GENERATIVE AI is here: what does it mean? Is it transformative?
May 25, 2023
In April 2021, I wrote a piece, “Is it 1994 all over again?” which laid a framework of strategic questions and issues to consider around NFTs and crypto and whether or not they will be as transformative as the web browser was in the early 1990s? One of my key issues was, “Sensational early outcomes driving gravity defying enthusiasm.” That concern unfortunately played out and now web3/metaverse has been tainted or summarily dismissed in the minds of many marketers and executives. I understand that outcome, though there are many benefits of web3/metaverse being a core component of a marketing plan, as we have detailed throughout this site and I encourage marketers to continue testing and learning.
IS AI just another tech hypecycle?
Now comes along increased awareness of AI, and in particular Generative AI, including much of the excitement and energy that brought NFTs and the Metaverse to the C-Suite. From 2017-2019, I was on the Advisory Board of an early stage AI company, working closely with the founders from its time in a leading accelerator to its being acquired so I have seen firsthand the power and challenges of AI. When asked if we are going to see a repeat where two years from now the concept of AI will be justifying its value in an enterprise like web3 and metaverse are now, I don’t think so for two primary reasons:
It’s an easier concept to grasp. All one has to do is go to OpenAI’s ChatGPT or some other tool, type in a few prompts, and something tangible, i.e, text, image, video, is created. It may not be perfect, but it is powerful and does open the aperture to what is possible and how it could impact and/or improve one’s work.
It’s being deployed across more industries and functions faster than anything I have seen in 30 years of digital innovation. From code writing for engineers, to idea generation for ad campaigns, and more, it took web3/metaverse far longer to achieve awareness and adoption.
Like web3/metaverse, though, the pace of innovation and news can make it difficult to separate the signals from the noise. There are similar risks such as the quality and reliability of the data and resulting information, intellectual property infringement, security and privacy, as well as bias. But the potential is obvious.
AI offers the ability to enable humans to focus on the highest level activities.
AI's rapid data processing capabilities hold the promise of expedited and enhanced data analysis, personalized experiences, customer segmentation, content creation, and customer service. However, AI arguably currently lacks the human touch, including creativity, imagination, emotional intelligence, and strategic thinking. How that changes over time is to be seen. For now, marketers will continue to play the vital role of decision-makers in goal-setting, brand positioning, messaging refinement, visual design, and ethical considerations. In-store and online associates will benefit from AI powered mobile apps, store-specific recommendations, and post-purchase support such as follow-up recommendations and product usage tips but the individual associate is invaluable for fostering human-to-human relationships, particularly in premium and luxury sectors. To truly leverage AI's potential, businesses must prioritize and gain acceptance for upskilling their employees to maximize the technology's benefits.
Where to begin.
As with all new significant technological revolutions, and we do believe this is one of them, lean into existing processes for transformation, develop clear goals, KPIs, and timelines, and utilize a cross-functional team. Consider these four steps as you begin your Generative AI journey.
Understand its potential. It’s important to get first-hand experience with the technology so you can have a base understanding of its potential and limitation. Consider exploring tools for both fun and for work. I make it a point to engage with generative AI daily, ranging from writing an inspirational note for my daughter when she is having a tough day to fine tuning an important email to watching a video of a creative execution. Remember that if you are sharing personal and/or professional data, be careful to make sure you are not violating company rules or other regulations.
Identify relevant use cases. Adopt a strategic and systematic approach with a cross-functional team. Consider the following steps:
Grounding discussion of your enterprise or brand strategic priorities
Review ecosystem domain map, market trends, competitive activities, business outcomes and use cases
Assess existing processes, data availability, and potential pain points
Prioritize business outcomes and use cases
Review use cases linked to business outcomes
Identify use cases for likely sequential testing
Scope 3 - 5 use cases
Finalize Foundational Strategy and Roadmap Development
By taking a holistic and structured approach, you can effectively identify and leverage the most relevant use cases for generative AI to drive innovation and achieve business the desired business outcomes.
Collaborate with your partner ecosystem. Your existing technology partners should have a view or insights on their current capabilities and a product roadmap. Engage them to assess the viability of the use cases you want to test and also to potentially uncover new use cases. Think of it as an opportunity to broaden your horizons, to gain access to diverse data sources, cutting-edge research, and specialized skills that can supercharge your generative AI projects. Ideally, together you can unlock new possibilities and achieve even greater success.
Test & Learn. With clear objectives, metrics and outcomes it’s time to test use cases. Your enterprise probably has a defined process for implementing small-scale pilots. Start there. If not, some points to consider:
Start with small-scale tests or pilots
Be prepared to monitor the performance, collect relevant data and iterate/refine the idea
Include a feedback loop
Understand how to scale if successful
CLICK THE + FOR HOW GENERATIVE AI COULD IMPACT DIFFERENT FUNCTIONS IN AN ENTERPRISE.
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From identifying what’s a competitive advantage to a competitive imperative, to fully understanding the impact to your workforce in terms of redundancies, upskilling, and time expectations, to prioritizing investment and near and long-term strategic planning…
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Strategic alignment
Talent and expertise
Resource allocation
Risk management
Adoption and change management
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Power digital transformation, process automation, and world-class experiences across all digital touchpoints…
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Digital transformation strategy
Technology integration
Partnerships and collaboration
Data strategy and governance
Talent development and upskilling
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Drive new levels of customer engagement and satisfaction…
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Data collection and analysis
Customer segmentation
Personalized recommendations
Dynamic content generation
Real-time personalization
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Uncover trends, optimize multi-platform strategies, deliver dynamic content…
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Content creation and optimization
Audience insights and targeting
Sentiment analysis and reputation management
Social listening and trend analysis
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Anticipate trends, leverage insights…
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Demand forecasting and inventory optimization
Assortment planning and product recommendations
Pricing optimization
Customer insights and segmentation
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Changes to reporting, analysis, and decision-making inputs and processes to managing data security and privacy….
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Cost-benefit analysis
Data infrastructure and security
Risk management and compliance
Operational efficiency and automation
ROI tracking and performance metrics
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Strategic Partnerships and M&A
Competitive landscape analysis
Talent acquisition and development
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Empower teams, push boundaries, enable insights…
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Technology landscape assessment
Use case exploration and ideation
Prototype and proof of concept development
Ethical and responsible innovation
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Enhance experiences, streamline processes…
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Personalized user experiences
Natural language processing and conversational interfaces
Data-driven design and prototyping
User research and insights
Usability testing and user feedback analysis
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Enhance customer value perception, maximize revenue…
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Personalization and targeted offers
Dynamic pricing and real-time optimization
A/B testing and offer experimentation
Fraud detection and security
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What is scalable while maintaining relevance, how do humans and technology interface to create the most impactful output and experiences while protecting brand consistency and reputation?…
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Content creation and automation
Personalization and customer insights
Customer journey optimization
Performance measurement and optimization
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Uncover hidden patterns, create dynamic offers, gauge sentiment…
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Personalization and customization
Predictive analytics and behavioral insights
Gamification and interactive experiences
Omni-channel integration
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Shape immersive experiences, enable dynamic content creation, create intelligent virtual environments…
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Business Integration opportunities
NFTs and digital collectibles
Avatar development
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Reimagine interfaces, interactions, and user journeys…
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Design automation and exploration
Adaptive and responsive interfaces
Style transfer and customization
Visual asset generation
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Efficient ideation, seamless integration of user-centric features…
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Design exploration and ideation
Customization and personalization
Design optimization and simulation
Human-AI collaboration in design
Ethical and aesthetic considerations
Please reach out if you are interested in learning more how we can help you by Transforming Uncertainty to UnbelievAIble™.
