The decade of Artificial Intelligence has already started: What can we expect?
August 02, 2021 by Sam Hemmant
Artificial Intelligence (AI) is set to become an absolute game changer for the global economy. A recent PwC report demonstrates just how much potential AI-enhanced technologies bear in the next nine years. The predicted massive growth of AI technologies also holds crucial lessons for every company involved in PR, marketing, and sales today. Here are the key takeaways:
AI Puts Productivity on the Fast Lane
Technology that uses AI has skyrocketed in recent years. Yet, these instruments continue to be at an early stage of their development and have not shown their full potential. AI has already substantially changed all business sectors and indeed society as a whole. Whether we speak about artificial assistants such as Apple’s Siri and Microsoft’s Corona, or COVID-19 influenced AI-enhancements to safeguard global supply chains from further disruptions, AI technology is all around and is here to stay.
The PwC report, titled ‘Global Artificial Intelligence Study: Exploiting the AI Revolution’, assesses the impact of AI on all sectors in the coming decade. It finds that the global AI market will continue to set new benchmarks for global productivity. As a result of accelerating AI technology innovations, global GDP will increase by 14% until 2030. This will add approximately $15.7 trillion to the global GDP. These are the three main factors that will account for the accelerating economic impact of AI:
- The automation of businesses processes, such as the increased use of robots and autonomous vehicles, will lead to substantial productivity gains.
- Assisting and augmenting the existing workforce with AI technologies will increase productivity.
- The availability of more personalised and higher-end AI-enhanced products will boost consumer demand.
Recognising the AI Opportunity in Marketing
The report identifies nine key sectors which will witness the most substantial impact from accelerating AI technologies in this decade. One of these key impact areas concerns PR, marketing, and sales. Already, big data analysis offers companies substantial insights and feedback concerning their marketing strategy and public perceptions. Yet, the successful application of AI-enhanced technologies depends on getting access to the right data from the right sources as well as applying the right monitoring tools. Too often, unstructured datasets and a literal jungle of data makes it challenging to cut through the noise and identify what really counts. AI-enhanced tools can support companies in getting the most out of their marketing operations by focussing on four key aspects:
- Gaining Brand Insight:
Building a brand today is about more than just transmitting a message. Consumers expect brands and companies to approach them personally and to find an emotional connection with them. AI-enhanced technologies allow companies to establish which values and behaviours appeal to their potential customers and can help formulate marketing campaigns. Furthermore, companies can use ongoing monitoring of their brand perception through the analysis of articles, blog posts and other online sources which helps them gain elevated insight.
- Understanding your Customers:
Big data can support companies in understanding and identifying the customer journey as well as the customer decision-making process. This allows marketers to establish which factors might affect customers in which ways and can help improve a company’s reputation.
- Tracking Competitors:
Through analysing news stories, industry information and other relevant data, marketers are able to establish potential competitor threats and are better prepared to respond to disruptions like COVID-19 or the rise of Environmental, Social and Governance (ESG) awareness. Big data can help establish critical insights into competitor strengths, weaknesses, and strategies.
- Foreseeing What’s Next:
Applying predictive analytics through a mixture of internal datasets, curated datasets, and publicly available datasets with the support of AI-enhanced data analysis tools can support your company in identifying emerging trends before your competitors spot them.
The bottom line
Given the steady increase of AI technologies around the globe, as well as rising consumer expectations for brands to engage with them and their values, companies that do not effectively use available data to manage and enhance customer experiences are bound to lose out to their competition. Investing in the intelligent use of AI, paired with robust and enhanced datasets as well as ongoing monitoring tools, is no longer a question of if but when.
Acting swiftly and adopting AI-enhanced technologies today can result in a substantial competitive advantage in the short term and strengthens a company’s resilience against potential disruptions in the long run. The question is, how well prepared is your company for this “decade of AI?”