If you are a marketer, there is no doubt you are aware of AI-based companies cropping up across the industry. What was once thought of as a “fad” has now evolved into a full-blown movement, thanks to growth in funding initiatives, emerging success stories and intuitive new companies.
Marketers have long considered AI as inaccessible, expensive and overly complex. That is no longer the case. As use cases are examined and developed, companies have found ways to make AI-based platforms cheaper, easier to use and readily available.
Our research has shown us that there are four major myths regarding AI that are preventing companies from adopting.
The first myth is the fact that many think AI is still just a fad. Projections show that by 2025 revenue generated by AI companies is set to exceed $37 billion. Furthermore, China and South Korea have developed national initiatives to encourage research within the AI space - this will lead to further innovations in a variety of different industries.
The second most pervasive myth is in regards to ease of use. Marketers in particular feel that they do not have the required skillset to leverage an AI platform as part of their technology stack. This is no surprise as we’ve had decades of pop-culture reinforcing the image of the nerdy code-obsessed software engineer tapping away at their keyboards. Skynet and HAL 9000 have not helped either.
The next myth is the perceived utility of an AI platform in different departments. There is an attitude that AI is only useful for one department. As a result of the recent innovations in the industry, it is clear that if your job includes a lot of “busy work”, then chances are that there is an AI-platform out there that can help you reduce the monotony and tedium of those tasks.
The final myth is the top barrier for businesses - cost. Research has shown that working with AI providers would only cost your company a few hundred dollars per annum, depending on the type and scale of the solution being implemented.
Check out this infographic for a great overview of how AI is shaping the industry.