6 min Read
Disruption by each generation of technological advances is relentless & inevitable. AI is just the latest & going by history, will certainly not be the last.
Here’s what AI can do for us:
AI can do all of the above, many times faster than an entire team of experienced pros!
Suddenly, the world is realising that human intelligence, which was highly-prized is quite easily replicated with the help of today’s petabyte-sized databases, tried & tested statistical routines to access this data with a huge computing power at our beck & call. All with much faster outputs & multiple output options!
Large consultancy firms whose business models were built on armies of well-qualified, intelligent) junior consultants who churned out superior presentations are suddenly finding that their expensive resources are replaceable with readily-available AI. Their new competitors are startups who deliver with AI offering greater speed & for lower fees.
So is it surprising that the big consulting firms are looking to move into the future advertising (marketing consultancy) business?
There are serious issues with AI outputs – like governance, intentional & unintentional bias. New legal frameworks and new-age regulators are required to resolve & manage disputes. And we are still quite some distance from resolution.
Even before AI, (back in 2020) US opioid maker Purdue Pharma was fined USD 145 million for illegally collaborating with EHR software provider Practice Fusion to deliberately “game their software system”. Practice Fusion was convicted of soliciting & receiving US$1 million in kickbacks from Purdue Pharma in return for manipulating alerts in their EHR software. The alerts were designed to increase the prescriptions of Purdue’s extended-release opioid medications, going against the established clinical guidelines for patients with chronic pain. Just imagine the additional complexities with AI.
So beyond a point, AI usage will have to be monitored with better laws, governance, & smart regulators.
Of course, there are a number of areas where AI clearly cannot compete with humans. Here is a basic list. These are connected with the following:
So we come to the future, full stack agency model. Till now, ad agencies specialised in creatives, performance marketing transactions, media & on-ground activation & influencer management.
While most ad agencies have already subscribed to AI tools to increase their output & rationalise costs to pass on benefits to clients, this is not enough. Because both creatives & performance marketing transactions can be automated to a large extent using Gen AI by ad platforms like Google & Meta.
Here are some new roles:
The new role will include a mix of technology, projects, & marketing services to promise secondary or even primary outcomes (sales) to their clients – taking the ad agency’s scope beyond traditional advertising & marketing services. Agencies may actually commit to contributing directly to brand revenue, instead of acting as mere selling agents or delivery partners.
Now you can see why many eyes are on this new business model!
So how do we humans go forward in the age of AI? According to some studies, humans should take advantage of AI & use its raw power but understand where human capabilities still cannot be challenged. Humans, for example, can connect with empathy, sympathy – which is important when dealing with other humans. And humans are tops when it comes to creating what doesn’t exist.
Mediaware has been in the forefront of commercial control systems for ad agencies for 3 decades. Our Operations model may soon include complex orchestration of multiple digital platforms along with traditional & offline to provide holistic control. (Awaiting feedback from our clients.)
With increased complexities & consulting assignments, we believe that there may be a greater need to define & ensure target margins, accurate & prompt central billing. We help agencies manage profit margins, commercial discipline. If your agency is running on a sound commercial control model, it can give your team more power to take bold decisions in client meetings & rate negotiations.
Do share your thoughts, suggestions. Love to read any feedback!
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