AI in Business | November 1, 2023

Welcome to the newest edition of the GCM's AI in Business weekly newsletter! We've curated the latest and most impactful stories from the AI world, focusing on how they directly influence businesses like yours.?

This week, delve into 国际数据公司 's fascinating projections about AI's grand takeover of IT budgets, get inspired by Satya Nadella 's vision for AI's global productivity, and explore the intricacies of using AI to streamline marketing operations.?

We're also excited to introduce our comprehensive guide on harnessing AI to enhance your business's unique identity, ensuring you stand out amidst the digital crowd.?

Don't miss our featured AI tool of the week, GAN.AI , a game-changer for personalized video content. As always, we aim to equip you with insights, tools, and strategies to seamlessly integrate AI into your business ecosystem. Dive in, and let's make the AI revolution work for you!

Top AI in Business News Stories

AI Reshaping the IT Industry Swiftly and Dramatically

In an 国际数据公司 forecast, it's projected that AI will cause a powerful revolution in the IT industry. Over the next four years, spending on generative AI (GenAI) is expected to rapidly increase by 73.3% to $143 billion, compared to a slower growth in global IT spending. The prediction suggests Global 2000 companies will dedicate over 40% of their IT budgets to AI initiatives by 2025. IDC has also designed a framework to aid organizations in leveraging GenAI.

Implications for Average Businesses

This major shift towards AI highlights the need for businesses of all sizes to begin considering its implementation. Investment in AI-related initiatives is set to increase substantially, which means businesses slow to adopt may be left trailing behind competitors. While GenAI is poised to drive innovation, the associated skills gap suggests businesses will need to invest in upskilling efforts or risk not fully leveraging their tech investments. The IDC's 'Generative AI Path to Impact' framework could serve as a great starting point for businesses to successfully integrate AI into their operations.

Satya Nadella: Steering the AI Era Towards Global Productivity

In his annual letter for 2023, 微软 's CEO, Satya Nadella , unfolds the advent of an AI era, aimed at catalyzing global productivity across diverse sectors. Notable examples include healthcare firm Epic enhancing industry challenges, and Mercedes-Benz AG upgrading in-car voice assistants using AI technologies, showcasing the extensive applicability of AI.

Central to Microsoft's AI vision is their Copilot initiative, which hints at the vast potential of AI in simplifying everyday tasks. The tech giant is unyielding in its ambition to lead the AI domain, evidenced by its strategy of infusing AI across every technological layer.

Nadella also highlights significant AI breakthroughs—natural language interfaces and robust reasoning engines—that are set to redefine the way humans interact with data. Microsoft's balanced approach encapsulates responsible AI development, global partnerships for AI governance, and harnessing AI to tackle societal challenges like climate change.

Global examples, such as supporting Indian farmers through AI, accentuate the extensive impact of AI, painting a vivid picture of Microsoft's aspiration to leverage AI for broader societal benefit and economic growth, while addressing pressing global challenges.

Implications for Average Businesses

As Nadella says, “every customer solution area and every layer of our tech stack will be reimagined for the AI era. And that’s exactly what we’ve already begun to do.”?

Businesses of all sizes should start doing the same. Whether you implement AI or not, your competitors certainly will.

The Role of AI in Streamlining Marketing Operations

In a recent article in Forbes , Greg Kihlstrom discusses how AI has the potential to revolutionize marketing operations by handling complex tasks, analyzing large data sets, and personalizing customer experiences better. Despite the evident advantages of implementing AI in marketing, Kihlstr?m also brings to light the challenges that need to be faced to maximize its benefits.

AI's strategic adoption offers multiple advantages such as enhanced customer experience through personalized content, increased efficiency via automation, improved decision-making capabilities, and standardization of approaches. However, to reap these benefits, companies have to overcome challenges such as issues around data quality, privacy concerns, and building teams with the right AI expertise.

Moreover, utilizing AI-powered tools like chatbots and voice assistants can significantly improve customer engagement and enable immediate support. All of these efforts require clear strategy making and careful implementation.

Implications for Average Businesses

The rise of AI in marketing operations indicates that businesses must be ready to integrate AI into their practices. As the technology provides the capacity to personalize content, streamline operations, and enhance decision making, companies should leverage these advantages to stay competitive in the market. However, at the same time, businesses must also navigate implementation challenges, address data privacy concerns, and invest in team expertise to gain the full benefits of AI in their marketing efforts.

Additionally, businesses should explore the use of AI tools such as chatbots and voice assistants for customer engagement. Crafting a well-thought-out AI implementation strategy is critical to harnessing the power of AI in marketing operations.

AI in Business 101 - Unleash Your True Identity Using AI

The increasing adoption of AI has its challenges for marketers, perhaps none larger than having to break through the noise that is only getting louder. Because AI allows more people to create more content at scale, we will all be hit with more social media posts, emails, and LinkedIn messages.

Our concept of “Who Is Your Business?” is more important now than ever before. This is not our original idea. In fact, the best companies in the world have never focused on selling products or even their “why.” Companies like 苹果 , focus on WHO their business is . This is the emotional makeup of an organization. The thing people really connect with.

Understanding Your Business Identity

Your organization should be able to answer the question “Who Is Your Business?” in two sentences or less. Building on that foundation is the answer to the questions: “What does your business do?”

Here is a step-by-step process to uncover your organizational identity and how AI can supercharge this process:

• Self-Discovery- Defining Your Core: Understand and articulate the core values, mission, and vision that form the essence of your business.- Stakeholder Feedback: Engage stakeholders to gather diverse perspectives on your business identity.- Market Position: Evaluate your position in the market in relation to competitors to glean insights into your unique value proposition.
• AI-Driven Analysis- Perception Analysis: Employ AI to analyze customer feedback, reviews, and social mentions to gauge external perceptions of your business identity.- Competitive Analysis: Utilize AI to perform a comparative analysis with competitors to identify your distinctiveness.
• Identity Refinement- Alignment: Ensure there's alignment between the perceived and intended identity, making refinements as necessary.- Consistency Check: Assess consistency of your identity across all touchpoints, both internally and externally.
• AI-Enhanced Communication- Personalized Messaging: Utilize AI to tailor marketing messages that resonate with your defined identity, ensuring each interaction is personalized and meaningful.- Content Generation: Leverage AI tools for generating content that embodies your business identity, ensuring a uniform tone and message across platforms.
• Engagement and Scaling- Community Building: Harness AI to identify and nurture a community of advocates who resonate with your business identity.- Marketing Automation: Implement AI-driven marketing automation to ensure consistent communication of your business identity at scale.
• Monitoring and Evolution:- Performance Metrics: Utilize AI to continuously monitor the effectiveness of marketing and communication strategies in accurately portraying your business identity.- Adaptive Strategies: As your business evolves, use AI to adapt your marketing strategies to reflect any shifts in your business identity.

This framework facilitates a thorough understanding of your business identity, which when amplified through AI, can significantly enhance your marketing and communication strategies, allowing for a resonant and authentic connection with your audience amidst a saturated digital domain.

Featured AI Tool of the Week - Gan.AI

Featured AI Tool of the Week - GAN.AI Overview

GAN.AI is an avant-garde AI platform, specializing in personalized video generation. Its central promise is to offer businesses the power to create bespoke video content at scale, boosting user engagement and conversion rates in the process.

Key Functionality

GAN.AI platform enables users to:

1. Record a Video Template: With GAN.AI , users can create a video template and then proceed to specify the parts that need to be personalized.
2. Massive Scale Production: GAN.AI takes care of processing the input received and generates individually customized videos for each recipient, allowing for efficient and scalable video production.

Benefits

Adopting GAN.AI drives numerous benefits:

1. Improved Engagement: By leveraging personalized videos, GAN.AI fosters a stronger sense of connection with customers, resulting in increased user engagement.
2. Elevated Conversion Rates: Clients utilizing GAN.AI have observed reply rates skyrocketing by up to 300%, leading to significantly higher conversion rates.
3. Brand Positioning: Through tailored video marketing, GAN.AI helps reflect and reinforce the brand value among potential clients, enhancing brand recall and recognition.

Drawbacks

But, as we venture deeper, it's crucial to acknowledge the potential downsides:

1. Cost Implications: High-quality video creation and personalization at scale may involve significant investment in resources.
2. Learning Curve: The time and training required for in-house personnel to optimally utilize GAN.AI should not be underestimated.

Cost

GAN.AI ’s cost structure is not directly exposed on their website, encouraging potential customers to arrange a demo or directly contact them to get a quote.

Conclusion

In an increasingly competitive digital landscape where we are inundated with sales pitches and brand messaging, businesses must invest in cutting-edge personalization tactics. GAN.AI offers a robust solution for boosting customer engagement and conversions through tailored video content. Yes, it demands investment and learning, but adopting this AI-driven tool is indispensable for growth-focused businesses.

Stay Tuned and in Touch

Thanks for joining us for this edition of GCM's AI in Business weekly newsletter. For more on how AI can amplify your marketing, communications, and sales, please subscribe.

GCM is a family-founded global communications agency that believes in the power of human connection and business as a force for good. We have seen how AI has the ability to level the playing field between mega corporations and the rest of us. We're on a mission to help organizations, from small- and medium-sized businesses to nonprofits, punch above their weight by leveraging cutting edge AI technology.

Want to define your organization’s identity? Send us a note and we will send you a free survey you can use to start the process.

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