Generative AI supercharging business performance

Automation now features significantly in the continuously evolving business landscape, heralding a new era of vast marketing opportunities.

This potential is amplified by the innovative power of generative artificial intelligence (AI) that, when applied effectively, leads to accelerated growth in revenue and cost optimisation.

This insight was the highlight of the marketing technology (Martech) forum of the Malaysian Media Conference 2023, an event by Marketing Magazine yesterday.

Represented at the forum were companies and organisations that are leaders in their respective sectors, such as Meltwater, Sime Darby Property, Domino’s, CelcomDigi, Standard Chartered, Tenaga Nasional Bhd, Employees Provident Fund, Netcore, Omnicom Media Group, Group M, IPG Mediabrands and FMT Media.

FMT managing director Azeem Abu Bakar pointed out that the AI industry is anticipated to grow into a US$13 trillion sector by 2030, potentially increasing the global GDP by 1.2%.

“Malaysia stands a good chance of becoming a leader in the lucrative domain of generative AI given that every nation began to adopt it at around the same time,” Azeem said.

“Generative AI can significantly improve language skills and comprehension of issues in the educational sector. Yet, it’s essential to adopt it meticulously and systematically,” he said.

“To ensure that generative AI doesn’t breed complacency or overdependence, it should be strategically harnessed to enhance communication, ideation and cognitive functions,” he added.

AI-driven performance boosts

In his presentation on content creation, Weldon Fung, SEA Meltwater’s area director, shared that a whopping 90% of communication professionals and marketers employ AI routinely in their tasks.

Weldon Fung of Meltwater has given an assurance that while AI augments human potential, it does not render humans obsolete.

“An impressive 44% of marketers have embraced AI for content generation,” Fung noted.

He said 58% of marketers acknowledged that the primary advantage of using generative AI for content was its enhancement of performance.

Highlighting a nuance, Fung suggested that “augmented intelligence” is a more apt term than “artificial intelligence”. This is because AI expands human capabilities within our finite time and resources, rather than supplant humans entirely.

“AI augments human potential, given our constraints, but it doesn’t render us obsolete,” he reiterated.

Salihah Noh of Boost and Benny Chee of Mulaaa also expressed the view that effective use of generative AI mandates profound subject expertise. This expertise is crucial both for quality input and for assessing and refining AI-generated outputs.

The session was moderated by Triton Dsouza of SEA Netcore Cloud.

This article was published on FMT

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