Artificial Intelligence technology (AI) has dominated the martech conversation across 2023, far more than any technology before it. It has rapidly transitioned from the realm of science fiction to a viable source of opportunity for organisations. And unlike the very recent rise and fall of the metaverse, we can already see very specific ways that it is helping businesses both to operate internally and to engage externally.
In 2023, the global AI market size was close to $208 billion. By 2030, the market size is expected to reach nearly $2 trill. Its impact is cross-vertical. Last year, financial institutions expanded into AI to improve customer experiences and back-office processes, investing around $10 billion in its delivery. Manufacturing was set to spend over $8 billion in AI in 2023 and is forecast to reach $68 billion by 2032 (Statista).
These figures reflect the rapid adoption of AI, the extent of its tendrils into all areas of industry and the impact it is going to have on the ways we all live and work in the future. There’s no getting around it. We will only see AI’s influence and application grow over the coming years as increasing numbers of businesses adopt it to dramatically alter working practices and improve their customers’ experience.
Daunted? There are far ranging ways that you can start to adopt AI in your business without turning it completely on its head - even if in the mid-term this might well be the reality. You’re likely to have already witnessed its success; either at interpreting vast and complex data sets to provide you with valuable insights, or in a drive to achieving greater efficiencies across your marketing operations, such as content and asset creation.
Generative AI may already be generating text, images, or other media in response to prompts for your website, providing powerful editorial assistance capabilities to enable your teams to automate, generate and quickly produce on-brand content; from titles and headlines and body copy, to translating and editing sites. You may also be adopting AI to automate repetitive tasks like generating SEO keywords.
Looking outside of your organisation, AI is also being used successfully in customer-facing developments such as conversational interfaces or search engine optimisation. And perhaps, most importantly, research suggests that your workforce is increasingly enthusiastic to adopt it. According to a recent survey (Snaplogic):
- 68% of employees said they want their employers to use more AI technology
- 81% cite its value for improved work performance
- 89% believe it will at least half their workload
Alongside the operational benefits, the general push towards customer-centricity is increasingly forcing organisations to rethink how to deliver better digital experiences. The leap from the old ways to new may well seem challenging. But leveraging AI will help you to adapt more quickly and establish your organisation as a forerunner in the market.
Predictive AI is also set to become increasingly affordable and easier to leverage in 2024. An example of its value can readily be provided in improvements in manufacturing. AI offers actionable insights into each level of design and manufacturing processes through predictive learning and the identification, for example, of product or equipment failures well in advance.
Businesses will also increasingly embed AI models and frameworks into their own software. However, this is a double-edged sword. Be aware that the race to adopt AI may result in your business reaching for solutions in silos, without considering its wider impact on your digital operating model. The result can be damaging to your reputation, performance and efficiency. When implemented, integrated and leveraged correctly, AI can supercharge your business and deliver real value: both in terms of profit and cost savings.
A February 2023 survey of American business leaders found that around a quarter of the companies had saved between $50-70,000 by using ChatGPT. Additionally, 11 percent stated they’d saved more than $100,000 since introducing it into their workflow. (Statista)
By adopting a Total Experience (TX) strategy; first understanding the desired experience you want to deliver, you will more clearly understand the processes, data and technologies you will require to succeed, and it will become far easier for you to identify where AI will really make a difference and where it will deliver true value.
At UNRVLD, we’re helping our clients to identify how and where AI can be used to deliver value to our clients safely across content delivery, digital experience, SEO, asset creation, development and experimentation. All alongside unlocking the new opportunities presented by AI capabilities within our core partners at Optimizely, Sitecore, Contentful and beyond.
UNRVLD’s experts have surfaced five trends that will help you succeed in our increasingly digital-led world. The report, authored by UNRVLD strategists Rick Madigan and Lars Bjornbakk, covers key challenges facing all business leaders today. Click here to download the report now.