August 3rd 2023.
It's no secret that there's been a bit of tension between humans and bots lately. This could have stemmed from the idea that artificial intelligence (AI) is taking over the way we go about our daily lives. From driving and ordering food to algorithms understanding our thoughts, this could have caused some confusion for earthlings. According to PWC, AI is predicted to drive nearly 45% of the economy by 2023. Thus, it is time to clear the air and take a closer look at what this robot "takeover" really means.
To gain a deeper understanding of AI and its impact on the future of media, BLACK ENTERPRISE sought professional insight from marketing executive Kimberly Wilson, who has done extensive research and experimentation on the technology.
So what exactly is AI? Wilson suggests to think of it like this: similar to how humans learn and adapt from their experiences, AI systems are programmed to process large amounts of data, learn from it, and improve their performance over time without explicit programming. In short, AI can recognize patterns, make data-based decisions, and understand natural language.
Wilson further explains that AI can lead to improved customer experiences and increased engagement, resulting in better overall performance for the company. It can also be used to predict trends and customer behavior, allowing companies to be proactive when it comes to market demands.
AI can be categorized into three main types: Narrow AI, General AI, and Super AI. Narrow AI is designed to perform specific tasks, and is the most common form of AI today. Examples include virtual assistants and recommendation systems. General AI can understand and do any intellectual task that a human can do, however true General AI does not exist yet. Super AI is a hypothetical AI that would surpass human intelligence, but is currently only a topic of speculation.
Media companies can use AI for a variety of purposes, such as customer segmentation, personalization, predictive analytics, image and video analysis, and social media management. AI can help automate repetitive tasks and enhance decision-making by analyzing large amounts of data faster and more accurately.
When transitioning to AI, Wilson suggests first identifying pain points and then collecting and organizing relevant data. Companies should start with narrow applications to gain experience, and seek out AI experts for consultation. It is also important to form a task force and ensure senior leadership is involved.
For brands, it is essential to stay authentic while incorporating AI into marketing. Human-AI collaboration is important as AI can't replace human creativity, empathy, and understanding when it comes to building connections with customers. Companies should strive for diversity in data to appeal to a broader audience, and always be open to feedback from their teams and customers. Lastly, transparency is key to gain customer trust and protect their data privacy.
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