How AI matchmaking is reshaping the future of events
Artificial intelligence (AI) has become ubiquitous in all walks of life, whether for completing a personal chore or conducting your business. We daily interact with AI in some form, like browsing Netflix recommendations, shopping on Amazon, or using digital assistants like Siri and Alexa.
According to global market intelligence firm IDC, the global revenue for AI is projected to expand to US$554.3 billion by 2024, growing at a five-year annual rate of 17.5 percent. Jennifer Hamel, research manager at Analytics and Intelligent Automation services (a division of IDC) says:
“Though the pandemic interrupted the momentum of worldwide AI services market growth, enterprise demand for AI capabilities to support business resiliency and augment human productivity sustained double-digit expansion in 2020, even as other discretionary projects experienced delays.”
Advancements in AI, and in particular the ability to rapidly analyse data and automate processes while maintaining a semblance of human touch, have led to new and innovative solutions in different industries, such as AI matchmaking for events and exhibitions.
In this article, we will discuss how AI matchmaking has become a necessary networking tool in the changing landscape of the event industry, addressing the advantages it provides for business events and the broader role it is expected to play in creating successful events in the future.
AI matchmaking is necessary for events
Virtual and hybrid events have opened up access to industry exhibitions, trade shows and conferences for thousands of participants around the world. This has exponentially increased the amount and quality of data (name, job titles, geographical location, interests) being uploaded and processed during these events.
With a vast repository of information at your fingertips, how can this data be used to drive the right connections and enhance networking opportunities for attendees?
Processing all this data manually would be a Herculean task involving long hours, days and even weeks. With AI matchmaking software, millions of data points can be analysed within a fraction of a second, delivering instant recommendations for the most potentially fruitful connections.
At the core of this technology is machine learning, which intelligently adapts to user choices by studying intent and past behaviour to generate more relevant options, if the desired match is not found.
With a majority of business events being shaped around virtual elements, we are witnessing increasingly data-rich scenarios. This has made AI matchmaking software and tools an integral part of the event tech stack for organisers looking to deliver richer connections and more meaningful experiences.
How does AI matchmaking benefit events?
There are numerous benefits of using AI matchmaking for events, the biggest one being the time it saves the user.
Consider a virtual B2B exhibition in the following scenarios:
Without AI matchmaking – Your attendees scan a lengthy list of exhibitors and fellow participants to find out who matches their interest. After a considerable length of time in going through different profiles, they shortlist a few people to network with.
With AI matchmaking – AI collects and processes the details of every attendee; evaluates the choices they have made and offers the best matches in a split second. If the options are not relevant, it keeps adapting to improve the match relevance, until the attendee finds the best possible match.
The significant time savings ensure organisers can focus on other aspects of their event, save costs and improve bottom line.
Another area in event networking where AI-matchmaking has made an enormous impact is in making people-to-object connections, where the AI algorithm makes recommendations for content, products and sessions.
For example, ExpoPlatform’s AI-powered matchmaking software assists organisers in tailoring matchmaking rules to help attendees connect with relevant products, meetings and sessions options and recommended content. These recommendations are generated using a blend of user preferences and dynamic interactions within the event platform.
With attendees having access to seemingly endless presentations, company brochures, videos, webinars as well as product listings, AI matchmaking helps provide curated options to filter through the noise and connect to content and products that are actually useful. This drastically cuts the time on research and helps the user make more informed and value-driven business decisions.
Learn how AI matchmaking’s enhanced functionality to make people-to-object connections contributes to setting up a framework for an online marketplace model in this eBook.
The new way of business matchmaking
With its ability to rapidly study user patterns, AI matchmaking has changed the way connections are made at events. In addition to finding the most relevant matches, AI also allows organisers to do in-depth analysis of the audience persona, helping them facilitate the right business opportunities.
AI matchmaking also plays a crucial role in personalising the attendee journey. Instead of prompting random conversations, it encourages users to engage with relevant people and content, maximising every minute they spend during the event. This leads to a greater engagement rate, better quality leads and a higher overall satisfaction score for the event, as well as more meaningful interaction prior to and after the event itself.
The event industry, like most industries, is facing extraordinary challenges. To stay relevant, it’s essential to innovate and provide new solutions to attendees and exhibitors. In the absence of face-to-face interactions, and now as part of an approach to events that incorporates a greater degree of online interaction, AI matchmaking software has quickly become a popular tool to connect attendees with similar interests, as well as helping people find new content, products and services as per their preferences.
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