Artificial Intelligence and the future
AI marketing: The future trends
“Artificial Intelligence is the future and the future is here”- Dave Waters
AI or Artificial Intelligence has slowly, but steadily seeped into everyday conversations. In fact, most consumers interact with AI without even realizing it. Remember the Chatbot or Virtual Assistant you spoke with to solve your payment query? Yes, that’s Artificial Intelligence.
A research conducted by McKinsey Global Institute shows that AI marketing has the potential to deliver additional global economic activity of around $13 trillion by 2030. This furthermore equates to around 1.2% of the global economy.
To actually understand the significance of Artificial Intelligence, it is necessary to analyze how AI has already affected the different strata of our society. From considered a prop in Sci-fi movies to encouraging consumer decisions, AI has indeed come a long way.
- AI and business shift
Artificial Intelligence is reshaping businesses. Moreover, companies which do not adjust to AI marketing are bound to be left out of the economic race. Furthermore, by taking into account cross-functional teams with a mix of skills and perspectives, AI marketing has the possibility of having the biggest influence on businesses.
It is believed that when AI is adopted broadly, there will be a more horizontal decision making process. Accordingly, every employee will back their judgments with an algorithm’s recommendation.
An Asian-Pacific retailer utilized AI marketing to strike the right balance between inventory and floor space. They used an AI tool which gave store managers recommendations about items which would sell well in their stores. This in turn enabled the manager to get the suggested items into the store immediately and increase sales prospects.
- AI beyond companies
Artificial Intelligence is changing the way organizations function. In addition, there is also a change in which companies share data and information beyond the company walls. Implementation of AI has a multitude of possibilities, from using facial recognition to analyzing consumer spending behavior and fraud.
AI has changed the face of marketing and Siri, Alexa etc. have already integrated themselves in a customer’s daily life. The biggest influence is predicted to come in behavioral marketing where advancements in AI will also mean a transformation in content publicity.
- Changing face of healthcare
Right now, AI marketing has positively affected one of the major segments of healthcare; Radiology. AI is helping doctors make faster diagnosis without the additional support of a radiologist. Indeed as the AI algorithm already has numerous data sets, it becomes easier to identify patterns which correspond to the patients’ scans. It is predicted by 2030 AI marketing will access multiple sources of data to identify patterns in various diseases. This will furthermore aid the treatment of patients. Additionally, McKinsey has predicted that AI may help save $100 Billion for pharma industries.
- Cities of the future
Taking advantage of AI and marketing, governments worldwide have already initiated the process of building Smart Cities. Government of India has also identified about 100 cities which will be transformed into intelligent spaces that takes care of waste management, mobility, policing etc. using data sensors.
From having an impact on businesses, health, administration and daily lives, AI already has and will continue having a momentous impact. AI and marketing will keep developing and evolving with the times. Consequently, a future isn’t far away where both humans and Artificial Intelligence will collaborate to create the best of sustainable living for all.
This is what AI marketing and its influence in India and the rest of the world will look like.