A new Forrester report indicates that investment in artificial intelligence is growing, and that those companies that aren’t getting in on the ground floor will lose more than just a few valuable insights.
$1.2 trillion per year is no figure to balk at, and it’s exactly what’s at stake for companies who aren’t already investing in AI, according to Forrester’s recent report “Predictions 2017: Artificial Intelligence Will Drive The Insights Revolution.” The report explains just how essential AI will be to customer insights professionals, arguing that information gleaned from AI-driven technology will create competitive advantages across all parts of their businesses.
Insights That Are Both Intelligent and Actionable
One of the foremost applications of AI in the future will continue to be in the coordination and optimization of digital advertising campaigns. As the department most likely to be early adopters, one would assume that marketing would be best positioned to take full advantage of this evolving technology.
But as the Forrester report notes, adoption shouldn’t stop at one department — the entire company needs to embrace and leverage the same AI-driven insights. AI will help “drive faster business decisions in marketing, ecommerce, product management, and other areas of the business by helping close the gap from insights to action.” Why? Because a company can’t be making two decisions based on two separate data sets: all its members need to be on the same page.
Forrester believes that a combination of AI, big data, and IoT technologies will allow businesses to not only overcome barriers to accessing data, but to interpreting it correctly as well. These technologies will help companies broaden the types of data they analyze and gain more actionable insights from the results, resulting in data sets with real utility rather than just size.
AI from the Top Down
Forrester reports that 47% of organizations had a Chief Data Officer in 2016, but expects that number to rise considerably in 2017. But having a dedicated data department doesn’t let the rest of the company off the hook — the report argues that data responsibilities must be shared across the organization by CIOs, CMOs, and CEOs alike. If all aspects of a company have access to and knowledge of data-driven insights, business decisions can be aligned with a shared understanding of goals and directives.
And experts anticipate that the gains being made will do more than simply benefit executives and their decision-making abilities — artificial intelligence may result in a reversal of the global slowdown in productivity. As Chairman of the Council of Economic Advisers, Jason Furman, mentioned at a recent AI conference, he believes robotics, AI, and automation are generally necessary to revitalize worldwide growth in productivity, but that innovation as it stands currently is not happening fast enough.
“The biggest worry I have about AI is that we will not have enough of it,” said Furman, “and that we need to do more to make sure we can continue to make groundbreaking discoveries that will raise productivity growth, improving the lives of Americans and people throughout the world.”
Artificial Intelligence: A Brave New World in Marketing
Another statistic from the report: In 2016, 39% of organizations took on a big data initiative to strengthen cross-channel tracking and attribution, customer journey analytics, and better segmentation. If this type of insight is something your business could benefit from in 2017, you should consider getting in touch with Adgorithms, creators of the first completely AI-based marketing platform, Albert™. Albert not only delivers unique marketing insights, but constantly acts on them and uses machine learning to improve its own ability to deliver on your KPIs across channels.
Forrester is anticipating a “greater than 300% increase in investment in artificial intelligence in 2017 compared with 2016.” And with trillions to lose in the coming years, falling behind this trend is getting riskier all the time.