Can marketers harness AI as a public good? asks Rashi Goel

Delhi: Drawing parallels to the Industrial Revolution in the 18th century, which initially faced significant challenges but later proved to be net positive leading to the creation of new products and the introduction of leisure time as processes became faster, Performonks founder and CEO Rashi Goel suggested that AI holds similar transformative potential. 

Addressing the audience at the MMA Impact 2024 on Tuesday, she posed the question, "Just as electricity became a public utility, can AI too become a public good that is a net positive?”

Goel noted that although AI is still in its nascent stages, most investments are currently going into creating foundational models of AI. Therefore, the best and worst of AI are yet to come, she opined.

Goel also shared four potential outcomes if AI becomes a public good, especially for businesses and marketing. 

Convergence of technology:

Goel noted, “Our biggest challenge is differentiation.” Metaphorically resembling a piece of metal turning into a study lamp with the application of electricity she stated that that’s how AI's value emerges from the convergence of technologies. 

Businesses can leverage this convergence of AI to create differentiated value for consumers, to create a win-win value system, she added.

Goel noted the risk that brands and businesses lack the collaborative muscle required for this convergence which results in raising questions about data usage, brand representation, and value distribution.  

However, Goel believes that brands with stronger brand power, trust, loyalty, and larger audiences will gain more value, emphasising that the importance of branding will increase with the convergence of AI.

AI as a business model:

Highlighting this factor Goel stated that that AI as a service could become a plug-and-play model in the future and companies that are investing in AI will become service business models for the future. 

The marketing part of AI:

Goel emphasised, "We cater to consumers’ preferences based on what, where, and how they want to consume content, and in doing so, we are already leveraging AI to create marketing content at scale."

Furthermore, she suggested that in the sea of sameness, seeking inspiration for creative ideas can lead to active integration of AI into marketing strategies, where originality too becomes increasingly valuable."

AI unlocking India at scale:

Emphasising the potential of AI to deliver training at scale, Goel stated that in a resource-constrained country like India, it is essential to get imaginative and start utilising the 63% of youth in AI-driven initiatives.

Through her insights at MMA Impact India 2024, Rashi Goel provided a comprehensive view of how AI could revolutionise industries, enhance marketing strategies, and address critical challenges, particularly in emerging markets like India.