Artificial Intelligence / Machine Learning (AI / ML) can seem like a very conceptual and futuristic topic. It’s sometimes hard to envision what the path from discussion to implementation will look like, although many sources predict we will start seeing the impacts immediately.
By the year 2030, up to 375 million people worldwide may have to learn new occupational skills as a result of AI. AI will impact all fields, and marketing is no different.
Harvard Business Review estimates that 10% to 15% of tasks that take up a marketing executive’s time can be automated by AI. Some of these tasks include reviewing data or customizing content for specific audiences – all at scale. Forecasts – outlining advantages such as advanced targeting and improved business intelligence – show how AI will enhance marketing in 2019. According to Marketing Insider Group, additional AI game-changers to look out for include:
- Voice search
- More data and advanced data processing
- Augmented and virtual reality applications
Juniper Research estimates that chatbots alone will save banking and healthcare industries $8 billion annually by 2022. While AI as a whole, according to McKinsey, has the potential to deliver increased economic activity of approximately $13 trillion by 2030.
There’s no doubt that AI will help automate tasks, such as screening client inquiries and processing data, which will save professionals time. Time they can use for the inimitable – thoughtful analysis, strategic development and creative interpretation. While a robot can do a lot, including mimicking artwork – Christie’s recently sold a “painting” for $432,500 that was created from an algorithm – could it replace the power of human insight?
We’ll need a fluid combination of both human intelligence and artificial intelligence to advance marketing.
Join us at our upcoming event, How to Make AI Your Marketing Superpower, on March 8th to hear from an expert speaker on why AI / ML matters to marketers.
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