4 (tech) reasons why adopting transformation in business is the only way to thrive…

“AI (Artificial Intelligence) is perhaps the granddaddy of all exponential technologies – sure to transform the world and the human race in ways that we can barely wrap our heads around.” This is what Jason Silva (Futurist, Philosopher) affirmed 2 years ago in one of his Singularity University’s web series and something that is proving truer every day!

In the past few years we have seen many technologies, mainly applied to digital/data, disrupting marketing practices in ways we have never seen before. This progress has provoked an array of changes across the media and advertising industry. Consumers now have more choice and power through their data; looking for more personalised offers, with limited tolerance to brands with no relevance or low purpose. So, advertisers need to transform in real time, or they’ll fall behind consumers, and competitors as tech drive the advertising industry towards a new horizon…

Here are 4 top tech trends to watch out as they disrupt ways business operate:

1. Tech solutions are increasingly powered by AI/Machine learning; helping making sense of the ever-increasing amount of data at our disposal. Dynamic Content Optimisation (DCO) is one the areas where AI will allow rapid advancements. The IDC predicts that by 2024 AI-enabled user interfaces will replace 1/3 of today’s (screen-based) apps.
2. Blockchain has been around for more than 8 years and while we are familiar with the concept of Bitcoin, this technology is starting to spread through the advertising industry. Companies like Fenestra are starting to use blockchain technology as a mean to manage programmatic buying processes in a transparent, trustable and cost-efficient way. Others are using blockchain to create Adblockers giving power back to the consumers to decide upon their personal data value, reversing the rules of advertising.
3. The rise of IoT (Internet of Things) means that the machines will talk to each other without the need for human intervention. It is predicted by 2020 that there will be more than 200 billion connected things globally, equating to 26 smart objects per human being on this Earth (IDC, Intel, United Nations)! This means that we are starting to target “machines” rather than humans with communications strategies, and we must ensure that all the IoT data is used to improve advertising effectiveness and efficiency.
4. Mobile. There are now more than 5 billion mobile users on earth representing roughly 67% of total population (Wearesocial / Hootsuite – Global digital report 2019). We spend over half of our internet time on mobile, and Connectivity is getting even better with 5G networks launching as we speak. This means consumers are increasingly adopting video and social media not only as a way to connect with friends but also to get news and shop. Voice and image search as well as e-commerce are growing rapidly suggesting that brands managing customer engagement and personalisation will retain a clear competitive advantage.

So how is your business coping with this ever-changing context? Are you able to adopt and constantly adjust to new technologies? Can you develop a connected experience for consumers as well as refining your understanding of the consumer journey using real-time and predictive analytics?

Here are 4 areas where marketing procurement and media professionals can help their businesses.

1. Understand what Martech you have in place now, and what you will need in the future: identify the gaps, get a Martech plan in place
2. Set out a test and learn program to test AI technologies
3. Set out a test and learn program to test blockchain technologies
4. Ensure you understand what your agency is doing with technology on your business, and ensure that your agencies have a clear brief with regard what you want them to do with it

At Flock, we’re helping marketeers and marketing procurement leaders make sense of the change happening through technology development and new markets’ requirements. We have helped lots of clients finding solutions on how to best structure their Martech, acquire new skills and identify ways to maximise their agency ecosystem in order to embrace a transformational culture. If you want to chat (via chat bot or over tea!), please just let us know. Message us at hello@flock-associates.com.