AI is forecasted to have trillions of dollars of annual impact on businesses in the economy.
But what does it mean to your business, career, or industry?
The good news is:
AI is going to create massive benefits for you if you begin to apply it now. And that's true no matter what you do or where you work.
That's because machines powered by AI are prediction machines. (Also, the name of a highly recommended book on the economics of AI.)
Machine learning systems use historical data to predict future outcomes. Natural language processing and generation models predict which language is the correct language for text and voice responses. Computer vision technologies make predictions about which images and objects they are seeing.
Today, AI has gotten good enough at making useful predictions that it's transforming business as we know it across industries.
Critical business tasks that humans do across talent, technology, and strategy roles are often predictive.
In marketing alone, you do tons of things that involve predictions. If you run ads, you're predicting which ad creative will work best. If you allocate marketing budget, you're predicting which channel will perform best. If you're sending email campaigns, you're predicting when to send them and who to send them to.
AI can do all of these predictive tasks better than humans.
That's not something to fear. It's how AI produces tremendous benefits for your company and career.
AI systems use machine learning to analyze vast sets of data quickly and well. Because the machine can analyze so much data so quickly and well, it makes better predictions than humans. AI can perform pattern recognition at a scale that we can't accomplish.
For example, take the example of building digital ad campaigns.
A human may be a great advertising copywriter. Or a great ad strategist. A human may even run many successful campaigns. But we're still limited by our ability to analyze all the data available to them. Much more is possible when you rely on the predictive power of AI.
AI for advertising can quickly and accurately analyze billions of data points about what ads work. It can then predict which creative elements to mix and match across ads. AI can also hyper-personalize ad budgets and targeting in real-time.
What's more, in all industries, AI learns from new data and improves its predictions over time. So the AI systems you adopt can get smarter without you having to go out and seek new knowledge.
This unlocks two significant benefits for businesses.
1. AI accelerates revenue.
AI enables predictions your business isn't currently making. And it makes the existing predictive tasks much more effective. That makes it faster to grow revenue and shorten sales cycles.
2. AI reduces costs.
AI can also intelligently automate tasks that are data-driven and repetitive. This frees up staff to work on higher-value, more rewarding tasks. Or, it allows humans to work in tandem with machines so that each does more of what they're best at—unlocking better output from both people and technology.
How to Get Started with AI
If you want to get started with AI by learning more about how it can help you, then you need our Ultimate Beginner's Guide to AI in Marketing.
It has more than 100 resources to get you started with AI—without spending months on research or struggling with difficult jargon.
It contains our best resources for learning AI, the stuff that made the cut after we did 1,000s of hours of research and 100s of interviews. No hype. No fluff. Just the most actionable, relevant information to your company and career.
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About Mike Kaput
Mike Kaput is Chief Content Officer at Marketing AI Institute and a senior consultant at PR 20/20. He writes and speaks about how marketers can understand, adopt, and pilot artificial intelligence to increase revenue and reduce costs. Full bio.