AI-fluent CMOs are becoming a transformative force in
business; 62% see their influence growing over broader corporate
decisions as their AI implementations look to improve brand
experience, as well as efficiency and effectiveness in
marketing.
BENGALURU, India, Nov. 13,
2024 /PRNewswire/ -- Infosys Knowledge
Institute, a research arm of Infosys (NSE: INFY) (BSE:
INFY) (NYSE: INFY), a global leader in next-generation digital
services and consulting, today unveiled a global research report
titled CMO Radar 2024. The report reveals that most companies have
embedded artificial intelligence (AI) in their marketing functions
and highlights how CMO's AI fluency (ability to use AI to solve
problems) is driving business value and increasing their influence
over corporate decision-making and strategy.
The Infosys CMO Radar 2024 found that while most CMOs are
engaging in AI across all their main marketing activities, almost
half (48%) of AI deployments struggle to deliver business value. It
uses these insights to categorize CMOs as Leaders (13%), Learners
(60%) or Laggards (27%) in AI fluency, based on their ability to
deliver business value from AI across multiple marketing
activities.
The report identifies that AI-fluent CMOs make data-driven
decisions using predictive AI to anticipate customer needs,
personalize and optimize campaigns, and boost marketing
performance. They are also able to better use generative AI to
bring together value from data, industry expertise, and creative
execution to build stronger capabilities, inside-out, within their
teams.
The CMO Radar 2024 survey was conducted by the Infosys Knowledge
Institute polling 2,600 marketing leaders across industries from
Australia, Germany, the Nordics, UK, and the US. The
research explores the adoption of AI across the marketing lifecycle
including for activities such as content creation, conversational
agents, sales enablement, personalization, campaign management and
analytics.
The research reveals:
- 96% of marketing leaders have deployed AI in at least one
marketing activity.
- 52% of AI marketing deployments generate business value.
- 30% of marketing leaders have deployed AI in all seven key
marketing activities.
- 62% of CMOs are set to grow their influence over strategic
corporate decisions.
The Infosys CMO Radar 2024 found that marketing leaders expect
AI to deliver measurable value in the next 18 months, including
double-digit percentage point boosts in productivity (15 percentage
points), cost savings (13 percentage points), and speed to market
(11 percentage points).
The report outlines four tactics that Leaders in AI fluency
employ to generate business value from their AI deployments:
- Embed AI solutions into business and marketing
processes: Leading CMOs ensure their teams can access real-time
insights from data and immediately adjust tactics as they roll out
their AI implementation plan. They establish systematic governance
around KPIs and ensure consistent communication with
stakeholders.
- Align AI, business, and marketing
strategies: Marketers who succeed with AI are more likely
to have a responsive AI strategy that aligns with both marketing
and overall business goals. These companies prioritize building out
AI capabilities across the marketing value chain based on its
business value and feasibility.
- Factor risk management into AI-powered marketing
solutions: 43% of companies still depend on ad hoc methods
of risk mitigation when it comes to AI in marketing. Embedding
dedicated risk management ensures compliance, builds customer
trust, and positions brands as leaders in trustworthy AI
adoption.
- Ensure the MarTech stack is scalable and optimized for AI
use cases: Customer data platforms (CDPs) are essential for
maximizing AI's value in marketing. Advanced cloud-native MarTech
stacks with real-time CDPs enhance scalability and data
integration, delivering personalized experiences. Companies
adopting this infrastructure achieve significant competitive
advantages, unlocking AI's full potential and leading in innovation
and customer engagement.
Satish H C, EVP and Chief Delivery Officer, Infosys,
said, "Very early on, at Infosys, we saw how AI promises to disrupt
the way B2B and B2C players think about customer experience,
marketing productivity, and growth. The findings of the Infosys CMO
Radar 2024 report point to how forward-thinking marketing leaders
are adjusting to this new landscape. Central to this transformation
is the reimagining of marketing end to end, embracing a holistic
approach to innovation. By focusing on disintermediation for
agility, businesses can swiftly adapt to changes and enhance their
competitive edge. The report underscores the vital role of
leadership in harnessing AI capabilities to drive marketing
innovation and customer engagement. With Infosys Aster, we are
already bringing the digital capabilities for marketing leaders to
maximize operations, while taking advantage of advances in
marketing effectiveness and personalization in an AI-first
future."
Sumit Virmani, EVP and Global
Chief Marketing Officer, Infosys, said: "CMOs face the
dual challenge of fueling growth in the short-term while
articulating the value of their brand investments in the medium
term. They recognize AI's, especially generative AI's, potential to
help them rewire marketing for greater effectiveness. They know it
can also be a key amplifier of marketing impact to the business and
its influence within the C-Suite. The Infosys CMO Radar 2024
unpacks the tactics that CMOs can embrace to get and stay ahead in
these times of AI-powered transformation."
To read the full report with detailed insights, please visit
here.
Methodology
Infosys used an anonymous format to conduct an online survey of
2,600 marketing executives in automotive; CPG; energy, mining, and
utilities; financial services; healthcare; high tech; insurance;
life sciences; logistics; manufacturing; professional services;
retail; travel and hospitality; and telecom in Australia,
Germany, the Nordics, UK, and
the US, as well as conducting qualitative interviews with global
CMOs.
About Infosys
Infosys is a global leader in next-generation digital services
and consulting. Over 300,000 of our people work to amplify human
potential and create the next opportunity for people, businesses
and communities. We enable clients in more than 56 countries to
navigate their digital transformation. With over four decades of
experience in managing the systems and workings of global
enterprises, we expertly steer clients, as they navigate their
digital transformation powered by cloud and AI. We enable them with
an AI-first core, empower the business with agile digital at scale
and drive continuous improvement with always-on learning through
the transfer of digital skills, expertise, and ideas from our
innovation ecosystem. We are deeply committed to being a
well-governed, environmentally sustainable organization where
diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE:
INFY) can help your enterprise navigate your next.
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fiscal year ended March 31, 2024.
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