New research suggests that despite the widespread adoption of artificial intelligence (AI) in marketing, nearly half of these initiatives fail to deliver expected business value.
The Infosys CMO Radar 2024 report highlights that although 73% of companies have integrated AI technologies, only 52% are achieving the desired business outcomes. This gap highlights a significant challenge in effectively harnessing the potential of AI in marketing strategies.
AI proficiency among chief marketing officers (CMOs) is correlated with better business outcomes. The report indicates that 62% of AI-savvy CMOs expect increased influence over business decision-making processes by leveraging AI tools to enhance personalization, optimize marketing campaigns and improve efficiency.
However, CMOs continue to face barriers to fully aligning AI strategies with broader business goals and processes. The Infosys report ranks CMOs into three groups based on their AI proficiency: Leaders (13%), Learners (60%), and Laggards (27%). This categorization is based on their ability to derive business value from AI in various marketing activities.
The study outlines four key tactics AI-savvy CMOs use to drive business value from AI: embedding AI into business processes, aligning AI with broader business strategies, integrating risk management in AI-based marketing solutions and ensuring MarTech infrastructures are scalable for AI applications.
Satish HC, Executive Vice President and Chief Delivery Officer at Infosys, commented: “Early on, at Infosys, we saw how AI promises to disrupt the way B2B and B2C players think about customer experience. , marketing productivity and growth. The Infosys CMO Radar 2024 report shows how forward-thinking marketing leaders are adapting to this new landscape.
“At the heart of this transformation is the reimagining of marketing from end to end, taking a holistic approach to innovation. By focusing on disintermediation for agility, businesses can quickly adapt to changes and improve their competitive advantage.
“The report highlights the vital role of leadership in leveraging AI capabilities to drive marketing innovation and customer engagement. With Infosys Aster, we are already bringing digital capabilities to marketing leaders to maximize operations, while leveraging advances in marketing efficiency and personalization. an AI-driven future.
Sumit Virmani, executive vice president and global head of marketing at Infosys, added: “CMOs face the dual challenge of fueling near-term growth while articulating the value of their brand investments in the medium term. They recognize AI, especially generative AI. , potential to help them rethink marketing for greater effectiveness.
“They know it can also be a key amplifier of marketing impact on the company and its influence within the C-Suite. The Infosys CMO Radar 2024 outlines the tactics CMOs can adopt to lead and stay ahead in times of AI-driven transformation. “.
The research was conducted through an anonymous survey involving 2,600 marketers from various industries including automotive, financial services and healthcare across multiple regions including Australia, Germany, Nordics, the United Kingdom and the United States. It examined AI adoption across the marketing lifecycle, focusing on activities such as content creation, campaign management and analytics.
The findings highlight the critical need for businesses to not only adopt AI, but also strategically align AI initiatives with overarching business objectives to drive substantial business value.
