Creativity is an important tool for marketing and advertising agencies, it helps them tap the right audience at the right time. Ever since technological trends have scratched the surface of the next phase in human evolution, Artificial Intelligence becomes the most talked about trend for marketers across the globe. Exchange4media’s conclave 2018 presented by Dainik Jagran had set the platform for the pioneers of marketing to delve further into this technological trend.
Tamara Ingram, Worldwide CEO, J Walter Thompson said, “The future of creativity lies with Artificial Intelligence. I never thought that I’d have to think that machines can replace humans in creativity. It will change the way of life and things related to creativity. According to some facts I came across, there have been 4.5 billion searches for creativity and 4.2 billion searches for AI on Google. Fields like music, style, art, smart cities and assistance can be made easy with the right implication of AI in order to provide better services to consumers. AI has the ability to pick up cultural references and inculcate that into creative content. The capability of this technology in marketing could help in tapping the right set of consumers at the right time with individually customized goods and services. A perfect match for humanity, creativity, and technology.”
The evening further progressed towards special presentations where speakers like Ashutosh Srivastava, Chairman and CEO, AMEA, Russia & CIS, Mindshare, R S Sodhi, MD, GCMMF, LTD, Amul and Prof. Amarjeet Patpatiya, Associate Dean, ICFAI Business School (IBS), Mumbai provided a detailed perspective of decoding artificial intelligence & machine learning in the context of marketing, ways in which technology is transforming modern enterprises and the similarities of academic intelligence & artificial intelligence.
“To me, Artificial Intelligence is as good as what humans can do with data and take actions based on the analysis but the only difference is the emotions what can’t be fed into a machine. Today every business keeps its customers in front of them and work heavily towards satisfying their needs. The reality is that we are yet behind our customers in providing services at the right time and AI can help us get in line with them,” said Juzer Tambawalla, Head – Marketing, Franklin Templeton at a panel discussion that discussed the potential of human insight vs AI in marketing.
While some panelists see it as a tool that simplifies the work, some of them like Pradeep Hejmadi believes that AI has a limited use in marketing as of now. It lacks the emotional component that drives creativity in a human brain. However, it is a great platform to receive all the important insights marketers need to know before launching a campaign or making a decision.
“Artificial Intelligence according to me has to be taught the techniques that influence a customer first and controlled processes it can learn from. The technology including machine learning doesn’t need to co-exist or else all the businesses would look the same. In an economy like India, tech and AI are the reason why many businesses won’t see the light. There are a few features that machines can perform better than humans but we will play an important role for the years to come. This technology can work against the goodwill of human race in the long run but for now, it is a great way to analyse data,” said Pradeep Hejmadi, Group CEO, Aidem Ventures Pvt. Ltd.
“In our line of business, especially in luggage, one of the most technology-driven products are the smart bags. These bags provide features like USB charging which is crucial when you’re traveling. But the difficulty is that most airlines don’t approve of this kind of luggage on their flights and most airports are very skeptical about the bags. But as compared to most businesses it is over-engineering we need to be careful about than trying to meet customer demands,” said Anirudh Pandharkar, Head-Marketing, VIP Industries.
Providing an in-depth overview of AI, Mayank Shah, Category Head, Parle Products described the blocks designed to build the system. Artificial intelligence comprises of data, algorithms, and applications. But Mayank focused on how would it make an impact in his line of industry.
“We at Parle look at Artificial Intelligence that is comprised of 3 building blocks segregated as data, algorithms, and application. A lot would depend on why should we use AI in today’s world. If we get the answers to that question then we can understand the different usage of the technology. I look at it as a mass customizing tool while catering to every consumer. AI can play a crucial role in understanding the consumer’s mindset and hence, it could really help Parle to break down a diverse set of consumers into various segments and understand them better,” said Mayank.
While stating the advantages of AI, Navneet Narula, Head Watson Consumer Engagement, IBM India opined that the technology is not very complex and is highly capable of saving time and energy on business interactions and marketing strategies. According to him, AI plays the role of an intern, a colleague, and an advisor.
“If used effectively, AI helps save the employee’s time and in businesses, you can make better decisions even at the last moment without facing the pressure. AI plays 3 roles; an intern, colleague and an advisor. An intern because you can ask questions and get the answers required. A colleague that can alert you if something in the system goes unplanned or if any procedure functions differently. An advisor because it can help you make changes on a real-time basis.”
“We need to understand the potential for what is possible with AI. We need to find accuracy in the answers for every question that circulates around this technology. Eventually, the joy would be in getting to know the nuances and using it in driving its influence in marketing,” said Arvind Chintamani, CMO, Colgate – Palmolive as the panel discussion came to an end.
The conclave came to an end with a presentation by Rahul Agarwal, MD & CEO, Lenovo India on the importance of AI and ways in which Lenovo is working closely with it. He explained that for companies focusing on computing and other communication devices can secrete insights on the next phase of evolution.
“Hundreds and millions of dollars were spent on AI at Lenovo since the last three years. AI is the ability of machines to perform functions similarly like the human brain in our body. AI can learn and develop inferences from a certain set of data without being programmed to do it,” said Rahul while discussing Lenovo’s plans with respect to AI and ML.
Source: BW Disrupt
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