Steps to Leverage GenAI Advancements in Marketing

Research firm IDC highlights steps for technology buyers to prepare their organizations to use the potential of Generative Artificial Intelligence (GenAI) in marketing tasks.
Marketing automation for tech jobIDC advises tech buyers to evaluate vendors’ support for various use cases, emphasizing that use cases directly translate into business outcomes. Additionally, buyers should scrutinize vendors’ architecture, tooling, and service resources to ensure they align with their organizational needs.

Moreover, IDC suggests determining the infrastructure required to support different types of work and implementing AI capabilities from the data layer upwards. This approach ensures that all instances of GenAI within an enterprise share common services for data, governance, and security.

The report also emphasizes the necessity for organizations to prepare their staff for significant job changes due to GenAI adoption. This may involve upskilling, reorganization, and even the creation of entirely new career paths.

Furthermore, IDC underscores the importance of data preparation, stating that organizations lacking real-time, clean, and governed data sets may not fully leverage GenAI’s potential.

According to new research from IDC, applying GenAI to various enterprise marketing tasks is projected to increase productivity by over 40 percent by 2029. Gerry Murray, research director at IDC’s Enterprise Marketing Technology practice, predicts that GenAI will handle more than 40 percent of specific marketing roles’ work within the next five years.

To gauge the potential impact of GenAI on marketing, IDC modeled the work of 24 key marketing roles across five categories. Their estimates suggest that GenAI could handle over 40 percent of marketing teams’ collective work and potentially 100 percent of specific marketing tasks. While actual benefits will vary by company, the productivity gains offer valuable insights for marketing teams looking to embrace GenAI advancements.

Another IDC report indicated that enterprises will invest nearly $16 billion worldwide on GenAI solutions in 2023. This spending is expected to reach $143 billion in 2027 with a compound annual growth rate (CAGR) of 73.3 percent over the 2023-2027 forecast period. This is more than twice the rate of growth in overall AI spending and almost 13 times greater than the CAGR for worldwide IT spending over the same period.

Bloomberg Intelligence says the generative AI market will be growing to $1.3 trillion over the next 10 years from a market size of $40 billion in 2022 with the influx of consumer generative AI programs like Google’s Bard and OpenAI’s ChatGPT. News Desk

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