Over the years, companies have long sought failure-proof technology that would allow them to do more with less, improving efficiency and cutting out undue manual labor.
Many companies now believe that artificial intelligence (AI) is that silver bullet.
Research conducted by customer engagement company Twilio recently found that AI-based automation has emerged as the primary means by which businesses are looking to grow revenue and operate efficiently. For many companies, the primary way AI is being used is in the form of generative AI chatbots.
Twilio Segment’s 2023 Growth Report, a study of 2,450 business leaders, found that 88% of businesses are already using some form of AI in their marketing efforts this year, and more than half (54%) expect to spend even more on AI-powered campaigns in the coming year. The findings show that leaders expect their AI investments to pay off, with nine out of 10 leaders (90%) reporting that AI will deliver either time or cost savings for their businesses. Among the survey’s respondents, 38% of businesses said they will be using AI chatbots in their marketing efforts.
The study went on to highlight the critical nature of customer data platform (CDP) reliability for companies hoping to gain value out of AI-based automation. The research found that 40% of businesses are still struggling with their technology infrastructure or low-quality data, highlighting the pivotal role of relevant, timely data in unleashing the full power of AI. In fact, 71% of respondents said AI could be more useful with access to higher-quality data.
The researchers noted that CDPs are having a positive effect in ensuring data quality: Companies using a CDP experienced a 32% growth rate in the past year, compared to a 21% growth rate at companies not using a CDP. Because CDPs unify customer data that is collected across the organization, it offers brands a single source of truth for their customers’ needs.
“AI has taken the world by storm in 2023, and the data is clear that businesses have embraced the technology wholeheartedly as a means to attract, engage, and retain customers. The challenge now is ensuring that these AI efforts bear fruit,” said Katrina Wong, VP of Marketing at Twilio Segment. “Businesses have to prioritize data quality just as much, or even more, than they’re prioritizing AI. Otherwise, they’re leaving money on the table.”
Edited by
Alex Passett
