We have come a long way with technology and have seen the Indian marketing scenario evolve. With this evolution artificial intelligence and digital marketing are now beginning to go hand in hand. With the ability to collect the right data, analyze it accurately, applying it where necessary and then learning from it- AI is transforming digital strategy. As it continues to advance, so will the capabilities to use it to improve digital marketing strategies and valuable customer insights for companies.
For last few years, a couple of factors have led to AI being the next big thing. A huge amount of data are being created every minute. In fact, 90% of the world’s data has been generated in the past 2 years. Computers can actually derive logic and explanations of all these information. My all time favorite of how Indian brands are benefiting the most from the use of AI include the fact that AI integrated marketing allows you to personalize to another level. Facebook is a great example of this. Their algorithmic newsfeed analyzes every user’s actions on the site in order to deliver handpicked content that suits their behavior.
AI has indeed taken the Indian market by storm. With the advent of AI and its growing inception in our technology-led environment, smartphone applications have come to the forefront. With India being one of the world’s fastest-growing markets for mobile applications, the app ecosystem is evolving like never before — from being mere extensions of business services to intelligent end-user applications – capable of making decisions and predicting behaviour.
Artificial Intelligence has the potential to transform and disrupt both big and small businesses. Nevertheless SMEs which account for about 95% of all businesses in India only have hardly begun their AI Journey. It is because an organization’s AI journey can begin only once they’re well on their way in their digital one; and a vast majority of Indian SMEs function in a really traditional non digital manner.
The rest of businesses who’ve begun AI adoption have begun seeing huge benefits with regards to enhancing operational efficiency as well as increasing revenues. It has influenced all functions inside the organization including marketing, HR, manufacturing, distribution, sales, legal and compliance.
The key facets driving the expansion of AI in India are:
- Usage of digital online advertising and social network to reach more customers
- Adoption of AI by international competitors which is negating the labour arbitrage that exporters appreciated
- Increased concentrate on bottom lines and operational efficiency as opposed to just the top line in many industries.
The gap between small businesses and big is set to expand as big businesses make investments in analytics and AI, while tiny businesses continue with their previous manner of conducting business. Small businesses can stand to benefit a great deal from analytics however because they’ve to begin their digital Journey. Some of the ways Small businesses can benefit from analytics in 2020 are:
- Using analytics driven decisions for determining advertising spends: This may have a big influence in assuring that they get a fantastic Return on investment to the consumer acquisition efforts
- Using analytics to improve their social network content driven acquisition: Use social network analytics to determine what content is engaging customers with their brand.
- Using social media listening as a substitute for market research: In a great deal of cases, social media listening can behave a faster and much more cost efficient approach to understand market demands and what consumers think about you or your competition
Indian brands big or small know that the present and future of marketing is undoubtedly digital. The new age Millennials and Gen Z-ers are living in a digital age — using smart devices to work, party, commute, and play. In fact, the boundaries between what constitutes marketing and smart devices and technology are a blur, and the medium has become the message. Artificial Intelligence not only leverages self-learning systems by using tools like data mining, pattern recognition and natural language processing but also offers key business advantages over human intelligence. Highly scalable and resulting in phenomenal cost savings I strongly support Artificial Intelligence as a tool for India’s overall growth.
(Article By- Dr Ranjit Nair (PhD AI), CEO and Founder of Germin8 Solutions)