As consumers continue to engage with technology, businesses are responding by orienting themselves towards digital spaces. In the context of the advertising industry, traditional advertising techniques are no longer as effective as they once were, and advertisers in countries like China have begun incorporating different forms of technology like Artificial Intelligence, recognition software, and smart tracking in their advertising efforts. Although the application of these digital solutions has introduced various benefits, careful consideration should be given before implementing such a system.
Gain further insight into the nuances of integration between advertising and technology, and how countries throughout Asia are exploring this space, in this excerpt from our latest white paper, Vision Artificial Intelligence: The Future of Advertising, which you can read in its entirety here.
To boost the effectiveness of advertisements, related strategies, and overall implementation of campaigns, marketers have taken an interest in the integration of different forms of technology with traditional advertising techniques.
In China, a chain of shopping malls installed Vision Artificial Intelligence (AI) solutions which ultimately resulted in substantial improvement for outdoor display advertising revenue. After implementation of the Vision AI solution across 10 sites, profit surged by 33% within only a few months of use. Although the COVID-19 pandemic has presented unforeseen circumstances which may call into question the need for such tools, the benefits as evidenced by the data are promising, nonetheless.
Other than an increase in revenue and profit, choosing to utilize the Vision AI system extended advertisers access to previously unavailable consumer data which ultimately allowed for a better understanding of the relationship between potential customers and their advertisements. Moreover, the benefits of applying Vision AI manifested in several equally important ways, namely:
- Targeted Marketing: Specific variables may be automatically identified, like gender or age group, which allow advertisers to determine if their advertisements are relevant or not.
- Conversion Tracking: By integrating AI with cameras, advertisements are analyzed and tracked through advanced metrics, such as eyeball engagement or customer awareness.
- Advertising Intelligence: The actionable data received through the implementation of Vision AI results in extensive customer data, which can then be used in future campaigns and tests.
Key Areas for Consideration
Although the use of AI-integrated technology and related forms digital solutions can unlock a plethora of advantages, there are areas that must first be carefully explored. Given that Vision AI is an integrated digital solution – meaning that it involves several technological components relating to hardware and software – potential users must ensure quality in these regards:
- An important aspect of Vision AI is its facial recognition ability. Thus, potential users of this digital solution must apply an adequate facial recognition system as it will need to recognize and observe patterns, behaviors, and trends among consumers in complex situations.
- Once the system logs and stores information, this data should be reviewable by those handling the system and the ability to do so is a vital feature to Vision AI. The platform implemented should be able to engage in event cataloging, as well as sorting these occurrences based on specific factors, criteria, and elements depending on the user’s need.
- Part of the allure to utilizing digital solutions is the benefit of automated responses. Systems should be able to recognize and trigger a function based on real-time events, which may be tracked through other integrated functions such as cameras. While these responses in the context of advertising may be to display a specific ad at a designated time, automated responses can also bleed into other areas like emergency services or mobile response.
- Given that Vision AI as an integrated solution must serve in several capacities, another important consideration should be the system’s ability to process large amounts of data and turn it into meaningful, actionable information. The capability to do so will result in the successful prediction of potentially advantageous trends, which is important regardless of industry or sector.
Ultimately, these considerations are in place to ensure that proper software and hardware are selected for the implementation of Vision AI. By setting a certain standard of quality – one that guarantees that the components used can adequately function in an integrated set-up – then users of Vision AI will be able to take full advantage of the digital solutions it has to offer.
Aside from potential logistical concerns, one should also be aware that platforms like Vision AI require a Systems Integrator; the individual who is responsible for the maintenance and development of the tool. Having an experienced Systems Integrator will make a key difference as they could very well determine the implementation’s success.
Further Applications of Artificial Intelligence
As it stands, the considerations discussed may extend to companies in various industries and sectors that hope to benefit from Vision AI technology and related digital solutions. For example, as Singapore aims to deploy 5G networks all throughout the country, the government has taken the liberty to train 25,000 professionals in AI basics. Meanwhile, India’s AI workforce has risen from 40,000 to 72,000 within the period of 2018 to 2019. Given that countries across Asia are ramping up AI-related activity, government officials and those in the private sector must ensure the development of sufficient infrastructure.
Even from a global perspective, the importance of AI can be felt as evidenced by projections from a report by Fortune Business Insights wherein experts predict that AI’s total market value will reach approximately 360 billion USD by 2028. The same report forecasts that the market will register an impressive compound annual growth rate (CAGR) of 33.6% from the years 2021 to 2028.
Considering the benefits that come from integrating AI and digital solutions, as well as the figures which predict massive growth, expect countries and businesses all around the world to pay closer attention to this promising market.