With unprecedented speed and scale, tech has revolutionised lives and social interactions, opening new business opportunities for all. The way we connect, communicate, and consume has led to new avenues for us to reach and engage with our consumers like never before. Of this, the latest cutting-edge technology – Generative AI is giving way to new horizons.
In the 1950s, AI started as an effort to teach computers to think, learn and solve problems like humans. The promise of machines performing a task efficiently without error was a great idea, however development was slow, mainly due to the limitation in computing power and storage. These challenges are overcome with advances in electronics. More recently, AI has shown huge improvements in acquiring human-like learning capabilities.
AI is being used to ‘create’ content, drive cars, glean insights, optimise marketing campaigns among other things and promises to perform mundane tasks efficiently.
The recent development of AI has been at breakneck speed, with Big tech unveiling their AI systems for public use.
Naturally, businesses are being pushed to adopt AI, to harness the efficiencies it could provide. The rise of AI has also thrown open the debate about its ethical use and AI replacing the human workforce. While these are larger issues which need to be demystified, a more informed approach is the way to go.
Consumer behaviour changes are mostly attributed to the expansion and development of technology and digital platforms.
These advancements have significantly influenced consumer preferences and habits, shaping their expectations and interactions with brands. Companies are therefore investing in tools, skills development to understand and make efficient use of AI to drive desired business outcomes.
Imagine the advantage of real-time monitoring of complex systems and anticipating potential scenarios. With your inhouse AI systems analysing consumer feedback, user reviews, or science journals to help with strategic business decisions. This stands to be a game-changer for brands in their dialogues with consumers. While all these advancements are reshaping the way we connect and interact in the digital landscape, it is imperative for each of us to be committed to develop responsible and sustainable innovation that opens up exciting possibilities for both businesses and individuals.
Modern Marketing Reckoner 2024: Winning With AI is a useful reckoner for marketers to adopt AI. With inputs from industry experts, service providers, practitioners on insights and learnings on adopting AI, the report is an excellent guide to AI in the marketing. I urge all of you to read the report, to get a balanced view of the AI powered marketing landscape and equip yourselves with the knowledge to make the plunge into an exciting future.
