AI Marketing Drives Business Value in 52% of Deployments

CIOTechOutlook Team | Thursday, 14 November 2024, 09:12 IST

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According to the CMO Radar 2024, 52% of AI marketing implementations are creating business value. Additionally, it predicts that AI technology will yield considerable returns over the next 18 months, featuring a 15 percentage point increase in productivity, 13 percentage points in cost reductions, and 11 percentage points in market speed.

The CMO Radar 2024 survey collected input from 2,600 marketing executives across different sectors in Australia, Germany, Nordic nations, the UK, and the US. It explores the implementation of AI across the marketing lifecycle, covering tasks such as content generation, virtual assistants, sales support, customization, campaign oversight, and analytics. The results show that 96% of marketing executives have utilized AI in at least one of these domains, with 30% using AI in all seven major marketing functions.

A recent study from Infosys Knowledge Institute, the research division of Infosys, indicates that 73% of companies have incorporated artificial intelligence (AI), such as generative AI, into their marketing strategies, with 52% of these implementations yielding measurable business value.

The report named CMO Radar 2024 emphasizes the increasing impact of AI-savvy chief marketing officers (CMOs) in corporate decision-making, with 62% anticipating their influence to extend into wider strategic decisions.

Sumit Virmani, EVP and global chief marketing officer at Infosys, said, “CMOs face the dual challenge of fueling growth in the short-term while articulating the value of their brand investments in the medium term. They recognize AI’s, especially generative AI’s, potential to help them rewire marketing for greater effectiveness. They know it can also be a key amplifier of marketing impact to the business and its influence within the C-Suite."

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