The revolution has started and there is no turning back! If history repeats itself, this new Artificial Intelligence revolution will last until about the year 2075, so get ready for massive change the remainder of your career.
In the book, Technical Revolutions and Financial Capital, Carlota Perez writes there have been 5 Economic Revolutions since the Industrial Revolution started in 1771. Each Revolution lasts between 50-70 years… (1) Industrial, (2) Steam and Railways, (3) Steel and Heavy Engineering, (4) Oil, Auto and Mass Production, and starting in 1971, (5) Information Communications Technology.
The Information Communications Technology (ICT) Supercycle started with mainframe computers in 1971 and is now in the smartphone era. The difference between ITC and AI is that ITC is about computing power assisting humans, while AI is about machines simulating humans’ ability to think.
We can only guess what the workplace will look like in 50 years, so let’s look at how AI is affecting your workplace in 2024.
Artificial Intelligence is like having a supercharged coworker—one that doesn’t need coffee breaks! It’s transforming how brands connect with people, making advertising smarter and a lot more personal.
AI’s primary advantage in digital advertising is its ability to analyze vast amounts of data to predict consumer behavior and preferences. This predictive capability allows for highly targeted advertising that aligns closely with individual interests and needs. For instance, AI can identify potential customers for specific products based on their online behavior, enabling advertisers to tailor their messages accordingly. This level of personalization not only improves consumer engagement but also enhances the overall return on investment of advertising campaigns.
AI also provides critical insights into ad performance. Traditionally, determining the impact of advertising efforts was somewhat hit and miss, relying heavily on indirect indicators such as sales increases or more foot traffic. AI changes this by offering direct feedback on which ads are clicked, which are ignored, and how they influence consumer purchasing decisions. This data-driven approach enables advertisers to refine their strategies in real-time, optimizing campaigns for maximum effectiveness.
The development of AI applications is profoundly impacting specific businesses across various industries. In retail, retailers can suggest products that align closely with customer preferences, based on previous purchases and browsing habits. AI applications are making strides in healthcare by improving diagnostic accuracy and patient care. In the finance industry, AI apps are essential for risk assessment, fraud detection, and customer service. In manufacturing, AI apps can predict when machinery is likely to fail, allowing for maintenance before costly breakdowns occur.
AI makes all of this efficient and fast. Tasks that used to take days can now be done in minutes…things as simple as writing emails to more complex tasks such as content creation, product design, and software development.
So, AI in digital advertising isn’t just about technology—it’s about making connections more meaningful and personal, while also giving advertisers the tools to be more creative and effective. It’s not just a game changer; it’s a whole new way of playing the game!
For help navigating these tech changes brought on by the AI revolution, call your Exact rep today.