Traditional business matchmaking is hard work.
Business matchmaking has been around for a long, long time. Traditionally, it has been done through chambers of commerce, dedicated business matchmaking companies, or exhibition or expo organizers. They invite companies to submit their profiles (company’s background, areas of interest etc.) to enter into a round of matchmaking. You may be surprised to learn that in most cases, matches are done manually by having a person reading through every single profile and putting two companies together for a potential meeting.
This process is extremely manual and it relies on the “matchmaker’s” ability to interpret and decide who should meet whom. If you’re familiar with this process, you know that this is not the hardest part yet! The most challenging part of a traditional business matchmaking program is to schedule an available time for the two sides. We all know how hard it is to catch up with your good friend; she is always busy for every time slot you suggest … well, this is exactly the challenge of a business matchmaker.
Artificial Intelligence to the rescue!
AI at its most basic is the technology enabling machines to learn from experience and perform human-like tasks. AI can process a large amount of data in a very short period of time, and it can get smarter and better as more data is fed into its model and algorithm. With the effectiveness of AI, operational costs and the cost of manpower can be significantly reduced, and this is the ultimate dream of every business.
How does AI connect to business matchmaking then?
When it comes to matching two businesses or two event attendees (buyer-seller, investor-entrepreneur) at a business event, a human can only handle a very limited set of data points, for example, each party’s industry and role (buyer or seller). Using these few data points to match the two parties, the job could be done and meetings can be set up. Yet, the success rate for any business relationships has been traditionally low.
With AI technology, full profiles and major keywords can be analyzed to find deeper connections. AI doesn’t only just look at basic info like industry and role, it can also read every single word and find connections in similar language. This is Natural Language Processing (NLP) in AI technology working its magic. With this approach, we increase every event attendee’s chance to meet the right people for business development.
In addition, the tedious scheduling experience can also be improved by automatically suggesting meeting times based on both parties’ schedule. If Tom (an investor) is not available from 12–3pm, Ray (an entrepreneur) wouldn’t be able to schedule a meeting during that time frame, reducing the hassle of back-and-forth communication.
Last but not least, the most significant enhancement with AI is the improvement of the algorithm. As an event attendee confirms a match, the algorithm analyzes the connection and recommends additional similar profiles that she would also enjoy meeting. When the algorithm gets better and better over time, event attendees enjoy a significantly better experience.
This is how our AI technology can enhance your attendees’ event experience through smarter personalization. Instead of meeting a lot of people and finding ineffective conversations and contacts, your attendees can now maximize the value of going to your event. If you’re curious for more info, reach out, say hi and we can show you more!