![]() When it comes to consumer product innovation or any area that demands imagination, AI certainly can’t do it alone.Ī recent article from Marketing Week put it perfectly: “human intelligence ultimately determines how effectively AI is used to drive real-life benefits.” As technologies and even data become commodities, putting human intelligence back at the center of marketing and commercial strategies is vital.Īs Asimov’s positronic man taught us decades ago, understanding and empathy will continue to set humankind apart and be the source of all great inventions. While displacement is undoubtedly a concern given the rapid pace of change, I believe catastrophe claims have been greatly exaggerated. Since ChatGPT’s release in November of 2022, the news cycle has been dominated by doom and gloom, with countless pieces being written about AI taking over jobs and displacing millions. Getty Images/iStockphotoĪrtificial intelligence still needs one thing: the human element. network connection background, Science artificial intelligence technology, innovation and futuristic. Today, it’s all about winning together by pooling and matching resources.ĪI, Machine learning, robot hand ai artificial intelligence assistance human touching on big data. Up until now, businesses could afford to go at innovation on their own, building from scratch and investing millions in R&D. Open Innovation: Openness and collaboration are the keys to a future-proofed growth strategy. Therefore, it is critical to ensure the reliability of your data through diversification and risk mitigation. What happens when those data sources go down or deteriorate? Too often, disaster ensues. Data Diversity: Too many AIs are wholly or largely dependent on a single or handful of data sources. What will set AI technologies apart in the coming years is their ability to parse through data, filter out the noise, and extract only the most relevant information.Ģ. Writing code is easy enough, but ensuring consumer data checks these boxes and can provide real insight into buying behaviors is no small feat. Data Quality: There are four main aspects to data quality: consistency, integrity, accuracy, and completeness. Those that come out on top, particularly in the realm of new product development, will be those that prioritize data quality, champion data diversity, and embrace open innovation.ġ. Simply investing in the latest AI start-up, hoping it will provide the insights you need to stay current, is just as misled as doing nothing. It has the potential to transform the product development and advertising space, and those that don’t embrace it now will surely and swiftly be left behind.īut not all AI is created equal. That’s where Artificial Intelligence underpinned by a solid data strategy comes in. These strategies need to account for data, people, tech, and purpose.’ Think about the fall of IBM or Blockbuster. long-term) tend to skew investment and prioritization decisions in what today’s execs call ‘future-proofing’. ![]() Growth strategies also need to include survival strategies,” says Cynthia Vega. In the information age, when most organizations move at high speed and with limited budgets, cooperation paves the way for meaningful innovation. ![]() But its advantages for corporations, especially in R&D, have long been promoted. Governments and heavy industries have adopted open innovation out of necessity to finance large infrastructure projects. Partnering with technology providers to enhance and expand your data pool is key to success in a cookie-less future.įuture-Proofing Your Growth Strategy through Open Innovation While there are multiple ways to react to the phase-out, one thing is clear: no brand or marketing agency can go at it alone. Others are turning towards artificial intelligence platforms like Black Swan that apply machine learning to big social data to understand and predict consumer behavior. Some companies are increasing their focus on first-party data, investing in CRM and marketing tools such as HubSpot and Drift to better engage with and extract insights from web visitors. The need for an alternative, forward-thinking data strategy for understanding consumer needs and behaviors is clear. While Google continues pushing back the phase-out date (the end of 2024 now), waiting isn’t an option. A recent study by GetApp UK found that 41% of marketers believe their most significant challenge post-phase-out will be their inability to track the right data to make informed business decisions. Marketers have long used cookies to track web visitors’ online behaviors and interests in order to build robust consumer profiles. Google’s phase-out of third-party cookies is just one example. ![]()
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