Brands face enormous uncertainty in the wake of the AI revolution, but a new report by The Media Store suggests this technology can be leveraged to enhance value for customers and promote efficiency.
The report, commissioned by research and strategy agency The Media Store, considers AI’s capabilities to reimagine the media landscape if brands embrace the benefits offered by the new technology and minimise the threats it presents, like job displacement.
Brands should be honest about the implementation and use of AI within the business, in order to offset customer concerns about privacy and misinformation, the report found.
Improved service, better products, and increased personalisation are just three of the myriad benefits artificial intelligence presents.
The Media Store report pushes brands to embrace AI
The Media Store chief strategy officer Sam Cousins says brands must carefully embrace AI.
“The AI landscape is rapidly evolving and brands need to start thinking about how they’re going to navigate the AI landscape,” he says.
“It’s definitely a balancing act, businesses need to find a way to harness AI’s immeasurable possibilities, against wide-held customer concerns around privacy and transparency. Brands need to start thinking about their messaging and their own objectives around AI to ensure they continue to engage and resonate with their audience.”
Customer concerns surround the prospect of AI triggering mass job displacement and the sustainability of the job market.
However, automation may present new jobs and possibilities as it displaces others. The World Economic Forum estimates that within five years AI will have replaced some 85 million jobs with 97 million new ones.
And many brands are already successfully using AI within their daily operations, particularly in content creation and creative enhancements, copywriting, messaging optimisation and automation of repetitive tasks like data collection.
By allowing agencies to create high-quality content swiftly and efficiently, AI frees time to amplify human creativity and innovation.
Chatbots and virtual agents can enhance customer support and leave more complex tasks that require empathy and problem solving to employees.
“By harnessing AI’s capabilities, agencies can help shape a media landscape that’s brimming with possibilities,” the report says.
With brands and agencies at the coalface of the AI revolution, now is the time to control the narrative, reassure concerned customers and embrace the opportunities offered by new technologies.