals save money on administration and allow health system leadership to focus more on what should be at the core of everything they do: keeping people healthy. While the revolution is well underway in frontline medicine, hospital administrators are just beginning to recognize the power and applications of AI. Here, explore three areas of back-office healthcare where the chance for revolution, aided by AI, is ripe: exceptions management, hospital administration and revenue cycle operations.

1. Exceptions Management: Reducing Errors All Around

For decades, hospital business office personnel have been attempting to recognize, resolve and prevent billing exceptions, i.e. claims that did not smoothly complete the payment cycle. But with machine learning and AI, it’s possible to put actual computing power to work spotting patterns that even the most skilled humans cannot.

Working with a large health system, Crowe used AI to analyze a large health system’s credit balances — patient accounts that did not resolve to zero. “They had anomalies, and they had exceptions,” says Sanderson. “There shouldn’t be any if your manufacturing process is running correctly.” The system had 17 people working on resolving and processing credit exceptions.

As soon as Crowe put AI on the case, it discovered that a single compliance issue was occurring thousands of times per month. “We found 16,000 of them by using AI, and were able to turn it off and fix it,” says Sanderson. “Suddenly 16,000 exceptions stop coming.”

“Cost-driven automation,” as Sanderson calls it, is a transformative innovation for the healthcare space.

2. Administration: Keeping Hospital Operations From Flatlining

Current C-suite staff focused on finance are tasked with juggling plenty of plates. The chief financial officer (CFO) keeps an eye on revenues, while the chief operating officer (COO) has to look at the bottom line and keep costs low. But aided by AI, the CFO can oversee both sides of the equation with ease, freeing up the COO to keep services running smoothly on a day-to-day basis. This kind of leadership and staffing efficiency is essential because hospitals are always at risk of taking their eye off the main goal: keeping people healthy and ensuring that the day-to-day operation of healthcare systems runs smoothly.

The AI revolution will involve feeding in and parsing data from entire specialty wings and specific beds within a hospital or hospital group to better allocate resources automatically, Sanderson believes. “I think you will be able to look at the trends and diagnoses that are within the four walls of your hospital and be able to use that as an operational managerial tool,” he says. “You’ll be able to determine what your labor needs are, your food supplies and your medications” — all with better precision than ever before.

This is just around the corner, he notes, and is likely to manifest in the next few years. “It’s about as hot as it can be right now, with respect to interest and applicability,” he says of the AI buzz in hospital finance. Crowe, for one, is using technology that helps CFOs at its client organizations get a better handle on what financial position they’ll finish the year in. That use of technology is likely to expand in the near future, using information at present (including its current financials, sickness levels and hospital performance) and broader trends in the industry to project what a healthcare company’s financial performance will be in the future.

Better prediction and projection can help health systems take better risks, too, says Sanderson. Bolstered by big data, hospitals know when to take the plunge on investing several million in a new wing or diagnostic machine, for example, and when they’ll need to funnel all resources into keeping pace with more immediate concerns. “It can incorporate things like what happens when flu season hits, if there are implications from weather or if competitors open up particular facilities.”

3. Revenue Cycles: It’s a Journey To Automation

“Every health system has to become more efficient to reduce costs,” explains Sanderson. It’s a simple fact of business. But to truly bolster the revenue cycle, health systems must follow a multi-stage journey to reach maximum efficiency, according to Crowe. The first step in the process is to recognize people and processes that set the standard for optimal operations.

The second is to standardize processes to mimic highest achievers: encourage everyone to follow the path that one high achiever takes. “A lot of consulting sort of stops there,” says Sanderson: “‘This is the way you should be doing it; we want everybody doing it this way.’” But taking it a step further — and systematizing your processes — can unlock even greater efficiency. Utilizing the appropriate technology, either by ensuring the effective use of systems already in place or investing in technology that enables your teams to complete, and repeat, the correct process, is essential. Enhancing standardized human workers by giving them access to AI tools and big data helps compel them to work smarter. However, it’s still not the most efficient method of handling the revenue cycle. That comes with automation: utilizing AI across organizations to determine the best industry practice and delegating redundant tasks to machines through RPA, thus freeing up human workers to take on more uniquely human problems and relying on fewer staff to monitor machine performance.

“Where are most [organizations] on that spectrum?” asks Sanderson. “Most are somewhere in the middle of that journey.” Progress is linear and must incorporate every step, he says. It’s not possible to skip straight to automation, since the processes in place and being automated might incorporate glitches.

But as more health systems progress further along that journey, feeding more data into the bigger picture, the benefits become greater too. Crowe currently has access to 1,200 hospitals’ data, across a wide geographic span, and is leveraging that to improve performance across the board. It allows the company to take in the entire scope of current innovation — and help clients learn from best practices and peers. “The future is an amalgamation of data to allow for the best of the best,” says Sanderson. “The idea is to take an entire industry worth of data and build something scalable, and adoptable, for the industry.” In so doing, healthcare organizations allow their professionals to focus on the real goal: keeping people healthy and providing better care for all.

Crowe Contributor Crowe Contributor Brand Contributor

Crowe LLP is a public accounting, consulting, and technology firm with offices around the world.

Source: How AI Is Revolutionizing Healthcare

The Soup Has a Familiar Face: How Artificial Intelligence Is Changing Kroger, Walgreens And Others

In their efforts to eliminate marketing misfires in the aisles, more retailers are investing in ways to physically connect with their customers within their stores. From cooler doors that recognize a face to dressing room mirrors that can dim the lights, retailers are investing in artificial intelligence (AI) for one key purpose: to accurately anticipate customer behavior at scale. This was a theme recently of the National Retail Federation’s Big Show in New York. Specifically, retailers are using AI, facial recognition and other advanced technologies for their physical tracking capabilities………………

Source: The Soup Has a Familiar Face: How Artificial Intelligence Is Changing Kroger, Walgreens And Others

Is Artificial Intelligence Replacing Jobs In Banking – Vishal Marria

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Over the past 12 months, the banking industry has become increasingly excited about AI. Virtually every leading consultancy has published research on the impact AI will have on the sector and investment continues to pour into developing innovative solutions. But, alongside all the buzz comes the inevitable concern that the implementation of this technology will reduce the need for actual human workers. The notion here is simple – if a bank can automate a process then surely they don’t need a human to do it….

Read more: https://www.forbes.com/sites/vishalmarria/2018/09/26/is-artificial-intelligence-replacing-jobs-in-banking/#63e9c0fa3c55

 

 

 

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