Unleashing the Power of GenAI: Boosting Marketing Productivity by 40%

Unleashing the Power of GenAI: Boosting Marketing Productivity by 40%

April 18, 2024 - Lagos

In a groundbreaking study conducted by the International Data Corporation (IDC), it has been revealed that the integration of generative artificial intelligence (GenAI) into various enterprise marketing tasks will lead to an estimated productivity surge of over 40% by 2029. This research has far-reaching implications for the marketing industry, as GenAI is projected to handle a substantial portion of specific marketing roles within the next five years.

Gerry Murray, the research director at IDC’s Enterprise Marketing Technology practice, commented on the transformative potential of GenAI, stating, “Because of the rapid evolution of GenAI capabilities, marketing leaders will have to prepare their staff for fundamental changes to roles, skills, and organizational structure.”

To assess the potential impact of GenAI on marketing, IDC employed a comprehensive model that analyzed the work of 24 essential marketing roles across five main categories: Management and Planning, Branding and Creative Services, Campaign and Engagement, Analytics and Reporting, and Other. Based on this analysis, IDC estimated the proportion of each category of work that can be delegated to GenAI over the next five years.

By taking into account staffing levels and fully loaded cost estimates, IDC was able to calculate the potential productivity impact of implementing GenAI across a large marketing team. The results are astounding, predicting that GenAI will have the ability to manage over 40% of the collective workload of marketing teams and potentially even handle 100% of specific marketing tasks.

While the exact benefits of adopting GenAI may vary depending on the company’s size and the number of individuals associated with each role, the overall productivity gains offer valuable guidance for marketing teams of all sizes.

To effectively leverage the power of GenAI, IDC recommends that tech buyers consider several key steps. First, evaluate the current and future support provided by vendors for different use cases, as the success of GenAI applications will directly impact business outcomes and justify investments.

In a recent interview with IDC, Kumar Shah, Chief Marketing Officer at a leading multinational corporation, shared his excitement about the potential impact of GenAI on marketing. Shah stated, “AI has already revolutionized various industries, and marketing is no exception. With GenAI, we can streamline our operations, improve decision-making processes, and unleash the creative potential of our team.”

The advent of GenAI presents an opportunity for marketing departments to reimagine their workflows, redefine roles, and harness the power of artificial intelligence to redefine customer experiences. However, despite the immense potential, industry experts emphasize the importance of a thoughtful and strategic transition, ensuring that human creativity and intuition blend harmoniously with the capabilities of GenAI.

As the marketing landscape continues to evolve rapidly, organizations will need to adapt and embrace the transformative capabilities of GenAI. By doing so, they can unlock unprecedented levels of productivity and propel their marketing strategies into the future. The era of GenAI has arrived, and it is poised to revolutionize the marketing industry like never before.