When it comes to artificial intelligence, a new study published by the IBM Institute for Business Value revealed several interesting facts about companies who outperform their peers in various financial measures:
- Such companies (88%) are more likely to believe they are ready to adopt cognitive computing than other companies (57%)
- Such companies (91%) are more likely to believe that the technology will be important to their organization’s future compared to other companies (64%)
- Such companies (93%) are also more likely to believe that AI is mature enough to be market ready compared to other companies that don’t (59%)
Maria Winans, Chief Marketing Officer for IBM Watson Customer Engagement, said the study validated that many progressive marketing and sales executives are aware of the benefits of AI and are increasingly thinking of ways they can use it to meet their organizational goals.
“We saw this in the survey that more than half of the outperformers have already started,” stated Winans in speaking to Forbes. “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].”
One of the questions that marketing and sales executives are asking when it comes to AI adoption is: “How do I bring it into our function and how do I really align it to our pain points?” They are also expecting a number of benefits, including:
- Customer satisfaction improvement
- Revenue increase from larger orders and shorter sales cycle
- Customer retention improvement
- Customer acquisition cost reduction
Specifically, marketers are hoping that AI will create more personalized digital experiences and help them to work more effectively on repetitive tasks such as content tagging. Sales reps, on the other hand, are hoping AI will help them get closer to the customer, find prospects in new markets, and improve their contact strategy.
“The survey further validated that marketers and sales leaders believe that this technology is game changing,” Winans added. “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].”