Artificial Intelligence lending a helping hand to the virtual event industry
Since the coronavirus pandemic took hold of our lives, virtual events have taken centre stage. With evolving time, virtual events are becoming the new normal, and AI is no longer something that business owners, marketers or organisers can afford to ignore. There is no denying that AI is proving to be one of the most important resources available for creating top-notch, successful events.
But before we go any further, let’s understand, what is AI?
Most of us relate Artificial intelligence (AI) to sci-fi movies like Matrix or Inception. But AI is simply the human-like intelligence of a computer. One of the most intriguing aspects of AI technology is its ability to process vast amounts of data in the blink of an eye.
According to Grand View Research, global virtual events industry was worth USD 77.98 billion in 2019, and is estimated to expand at a compound annual growth rate (CAGR) of 23.2 percent from 2020 to 2027, reaching USD 404 billion. Artificial Intelligence will be an integral part of this progress. From matching-making, personalised recommendations, automated updates and alerts, to pre and post-event analytics, AI plays a significant role in making the entire process of virtual events smoother and more efficient.
Here's a breakdown of some of the key aspects of AI technology that can assist you in planning and organising successful virtual events:
Valuable Event Insights
Manually processing data of each event participant can take days or even weeks, and it is more vulnerable to errors. AI technology, on the other hand, processes all the information (name, interests, contact information, business of an individual etc) with 100 percent accuracy in seconds. Event platforms can be enabled to use this data to extract meaningful event reports and insights.
For example, based on data from pre-event activities and previous events, an AI-enabled event platform can predict the traction of the upcoming event. These predictions can help the organiser in evaluating their marketing strategies and allocation of resources, and overall effective event planning.
What do you think of finding the right sellers of a product you’re looking at buying in an exhibition of hundreds and thousands of exhibitors? Well, AI can come to your rescue in formats like large exhibitions and buyer seller meets.
Event platforms that offer AI-powered matchmaking between buyers and sellers can help connect participants with the right opportunities and people, allowing them to make the best of the experience and achieve their goals in the shortest period of time.
Now, imagine the system telling you from the shortlisted sellers, which are the ones that are offering discounts! Possible. With AI-enabled event platforms.
Automated Alerts & Teleportation
An AI-enabled virtual platform can make the whole event experience enriching for participants. For instance, if you wish to visit a virtual event with a friend, it can send you an alert and help you visit specific areas together.
It can record and remind you of the important events that you don’t wish to miss in a virtual show and teleport your virtual self from an inauguration hall to the sponsor booth or a networking lounge within seconds, making sure that you miss out on nothing important.
AI is the future of the events industry. AI technology is making events more organised, targeted, customised in order to offer ideal experiences. Each event participant is unique and therefore should be and can be given a custom experience using artificial intelligence.
The Covid era is the prime time for companies and organisers to leverage the advantages and make the most of AI technology. Event trends will keep on evolving as technology advances. Business and event organisers will have to adapt to changing needs and demands of the audiences to survive and succeed.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)