Screenage: How AI will unleash a new wave of marketing revolution
At Screenage mobile marketing conference, a panel discussion threw light on challenges faced by marketers when implementing AI keeping the consumer perspective in mind
The fourth edition of The Maddies Awards 2018 held on October 31 in Mumbai also hosted Screenage, a mobile marketing conference. The first panel discussion held at the conference spoke on the topic: How AI is going to unleash a new wave of marketing revolution, how enterprises need to adapt for being competitive?
The discussion threw light on few points such as facilitating personalized and hassle-free consumer experience, amidst clutter of information/data, in the ecosystem. It also discussed how to not just target at maximising conversion rates but to pay attention to “Constructive Branding Conversation” (Before Conversations, lots of things need to be done well, for marketing). It emphasised on using AI to predict consumers intentions/ behaviours, and how to adapt/embrace, AI/Big Data concept and do relevant preparation for the strategic transformation in order to compete in the new marketing era.
The session was moderated by Sanjay Trehan – Digital & New Media Consultant. The panellists at the dais were Jason Wu – Chief Strategy Officer – MoMAGIC; Jyoti Kumar Bansal - CEO - PHD India; Parag Murudkar, Group Executive Vice President & Head Digital Marketing, Yes Bank; Ravish Chaubey, Head - Digital Marketing, Bajaj Auto; Premjeet Sodhi, Senior Vice President, Mindshare Fulcrum, South Asia; and Vanita Keswani, CEO, Madison Media Sigma.
Watch the session here and scroll down to read:
Trehan started the session speaking about the Capgemini study on Artificial Intelligence; he explained how the study says that as large as 84 per cent of marketing organisations in the world are implementing AI today so it is not just a buzzword in the developed economy of the world. He also emphasised how due to AI, consumer satisfaction scores have grown more than 10 per cent. He questioned the panellists on challenges faced when implementing AI keeping the consumer perspective in mind.
Keswani spoke on demystifying AI from a consumer perspective. “AI is nothing but the ability of machines to exhibit human like intelligence. Technology is the root of AI. It can be seen in functionality such as text speech or image recognition, or in businesses types, it helps in ecommerce, etc. I think AI, almost like marketing, has 4 Ps, namely – Project: includes R&D, forecasting, using it for data analytics; Produce: you make products which allow you to use AI technology; Promotion: targeting the end consumer in digital media; and Provide: get a user enhanced experience.”
Bansal added to demystifying AI, “As marketers, there is so much data generated every day, it is important for us to understand the importance of AI. Today there are 6 or 8 billion connected devices /objects in the world, in less than 10 year there will be 27 billion connected devices. From that perspective, everything is generating data. So for us to harness that data to make intelligent decision will be super critical. We have to prepare ourselves for a future when AI will literally be like electricity around us, it will be so ubiquitous and omnipresent.”
Murudkar spoke on specific challenges faced by companies that are looking at fast adaptation of AI. “I think the biggest challenge is the right type of data. Data is the back bone of AI. Second challenge is NLP. Today NLP is available only in few languages. Third, shortage of resources - people who can manage these tools such as data scientists, data engineers or analysts.”
He added, “There are other challenges like the whole infra cost, the time to market, practical challenges because by the time you implement something and things go live, it already feels outdated. The whole space is moving in rapid pace so when you say you are doing futuristic planning in AI that planning will not last more than two years. That’s the challenge businesses face.
Wu explained, “In our MoMAGIC research, one fundamental Q is, what is the meaning of AI? If you look at the consumer perspective, it has to be highly relevant to consumer, it should be useful to their life. From the marketer perspective, AI is to help us leverage machine to minimise the manual error. AI provides deep insight about consumer. We should not fear AI, AI is something like a tool for us, we use AI for marketing effectiveness.”
Sodhi opined, “For the consumer AI is an advance kind of automation. The three aspects in which the automation lands with the consumer through AI are: first, natural interaction, second is delegation of tasks, the third, most important aspect that affects marketing is the ability to deliver personalisation. For some companies, data comes naturally, but for some, data is very difficult to get. We look at the overall architecture of our marketing delivery system which we call it as agile marketing or adaptive marketing framework. It's about looking at how we construct our delivery, how we capture the data?”
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