2023-08-24 20:05:17
Marketers are optimistic about the impact of generative AI on their productivity and competitiveness
Boston Consulting Group (BCG) has released a revealing report that delves into how marketing leaders are harnessing generative artificial intelligence (AI) to transform their strategies and gain competitive advantage in an ever-evolving business environment.
Based on analysis of more than 200 chief marketing officers (CMOs) from various industries in regions including Europe, Asia and North America, the report highlights that 70% of marketers are already using generative AI tools in their strategies. 67% of them focus on the personalization of offers and content, while half of those surveyed see these technologies as the key to launching new products and transforming their business models.
strategic evolution
The growing adoption of generative AI in marketing is not just a fad; rather, it represents a strategic evolution. “Although the use of AI in this sector is not something completely new, its current capabilities have reached an unprecedented magnitude. We are witnessing a quantum leap in the ability of AI to drive personalization, precise targeting and content generation at scale,” said Amaryllis Liampoti, BCG X Partner and BCG Growth Team Leader.
Marketers are optimistic about the impact of generative AI on their productivity and competitiveness. The words that best describe their feelings in relation to generative AI are “optimism” (74%), “confidence” (71%) and “curiosity” (63%), while “concern” (35%) and “anxiety ” (11%) are on a much less significant level.
How it influences
Beyond the percentages, the report highlights how these technologies are influencing the effectiveness of marketing teams:
Solving marketing challenges: 70% of respondents confirm that their organizations already use generative AI to solve marketing challenges. Another 19% are in the testing phase. These leaders are confident that AI can speed tasks, improve efficiency, and reduce risk. Preparing for the future: 84% of CMOs believe that generative AI will prepare their businesses for the future. Half see this technology as the key to simultaneously launch new products and transform their operations. Need for regulation: 81% believe that regulation of generative AI is necessary and 77% expect their companies to be subject to these regulations in the next two years. In response, 94% have already implemented responsible AI programs to mitigate risks.
The report concludes by highlighting the speed with which advantages can change, and how inaction is not an option in such a dynamic environment.
It also provides recommendations for organizations to fully capitalize on the potential of generative AI:
Experiment: Leaders must personally explore the capabilities of technology, encouraging their teams to identify applications of value and create transformative use cases. Game changer: Marketers need to identify and prioritize use cases that are game changers and provide competitive advantage through generative AI. Comprehensive business model: It is important to create a common work model for the entire organization that considers the needs of the different areas and employees. AI Responsibility: Responsible AI programs must address ethical, legal, and technological aspects of generative AI to ensure ethical and effective use of these technologies.
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