Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we'll augment our intelligence.
Ginni Rometty, CEO – IBM
It never ceases to amaze us when we think about the contribution of technology in the marketing sphere and how it has steered the ship to a place where we exist today. And among the many contributions, is Artificial Intelligence, still in its budding stages but powerful nonetheless.
In case you missed it, big things are coming for artificial Intelligence as marketers take notice and realize its great potential to eventually transform the customer journey. Read on to know what the statistics have to say about the future of AI.
Forrester predicts that by 2020, businesses with data-insights-driven teams will grab $1.2 trillion from peers without that culture.
According to Gartner, 30% of companies worldwide will be using AI in at least one of their sales processes by 2020.
In 2019, IDC shared that 40% of digital transformation initiatives as well as 100% of IoT initiatives will be AI supported.
It’s clear that AI and machine learning present a huge opportunity for marketers as well as other organizations. In fact, it’s already being adopted by companies, eventually rendering their marketing efforts to be more effective and efficient. Netflix has said to have saved $1 billion in annual revenue by avoiding canceled subscriptions—thanks to the personalized AI-powered content. Amazon was able to reduce ‘click to shop’ time by 225% by leveraging automation.
Still, most marketers out there find themselves neck-deep in overwhelming amount of data that needs more clarity and re-architecting. And one of the chief reasons behind this is the separation of MarTech (marketing technology) and AdTech (advertising technology) along with other tool variations. Instead of adhering to the usual siloed approach, all teams must work in an integrated fashion. In order to effectively carry out sophisticated marketing programs and sales play, organizations will have to invest more time and effort in sales and marketing teams that include architects, data scientists and data stewards; not to mention the core marketing communications team. Also, the challenge that sales and marketing teams face with lack of resources to successfully automate and personalize one-to-one buyer journey must be addressed.
Pascal Bensoussan, CPO at Reputation.com believes that the holy grail for marketing experts has always been personalization at scale with affordable customer acquisition costs, and to achieve this goal AI and machine learning are becoming table stakes in all the core components of the marketing/advertising technology stack.
The fact of the matter is, AI has been around us for quite some time now but is only coming to fruition since the past couple of years. And with its fast-paced progress in the ever-evolving marketing landscape, it’s safe to say that together with technology, it will not only impact our insights but also the overall engagement with one another.