Synthetic intelligence signifies a significant leap forward in both productivity and creativity. Whether you are a major player in the industry or an emerging competitor, focusing on where AI can add the most value to your business in 2024, the year of fierce competition in this technology, is crucial.
The Three Es of AI, which pledge to enhance speed, efficiency, and precision for existing businesses, should be embraced by all enterprises. We are entering a new phase of cost optimization enabled by AI, where operational costs will decrease rapidly while the value derived from business activities will soar. When utilized effectively, this could lead to exponential growth in value. The Three Como of AI are outlined below:
Embrace all Operations
Rather than implementing AI across the board in one go, it is essential to pinpoint areas where this technology can streamline operations and transform proprietary data into actionable insights. Companies must strategically unleash the power of AI throughout their operations. While AI’s role in automating routine tasks is crucial, the ultimate aim is to facilitate decision-making, a task best suited for humans. Therefore, the focus should be on optimizing for improved decision-making across various domains such as marketing, product development, workplace efficiency, and procurement strategies.
Top-tier AI can guide users like a mentor. Take, for example, Stagwell’s innovative product SmartAssets, which leverages AI to extract creative elements from advertisements, analyze performance data, and enhance potential ads through real-time AI adjustments to meet the evolving demands of the advertising sector.
Enhanced Efficiency in Marketing
The core objective of marketing is to deliver the right message to the right audience at the right time. The more targeted your AI strategies are, the greater the cost savings due to AI’s ability to streamline this process. AI tools can free up time for media distribution and creative endeavors. However, utilizing AI on first-party data to drive marketing decisions will yield the most significant benefits. Every step of the marketing journey becomes more straightforward when AI assists in selecting the optimal starting point.
Marketing effectiveness can be showcased in innovative ways. For instance, persona development with AI now takes mere hours instead of weeks. By training ChatGPT to generate multiple interactive personas based on first-party data and research, a marketing team can craft tailored messages for key audiences swiftly. This approach enabled the prominent sports betting giant Tipico to enter its second U.S. market swiftly and effectively.
Enhanced Customer Interaction
Traditional methods of customer engagement are no longer sufficient. AI is propelling us into an era of predictive customer interactions. Businesses must leverage AI to anticipate and fulfill consumer needs and preferences seamlessly, without overt cues. As each interaction becomes more personalized, practical, and enjoyable, the bond between the brand and the customer deepens, becoming more significant than ever before.
This new era of customer relations emphasizes excitement and novelty. La-Z-Boy, with its innovative Decliner feature that generates personalized reasons for customers to stay via SMS language, exemplifies this trend. When brands anticipate and cater to customer needs proactively, creating unique experiences tailored to individual preferences, they can foster unparalleled customer loyalty.
While 2023 was characterized by exploration and groundwork at the frontier of AI, 2024 will witness intense competition as the majority of companies integrate AI into their core operations. By leveraging the Three Sera of AI—acceleration, efficiency, and engagement—businesses can position themselves as frontrunners in this year’s competitive landscape.
