The biggest thing that stuck out to me during this year’s Advertising Week was the WEATHER! I mean it was in the high 80s in late September. But all jokes aside, this year’s event featured amazing speakers, innovative brands and insightful discussions about what the future of advertising might look like. From technology to data, there was way too much great content to write about just in one blog post. However, with events like Advertising Week, they tend to give us some great buzzwords to focus on. Let’s take a look at one in particular…AI
Yes, I know everyone has heard of this buzzword – its not new, but still very important. The power of AI will have the ability to transform Advertising, giving brands and marketers new tools to enhance their business and marketing strategies. Automation will unlock a whole new part of our economy. In 2016, Bank of America released a report to it’s investors stating that the rise of AI will lead to cost reduction and new forms of growth that could amount to $14-$33 trillion annually, what they called a “creative disruption impact.” In some expert opinions, this might just be the tip of the iceberg.
But whats behind this explosion of AI? Well, its data! While “big data” can be a misunderstood buzzword in advertising, there’s no denying that the recent AI and machine learning push is dependent on huge amounts of data. Advisory firm Ovum predicts that the big data market—currently at $1.7 billion—will swell to $9.4 billion by 2020. While the power of AI can’t be denied, it’s ability to be truly impactful is dependent on data quality. AI and Machine learning systems are only as good as the data they ingest. AI is able to learn on the fly and optimize to become more efficient, but with bad data AI could make itself actually dumber in the process. Think about that for a second…
AI was the star of this year’s event – however, data still played a major role in most of the discussions. After attending a few panels myself, it became increasingly clear that the power of AI is contingent on the data. Good, high quality data is more important than ever. Brands and marketers with the assistance of AI will be able improve their advertisement investments. With millions and millions of advertising dollars at stake, everyone must be aware that if AI technology is the future, good data must be the foundation.