CMOs plan to increase AI and data spending

This will come as a surprise to no one, but according to an Accenture survey, roughly 80% of CMOs are planning to increase their organization’s spending in AI and data for 2024.

Roughly 80% of chief marketing officers are planning to increase their organization’s spending on artificial intelligence and data for 2024, according to a new survey from Accenture. This number is up from 57% last year.

Generative AI is expected to account for a major part of this spending. The surveyed CMOs cited two areas of business that will be priorities in receiving generative AI investment: customer service, in which 64% of respondents plan to invest, and marketing, in which 47% of respondents plan to invest.

As for marketing, brands have had a slightly more difficult time determining how to effectively apply generative AI. Plenty of tools can help in generating creative material such as ad copy, but the outputs almost always need to be pruned before being published. Brands including Coca-Cola are at the forefront of using the technology in their marketing, but consumers may not be as eager to receive this material as previously thought. 

Full story at AdAge.