SigmaWay Blog

Large Language Models, better known as LLMs, are at the forefront of the ongoing Artificial Intelligence (AI) revolution that is transforming the world of technology. Popular representatives of AI such as OpenAI's ChatGPT and Google's Bard also deploy this astonishing technology, and the term "LLM" is mentioned constantly in discussions, events and keynotes. So, what exactly is an LLM? Let’s explore!

Large Language Models are a type of AI program, and to be more precise, a type of Machine Learning (ML) program. It is built on a neural network model known as transformer model. The model is fed large amounts of data, usually from well curated data sources and datasets found on the internet, and then trained to interpret diverse and complex types of data (including human language). Following this, Deep Learning (DL) is deployed to conduct an analysis of this unstructured data to distinguish between different pieces of input and research data. Through this process, LLMs are able to generate appropriate responses for any problem that they are presented with. 

LLM models are best used as a form of Generative AI (GenAI). GenAI can generate text-based responses to all kinds of problems and even write complex code in a matter of seconds! It also has several other applications such as sentiment analysis, customer service etc. As a technology it is still in its early stages, comprising of several key issues such as bugs and other types of manipulations. Regardless, LLMs are the next big thing in AI today, and are sure to become a staple of tomorrow.

If you’re not tracking VR analytics, how do you know what works and what doesn’t? How do you prove ROI?

Utilizing quantitative and qualitative data can put you ahead of your competitors.  After all, without analyzing your data within VR is just guess work.

Doing this gives businesses the ability to track users in a 3D space instead of 2D screens. Traditional 2D tracking metrics such as clicks, swipes, scrolls or taps are certainly not the best ways to capture the depth of data available in these 3D environments.

VR specific metrics include Eye tracking to see what draws their attention, user interaction with specific objects, tracking 3D spatial data and biometrics to measure the emotional state of users to name a few.

These metrics are used by businesses to develop better products, train employees effectively and more efficiently and to understand customer buying behaviour.

Read more at: https://www.tobiipro.com/blog/why-vr-analytics-eye-tracking/

No more will you hear about Chatbots being the next big thing. They’re already here and here to stay! Top domains where Chatbots are proving beneficial are:

1.      Ecommerce and Online Marketing: Messenger Chatbots have higher open rates and click through rates than Email, as a result of which many online marketers have begun using Chatbots as a way of getting website visitors’ information. Redirecting the customer to the correct sales channel, content gamification and relationship marketing are additional benefits it brings to this domain.

2.      Customer Service: The best use of technology right now is in automating the easy questions that get asked over and over again with a live agent takeover whenever the bot cannot answer a question. When the bot is stumped, it automatically sends the questions to a live agent, listens to the answer and then learn how to answer such questions in future.

3.      Travel, Tourism and Hospitality: Bots in this space are being successful on a number of critical fronts- they increase revenue, increase customer satisfaction, increase engagement and brand loyalty and lower costs via automation.

4.      Banking, Financial Services and Fintech: First and foremost, bots can help warn you about issues and dangers with your bank account. Bots can give you suggestions on what to do with your money- it can give you a cost breakdown of where you are spending or how can you move money around in order to save more money. Banks are also using chatbots internally to help automate tasks.

5.      HR and Recruiting: Chatbots can engage applicants and pre-screen them and make sure they’re qualified by asking a few questions. They also help in easing the process of on boarding new employees.

What other uses could be coming next? Read more at:

Reputation management deals with maintaining and controlling a group’s, an individual’s or a brand’s reputation. The reviews that the customers give on a brand greatly impact how search engines and prospective customers make decisions about that brand everyday. Every business tries to take its reputation management strategy to a next level. Sentiment analysis determines the nature of response to a particular product or brand- if its positive, negative or neutral. It helps to analyze customer feedback or how they feel towards a brand. Besides, competitive intelligence is the key to winning and maintaining business. Understanding one brand’s performance relative to others is necessary. Generating new reviews help businesses to stand out which in turn helps in maintaining the reputation. This can be done by simply asking customers at checkout to write a review if they are willing to. However asking for reviews too often is not a good idea as this can annoy the customers. Hence businesses must learn to create an effective review response. Read more at: https://www.thedrum.com/industryinsights/2019/06/25/how-take-your-reputation-management-strategy-the-next-level

Merging entertainment with data is a well-known concept. The marketers and content-creators have always focused on strategies that will resonate with the audiences and keep them engaged. Over the past few years, there has been an evolution of AI in the marketing strategies of content creators, brands, networks, etc. AI uses the deep learning algorithms that can digest, asses and contextualize unstructured data quickly to derive actionable insights. AI can analyze millions of pieces of content at a time, with the help of deep learning which is undoubtedly beneficial for the content creators and marketers. Deep learning helps in predicting whether a campaign will be successful even before it starts. Thus marketers are increasingly turning to deep learning algorithms to make better sense of the contents. Read more at: https://www.thedrum.com/industryinsights/2019/04/03/the-evolution-ai-entertainment-marketing

Over the last few years, industries have become more sophisticated due to the increasing demands of influencer marketing. Many companies are planning to increase their influencer marketing investments to develop long-term partnerships with creative influencers on social media. Influencer marketing is nothing but a hybrid of old and new marketing tools, taking the idea of celebrity endorsement and placing it into a modern day marketing campaign. However the Influencer marketing faces a lot of challenges. Due to inconsistency in data, companies tend to jump from one influence marketing provider to another. However, we can expect to see an evolution in gathering and usage of data in the coming years. Brands are increasingly becoming more educated and competent. Marketers and brands want tools that gather all metrics relevant to value generation and tools that can track the performance from multiple social media platforms. Those providers that fail to deliver these requirements often fall behind as the market evolves. Moreover influencer industry is built on trust and authenticity, so the rise of fake followers erode business and consumer trust. Hence in order to protect the customers, the influencers must take a stand against the rise of fake followers. Read more at: https://www.thedrum.com/industryinsights/2018/12/21/why-we-need-get-little-smarter-about-influencer-marketing

With the advancement of data science, Chatbots are on the rise. Chatbots optimize customer service as they prod intelligent conversations between a human and an automaton. Chatbots, driven by machine learning, constantly collect new data from their interactions with customers to deliver improved experiences. It has been estimated that in 2020 over 85% of all customer service interactions will deploy Chatbots. They can act as virtual advisors and look into customer issues, can decipher typos made by interlocutor, provide speedy responses with 24/7 assistance to customers, deliver help in the banking industry, etc. Chatbots being the employees that can work without taking any rest, are useful in the insurance industry, Facebook Messenger and health service as well. Developments of Machine Learning algorithms and technology behind Big Data are the pillars of Chatbots.

Read more at: https://www.smartdatacollective.com/big-data-leads-to-impressive-array-of-chatbots-in-customer-service/

   With the idea of improving Gmail security, Google has adopted new big data security standards. Nonetheless, users should incorporate big data to secure their Gmail login. So far, Gmail is not the most secure email servers in the market as it wants our emails and details which act as data. Big data enhances Gmail security by prioritizing advancements in cybersecurity and malware protection and making two step verification more reliable. As Gmail users, we should upgrade our browser every time we are notified about it and use a sophisticated password which should be a unique combination of characters, letters and numbers. Hence it’s a blessing for us that Big data has started looking into Gmail security concerns.

Read more at: https://www.smartdatacollective.com/4-brilliant-ways-to-use-big-data-to-boost-gmail-security/

Business intelligence (BI) tools, used to prepare, present and analyze data are now transforming the small businesses. The chief role of BI is to convert tons of raw data into useful information that the business executives can use. Small businesses will grow if and only if it can break down and analyze the information available on its server. BI tools help businesses make smarter decisions and also in Customer Relationship Management (CRM). Businesses must always find ways to understand their customers better. This is where BI solutions like YellowFin and Looker play a massive role.BI tools also help in boosting data governance and compliance. Thus BI helps small business owners avoid mistakes by keeping data accurate and up to date.Read more at: https://www.business2community.com/business-intelligence/how-business-intelligence-tools-are-transforming-small-businesses-02208030

Nowadays video based marketing is a great way to engage with customers and increase followers. Recent studies have found that open rate increases by almost six percent if videos are included in emails. Not only that it is an implausible way to ensure engagement and increase sales substantially. Videos in email save time and are easily understandable to the viewer. Apart from that, it is cost effective and it quickly grabs audiences’ attention. However companies must be well aware of the fact that using videos in each and every email can go against the marketing tactics resulting in ignorance by the subscribers. Being creative, choosing the right email provider and monitoring open rates are some of the important tasks that should not be neglected while using videos in email marketing. Read more at: https://www.business2community.com/video-marketing/your-2019-guide-on-how-to-use-video-in-email-marketing-02211325

Bad data generally refers to the faulty or flawed data. All the marketing strategies and tactics become futile if the business falls prey to bad data. Studies have found that bad data are expensive and can cost upto $3.1 trillion per year. One of the important contributors of bad data is the reliance on traditional lead generation tactics by the companies. Third party intent data is a savior to the bad data problem. It helps companies overcome the inaccuracies that might have existed in their Customer Relationship Management (CRM) for years. Companies must ensure that the data provider is a trusted one. To overcome bad data problem, the intent data must be accurate, actionable and targeted. Read more at: https://www.business2community.com/marketing/solving-the-bad-data-problem-in-marketing-02210818

Nowadays emotional intelligence is changing the way we view sales. It is an effective way of understanding customers’ emotions and analyzing their buying behavior. An emotionally intelligent sales person must possess qualities like managing client relationships, self-awareness and self-management. Convincing the customers to buy products is an important task. An emotionally intelligent sales person must be able to resolve any issue that might arise. Being aware of how one’s action affect others can help develop a sense of self awareness. A self aware salesperson should know the right time to talk and should be an active listener. To be able to control one’s emotion is an important trait that a salesperson must possess. Emotional intelligence training therefore gives an all new perspective to sales. Read more at: https://www.business2community.com/sales-management/why-emotional-intelligence-training-is-vital-for-sales-02208645

Branding is always will be the most crucial part of any business. These days everyone emphasis on the branding and how it should be different from their competitors. People are now hiring employees who have deep understanding about the market scenario, understanding their products, ideas, goals and values. But a brand becomes successful when the company has its own values, mission, vision, have motivated employees and open to ideas.

Read more at :  https://www.business2community.com/branding/the-importance-of-internal-branding-02192346

Email is one of the fastest form of communication that is done of daily bases. Mostly its done for business oriented, promotional activities, newsletter etc. The message in email should always be clear and precise so that the message is conveyed properly to the receiver and their is no miss communication. They are various forms of email marketing is used as a welcome, invites, business proposals etc. 

Read more at : https://www.business2community.com/email-marketing/4-essential-templates-to-jumpstart-your-email-marketing-02192277

Leadership can only be done through a dialogue. The way two people interact with each other clearly understands the who has the leadership quality. Leaders grow when the people under him/her grows as they are highly motivated, positive, collaborative, for them their leader is a solution provider etc. Leaders should be an inspiration not an authoritative person who just commands.

Read more at: https://www.business2community.com/communications/leadership-tip-learn-to-talk-with-people-not-at-them-02192035

Email marketing is one of the oldest form of marketing. It always have innovative strategy to engage the customers like how Zomato or Swiggy does it. They always find the ways to engage their customers by giving them new offers, remembering their customers birthday or by telling the frequent dish ordered by the customers. It is the cost effective approach and less manpower involved but the reach is highly effective.

Read at more: https://www.business2community.com/email-marketing/email-newsletter-ideas-you-can-use-to-engage-your-readers-02188624

Customers are loyal towards brand depends upon the experience. These days they are a lot of options for a customer to move towards different brands  depending upon their  of experience, quality, price etc. It highly depends on the brand how they retain their customer by understanding their needs, buying strategy etc.

Read more at: https://www.business2community.com/customer-experience/what-are-the-different-types-of-loyal-customers-02188814

Marketing is the front face of a company which leads to brand recognition and customer buying tendency. These days most of the company is thinking of cost benefit strategies especially investing to have inhouse agency or  outsource it. They are big media agencies in the market who are expert in creating the advertisement but they charge heavily while the inhouse marketer where's different hats to execute the task. Cost, productivity, area of expertize etc are some factors on which the company decides where to invest.

Read more at: https://www.business2community.com/marketing/who-should-you-hire-first-marketer-or-agency-02189024

Branding is an experience that hits the mind of the consumer and remains in the sub conscious. The customer recalls the experience what they have experienced with the company/product and tend to be loyal to the company. Even if there is a change in the mergers or acquisition the consumer will always remember the experiences and be loyal towards the brand.

Read more at: www.forbesindia.com/blog/marketing-and-branding/how-to-build-a-brand/

A smart business person knows how to use his/her’s Instagram profile to its full potential. Instagram provides a platform in building trust, also contributing to the long term loyalty of the brand. A strong customer relationship is extremely valued. Frequent interactions and word of mouth engine have proved themselves to be very important factors in strengthening the customer relationship over time. A few social media marketers pay a lot of importance on the follower counts and ratios. But on the other hand having a small number of followers who see the brand in a positive light is more valuable for the business.

To know more visit at: https://www.business2community.com/loyalty-marketing/how-to-build-brand-loyalty-on-instagram-02093963