IBM Study Finds Outperforming Companies More Ready To Adopt AI For Marketing [Marketing]

Published by Forbes - CMO Network. Curated by Closer Spot - Subscribe to receive top sales & marketing advice each week.

Photo courtesy of IBM
Maria Winans, CMO IBM Watson Customer Engagement
Will artificial intelligence be the next iteration of “the rich get richer”? In a new study published by IBM Institute for Business Value, companies who outperformed their peers in various financial measures are more likely to believe they are ready to adopt cognitive computing (88%) than other companies (57%). They are also more likely to believe that the technology will be important to their organization’s future (91% vs 64%) and more like to believe that AI is mature enough to be market ready (93% vs 59%).
According to Maria Winans, Chief Marketing Officer for IBM Watson Customer Engagement, the study validated that progressive marketing and sales execs are are aware of the benefits and are thinking about adoption. “We saw this in the survey that more than half of the outperformers have already started. They started to shift towards cognitive thinking and they're embedding it into the work that they're doing around digital transformation. There is optimism about what cognitive means [to their business].”
Sales and marketing leaders agree on the benefits they expect:
• Customer satisfaction improvement
• Revenue increase from larger orders and shorter sales cycle
• Customer retention improvement
• Customer acquisition cost reduction
Getty Image courtesy of IBM
IBM, "From data deluge to intelligent insights: Adopting cognitive computing to unlock value for marketing and sales” 2017.
Winans acknowledged sales and marketing execs are asking "How do I bring it into our function and how do I really align it to our pain points?”  Marketers want to create more personalized digital experiences and to work more effectively on repetitive tasks like content tagging. Sales wants to get closer to the customer, to find prospects in new markets and improve their contact strategy. Winans added, “The survey further validated that marketers and sales leaders believe that this technology is game changing. They just need a framework for the technology and guidance on how to build the culture they need. Because it's a whole new way of working when you embrace cognitive. The culture of the way that you work in collaborative teams for faster innovation [needs to change].”
One of the hesitations on adopting cognitive computing is concern over “ripping and replacing” existing systems. Winans admitted, “This is one of the things that I hear all the time. And then I  explain, ‘You don't have to think futuristic. Let me give you some scenarios of the customer experience and analytics as an example. You're working with customer analytics tools today. What if we would be able to embed Watson in the current tools that you're using and be able to show you how you can facilitate simple tasks like struggle detection? What if the content management tools that you're deploying today had Watson which would allow the task of content tagging in the moment embedded in a solution?’"
If you are a marketer who wants to outperform your competition, now may be the time to investigate how AI capabilities can deliver advantages to your organization. Progressive marketing leaders are taking a crawl, walk, run approach. Are you ready to take the first step?

Comments