Wednesday, November 25, 2020

Why Marketers Need to Rethink About AI

It is seen that 88% of marketers have adopted AI, but only 26% use autonomous AI which acts on its insights and works collaboratively

A new study conducted by Forrester Consulting called ‘Harnessing AI’s Potential,’ reveals that 88% of marketers today have adopted, or are planning to adopt AI. Among the ones that have chosen an AI-driven marketing solution, two in three marketers use AI in an assistive capacity, rather than leveraging it to its full potential and using collaboratively.

Commissioned by Albert Technologies, the study is a follow-up to the 2016 research, which gauged marketers’ early perceptions of AI. The report is based on a survey from 156 director-level and above marketing executives, decision-makers and decision influencers across industries including Retail, Financial Services, CPG, Telecoms and Others. The survey questioned their Use of AI, Progress Delivering Personalized Interactions, and Shifting Relationships with Agencies.

The report states that 74% of marketers use AI-assisted technology, which surfaces insights for marketers to consider during manual decision-making. Only 26% use autonomous AI, which can act on its own insights and work collaboratively with marketers.

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The 2019 research, which studies the current state of AI in marketing and the role that technology, is playing in personalized marketing efforts. It is revealed that though the adoption of AI has increased to 88% in 2019, compared to 43% in 2016, marketers using AI are still experiencing complexities in the processes and marketing technology stacks as they were before AI adoption. 26% of marketers also agree that they find it challenging to translate insights into actionable outcomes.

It is clear in the survey report that marketers have a limited perspective of how AI can be applied to broader marketing operations, beyond supporting tactical campaign tasks. Only 39% believe that AI can play a role in creative development, while just 34% believe it can provide insights into other business functions. Only 22% realize it can serve both needs.

Marketers believe that they are wasting money and struggling with talent as they are trying to keep up with shifts and continuous upgrades in technology and the pace of interactions.

Read More: Five Emerging Tech-Trends for 2020

While 30% of marketers believe wasted marketing spend and inability to operate quickly enough is a challenge, others believe that retaining and organizing staff and avoiding duplication of technology/vendors was their next biggest challenge.

The report suggests that marketers do not think that technologies support their objectives. While 86% of respondents give credit of the success of their marketing programs on the ability to deliver personalized marketing across channels, devices and customer lifecycle stages, only 50% or less say they feel “very well supported” by their current technology in meeting their top objectives.

Though the usage of the technology right now is low, considering the pace at which the AI is being adapted, marketers will soon be able to trust AI more.

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