- Generative AI was a big topic at the 2024 World Economic Forum in Davos, Switzerland.
- Marketers will be critical in preparing businesses to use AI effectively and responsibly.
- Author Jill Kramer is chief marketing and communications officer at Accenture.
Marketers have much to learn from the World Economic Forum in Davos. This year, it was even more relevant than previous years.
At the heart of Davos is a highly focused, all-in program that puts us at the heart of our business. It is one of the only gatherings in the world where business, government and society leaders sit side by side, each working toward complementary goals. Marketing and communications are in the best position to garner conversation, differentiate your brand, and deliver value to your audience.
In 2024, the main conversations among participants of all types will be about the impact and future of generative AI, especially how to use generative AI responsibly, creatively, and effectively across organizations. It was about.
Speaking at the conference, Nasdaq CEO Adena Friedman succinctly summarized the general attitude toward AI. She said: “It came out a little over a year ago. We started doing some experiments and understanding its potential. This is a year of revitalization for us and for everyone. It will be.”
Our own research, also confirmed by my interaction at Davos, supports this. Accenture Waves of Change: 2024 Index We find that leaders (including marketers) are ready to embrace the benefits of AI. His 76% of executives view generative AI as “more of an opportunity than a threat.” This is encouraging – and it shows that those who understand the future of their business Also Understand GenAI.
However, almost half (47%) say they are not adequately prepared for accelerating technological change. Further, only 27% claim their organizations are ready to scale up generative AI, and 44% say it will take 6 months to scale up and take advantage of the potential benefits. The answer is that it will take more than that.
What does that mean for marketing, both as a business partner and as a craft?
1. We act like a company's value center and prioritize our investments accordingly.
There are two main categories of AI investments. One is table-stakes investing that delivers fundamental productivity gains, and the other is strategic investing with new approaches that reshape the way industries operate.
Investing in areas where organizations can apply generative AI to business functions beyond use cases will help create the most value for customers and the business.
2. We must rise to the challenge of preparing our organizations' technology and data for AI.
Generative AI requires a fundamentally different enterprise architecture. Data is more fluid, and unstructured and synthetic data is becoming more important. Additionally, new foundational models are released every week, so businesses need to use the right models to support each function, such as marketing. Marketers need to prioritize digital core as a key competency, even if it scares us.
3. We need to bring in our employees and let them teach us.
AI will reinvent talent and the way we work. We hire people and train them to be creative, curious thinkers who can connect across departments, see the big picture, solve problems, and develop new ideas. We all learn as we go, so it's important to get feedback, adjust, and reteach.
Four. Accountability is key. We must understand where AI is being used and consistently balance value and risk.
Take intentional actions to design, deploy, and use generative AI to drive value while protecting against risk and help close the gap around responsible AI.
Five. space. Grace. pause.
Businesses are changing and evolving faster than ever before, and that momentum is unstoppable. As marketers continue to stay ahead of this pace, giving ourselves the space to think, pivot, and reinvent for the future should be at the top of our collective list. .
Generative AI enables marketers to drive continuous reinvention, making it even more important for business. This year, marketers will play a pivotal role in bridging this gap between preparedness and readiness. And after Davos, they are looking to further strengthen it.