What happens at the intersection of Culture, Creativity, and Tech
Are you curious about what happens at the intersection of Culture, Creativity, and Tech? Well me too!
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8 Things Every CMO Should Know About Content Management
Technology has significantly transformed the role of the Chief Marketing Officer (CMO) in various ways. These changes have occurred due to the rapid evolution of digital tools, data analytics, and the ever-expanding role of social media, e-commerce, and the web in our daily lives.
Lawrence Edmondson
Technology has significantly transformed the role of the Chief Marketing Officer (CMO) in various ways. These changes have occurred due to the rapid evolution of digital tools, data analytics, and the ever-expanding role of social media, e-commerce, and the web in our daily lives. Data-driven decision-making, Customer Insights, Content Marketing, and Marketing Automation have made the CMO's job more complex and technical. Today, CMOs must be technologically literate, adaptable, and focused on delivering measurable results in an ever-evolving digital landscape.
We co-wrote this piece with our partners dotCMS.
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What is Multimodal AI?
As part of our content series on simplifying AI, let's take a look at Multi Modal AI, what it is, its applications, and its benefits. Need help getting your organization up to speed with AI and how it can be beneficial? Hit us up.
The application of Artificial Intelligence is, without a doubt, the next great leap forward in human evolution. The potential of AI to not only optimize our routine tasks, create content, provide answers and insights, and increase our cognitive ability is unprecedented. As a species, we're at a crucially pivotal and transformative moment unlike any we have experienced. Across computing, manufacturing, healthcare, fintech, and many other sectors, AI isn't a nice shiny object anymore. Instead, it is a must-have for all businesses to ensure a competitive edge and a long-term strategy for efficiency and revenue growth.
However, where does one even begin to understand what's possible with AI? How do you become literate and fluent in this groundbreaking new technology? Unless you're a Data Scientist, Researcher, or AI-trained technologist, it's easy to get lost in all the technical jargon, buzzwords, and accelerated pace at which AI is moving.
As Marketers, having a fundamental understanding of AI, its practical uses, areas of concern, and the opportunities it will create, is crucial to helping our clients succeed. According to McKinsey "In 2018, manufacturing and risk were the two functions in which the largest shares of respondents reported seeing value from AI use. Today, the biggest reported revenue effects are found in marketing and sales, product and service development, and strategy and corporate finance, and respondents report the highest cost benefits from AI in supply chain management" +
As part of our content series on simplifying AI, let's take a look at Multimodal AI, what it is, its applications, and its benefits. Need help getting your organization up to speed with AI and how it can be beneficial? Hit us up.
Multimodal AI uses data from multiple vs. single modalities (image, text, speech, text, numerical data) to enhance the accuracy and effectiveness of AI systems. Harnessing the power of multiple data modalities will help businesses improve accuracy, efficiency, and effectiveness across various operations, resulting in better outcomes and increased competitiveness. Here are some real-world use cases of Multimodal AI:
1. Healthcare — Multimodal AI can help improve medical imaging analysis, disease diagnosis, and personalized treatment planning. By combining medical images with patient records and genetic data, healthcare providers can better understand a patient's health, enabling them to tailor treatment plans to individual patients. This can result in better patient outcomes and improved efficiency in healthcare operations.
According to a report by Precedence Research, the healthcare industry is expected to be the largest user of Multimodal AI technology, with a CAGR of 40.5% from 2020 to 2027. - ++
2. Retail — In retail, Multimodal AI can be used to enhance customer experience and increase sales. Retailers can provide personalized recommendations and optimize product searches by utilizing user behavior data, product images, and customer reviews. This can lead to increased customer satisfaction and loyalty.
3. Agriculture — The use of satellite imagery, weather data, and soil sensor data already help farmers better understand crop health and optimize irrigation and fertilizer application. The use of Multimodal AI can help monitor crop health, predict yields, and optimize farming practices, resulting in improved crop yields and reduced costs.
4. Manufacturing — Improving quality control, predictive maintenance, and supply chain optimization is a constant concern for any manufacturer. By incorporating audiovisual data, industry leaders can incorporate Multimodal AL to identify product defects and optimize manufacturing processes, improving efficiency, and reducing waste.
5. Entertainment — By analyzing different modalities, Multimodal AI algorithms can extract features about emotions, speech patterns, facial expressions, and actions. This can help content creators better understand their audience and tailor their content to specific demographics. For example, a movie or TV show could be analyzed to determine which scenes were most emotionally impactful to viewers, which characters were most relatable, and which types of humor were most effective. Multimodal AI can create more engaging content and increase customer satisfaction.
6. Voice Assistants — Multimodal AI can enable more sophisticated and personalized voice assistants to interact with users through speech, text, and visual displays.
7. Smart Homes — With Multimodal AI, smart IoT devices can create more intelligent and responsive homes that can understand and adapt to a user's preferences and behaviors.
8. Virtual Shopping Assistants — Using the notion of Conversational UI, Multimodal AI can help customers navigate and personalize their shopping experience through voice and visual interactions.
References
1 — McKinsey & Company (2022, December 6). The state of AI in 2022—And a half decade in review. https://www.mckinsey.com/capabilities/quantumblack/our-insights/the-state-of-ai-in-2022-and-a-half-decade-in-review
2 — Precedence Research (n.d.). Artificial Intelligence (AI) in Healthcare Market. https://www.precedenceresearch.com/artificial-intelligence-in-healthcare-market