Artificial Intelligence seems to be everywhere we look – from streaming services to self-driving cars and virtual assistants — it’s the talk of the town!

But what exactly is AI? And how can it benefit businesses and their customers?

Let’s take a closer look at artificial intelligence meaning, its rise in popularity, and the advantages and disadvantages of artificial intelligence to determine if incorporating this innovative tool is right for you.

What Is Artificial Intelligence?

Simply put, Artificial intelligence, or AI, is a form of computer programming which enables machines to “think” like humans. This intelligence can be used to process data, solve problems, and make decisions automatically.

AI uses algorithms that analyze and interpret large amounts of data from various sources, allowing it to learn from past experiences to make future decisions.

Although still in its early stages, the potential benefits of AI are vast, from streamlining businesses to improving healthcare outcomes. It’s exciting to see how this technology is changing the world and how we can harness its power for the greater good.

Popular AI Use Cases

Artificial intelligence use cases are vast, ranging from healthcare and finance to transportation and security.

You must have seen AI-powered chatbots being used for customer service inquiries. These are very popular on ecommerce websites and offer a personalized shopping & browsing experience.

Artificial intelligence is also being used to improve facial recognition software in security applications, as well as for automating predictive analytics in finance and banking.

Not to forget, the healthcare industry is rapidly adopting AI technology to reduce costs, improve diagnosis and treatment accuracy, and provide better health services to patients.

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And, we are sure, you must be familiar with Apple’s Siri, Amazon’s Alexa, and Google assistant – they’re all powered by AI!

Now that you understand the term artificial intelligence and its applications let’s look at the pros and cons of AI.

What Are The Advantages & Disadvantages Of AI?

Any technological advancement has its pros and cons, and AI is no exception. While it has a huge positive potential to revolutionize the world, some serious drawbacks must be considered before investing in AI technology.

Let’s study some advantages of artificial intelligence and its possible downsides as well.

Artificial Intelligence Advantages

1. Minimum-to-No Errors

One of the key benefits of AI-driven systems is their extreme accuracy and reliability.

Unlike us humans, machines do not make mistakes simply due to fatigue, distractions, or emotional biases. Thus, they can perform tasks with unmatched precision and consistency.

This is the differentiator in industries where human error can be costly, such as healthcare, finance, space exploration, etc.

2. Increased Productivity

People are amazing; human intelligence, grit, and work ethic can do magic when used to their full potential.

But human resources have limitations. Our attention and focus span often decrease with time, resulting in lower productivity levels.

Sitting too long in front of a screen can make us tired and sloppy. Even if we start the day fresh, we might have something else on our minds, like a breakup or a sports team losing. It’s “natural” but that’s the thing.

Unlike humans, computers and programs don’t get tired – AI can work round the clock with the same levels of energy and enthusiasm, boosting business productivity.

3. Improved Decision-Making

AI-driven decision-making is fast, unbiased, and driven purely by data. No personal opinions or judgments are considered when making decisions, thus eliminating any potential bias.

This is particularly advantageous when decisions are difficult and can be adversely affected by emotions or personal opinions – legal, political, and financial matters, for example.

4. Enhanced Automation

AI-driven systems can take over mundane, repetitive tasks to free up human resources for more creative, innovative tasks.

This helps streamline the process and makes it easier to manage large volumes of data with minimum human intervention.

In email campaigns, for example, AI can take over the task of sending out 2-3 emails a week. This frees up time and resources for more creative content and allows marketers to tailor their emails to different target audiences better.

5. Increased Accessibility And Availability

A human being will always need time off. Whether it’s for vacation, health reasons, or fulfilling a family commitment, we humans need to take a break.

AI-driven technologies, on the other hand, are available 24/7. They don’t get sick, don’t need breaks, and can be accessed from anywhere in the world.

This better accessibility and 24/7 uptime make artificial intelligence a great tool for businesses, especially to perform repetitive jobs. Why? They keep doing the same task with the same precision, accuracy, and quality without getting fatigued, over and over again.

6. Cost Efficient

AI-driven systems are cost-efficient in the long run.

While an initial investment is required for setting up such a system, the ROI is higher in the long run since AI-driven systems require no additional labor costs or salaries.

They also do not need to be trained or upgraded regularly, meaning the cost of maintenance is quite low.

Therefore, when used correctly and efficiently, AI-driven systems can help businesses reduce costs while also improving productivity.

7. Countless Applications

While human beings can wear multiple hats to do different jobs, AI robots can do infinitely more.

From facial recognition and natural language processing to motion tracking and computer vision, the possibilities are endless with AI.

Similarly, machine learning algorithms can be used for predictive analytics, allowing businesses to identify potential opportunities and risks before they happen. AI-driven systems can also help in identifying customer preferences and predicting customer behavior.

8. Improved Security

AI-driven systems offer enhanced security and better protection of sensitive customer data.

AI-driven authentication mechanisms can identify malicious users who are trying to gain unauthorized access to data and systems.

AI-driven systems can also monitor user activity in real time, detect anomalies, and alert administrators to potential threats.

These technologies are essential in today’s digital world, where cyber security is paramount.

AI-driven systems are also much more efficient at detecting and blocking fraud, thus keeping businesses safe from potential financial losses.

Artificial Intelligence Disadvantages

Despite all the advantages of artificial intelligence, it comes with some drawbacks. Let’s look at a few artificial intelligence disadvantages.

1. Lack Of Emotion & Critical Thinking

AI-driven systems lack the ability to understand human emotions and empathize with people.

This means that AI-driven systems are not equipped to respond to emotional cues and cannot provide the same level of customer service as a human being.

Also, AI-driven systems cannot think critically and make decisions based on emotions. This can be a major limitation when providing customer service or making complex decisions.

2. Unpredictable Behavior

AI-driven systems can perform complex tasks and make decisions quickly, but they are not infallible.

AI-driven systems can face unforeseen errors and exhibit unpredictable behavior in certain situations.

This means there is a lack of control over the system, which can lead to undesirable outcomes.

3. Job Losses

The increased use of AI-driven technologies could lead to job losses as machines take over human labor.

This could significantly impact the economy, leading to a reduction in purchasing power and an increase in unemployment.

Therefore, AI-driven technologies must be used responsibly, and their impact on the job market should be considered carefully.

4. Ethical Issues

The increased use of AI-driven technologies has also raised ethical concerns, as they can be used to manipulate data, influence public opinion, and even control people’s behavior.

The potential for misuse of AI-driven technologies is real, meaning governments and businesses need to be aware of the ethical implications of using these technologies.

5. High Cost

The cost of developing and deploying AI-driven technologies can be quite high, making them inaccessible to large businesses and highly advanced organizations.

Therefore, it is important for businesses to consider the cost implications before investing in advanced AI-based technologies.

Overall, artificial intelligence offers numerous benefits like digital assistance, high productivity & efficiency, improved security, and more.

However, artificial intelligence disadvantages like lack of empathy and unpredictable behavior mean it can’t imitate the human brain.

The ethical issues and high implementation costs also signify that AI can’t entirely replace human resources.

Should You Adopt Artificial Intelligence?

Being diplomatic, we’d say: “only you can decide if AI is the right choice for your business” or “you have to weigh the pros and cons of AI” — that’s nonsense!

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The truth is that AI offers excellent potential for businesses of all sizes, and it’s becoming a requirement to stay relevant in today’s tech-driven world.

Businesses and individuals that know how to leverage AI-driven technologies can see improved efficiency, cost savings, and a competitive edge over their peers.

So, yes, you should definitely consider adopting AI-driven technologies for your business. The long-term benefits could far outweigh the risks that come with it.

Strategically Integrate Artificial Intelligence For Maximum Benefits

While AI has many advantages, it should be approached with caution.

Incorporating artificial intelligence without a proper plan or human oversight can lead to vulnerabilities. For instance, uploading content without fact-checking could risk a decline in your reputation or visibility on platforms like Google.

Moreover, while isolated AI projects may bring success, you need to ensure scalability and plan for the long term to maintain your success.

Comprehensive planning, fact-checking, and human oversight are essential to ensure that the AI-driven technologies you adopt actually deliver tangible benefits.

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AI will not fundamentally change your role as a Fractional CMO, despite what the masterminds and gurus are selling.

Are You Scared of AI?

This feels like January of 2020, when the pandemic was just starting to get some attention. I remember going to my gym in Fishtown, Philadelphia and talking with the owner about this “weird virus thing.” He didn’t think it was going to be a big deal. I thought there might be a lock-down until July 4. Obviously neither of us were right.

That’s where we are with AI.

There are some people freaking out about how everything is going to change.

And others who are utterly clueless.

I think academia is getting pretty worried about the implications of students writing theses and essays with a few prompts. Similar to the revolution Wikipedia brought about, but this time, much much more dramatic.

In marketing, there are the tacticians who are directly affected:

• Content writers: If you’ve ever used a resource like WriterAccess to get blogs or articles created, you might have paid $0.1 to $0.12 a word for the best-of-the-best writer (I’m talking about ex-Jeopardy contestants!). I have to imagine that those writers are at least having AI write the first draft of their articles, then just making some minor edits and collecting their fee.
• Copywriters: I’m seeing these folks really focus on harnessing AI. The take that I like is that copywriters will leverage AI to pull together creative ideas, cutting down the time to find The Big Idea. Tools like Jasper can help craft headlines, ad copy, email copy, and can absolutely support a copywriter. That said, I think the art of copywriting is safe from the robots, for now. There’s just so much consideration that is required in a good piece of copy that a simple Jasper prompt can’t repeatedly churn out.
• Marketing agencies: Writing boilerplate content for websites? Crafting a more readable About Us page? For the reduction of suffering across all humankind, let’s hope agencies are leveraging AI to help with this necessary evil.

Things are going to change.

But then again, the only constant in life is that everything changes.

If you’ve been in the business game for more than a couple years, you’ve seen other revolutionary advances.

Take, for example, crypto.

We saw all-time highs for bitcoin and ethereum prices in November 2021. If you were plugged into that world, you probably heard of the Decentralized Autonomous Organizations (DAOs) that were doing incredible, innovative work with smart contracts and their tokens.

Then the market saw a significant correction, wiping out over $700B in market capitalization over 6 months.

Some say that crypto is dead, but it’s clear the fundamental technology is here to stay. Development of the ethereum smart contract software Solidity began 7 years ago, and saw dramatic development over the bull run of crypto.

The high-times of token prices attracted some of the best developers in the world to work together on open source projects that moved the technology forward by leaps and bounds. That technology is slowly (and in some cases, rapidly) seeping into our day-to-day lives in the field of banking, regulatory compliance, insurance, supply chain management and more.

What I want you to get out of this comparison is that AI is right now at the “all time high” in the mainstream … and has a lot of room to grow in popularity. ChatGPT is being talked about on small-town country radio stations, in PTA meetings at high schools, at global summits of business leaders (just like bitcoin was). There’s worldwide attention on the technology… and that attention will wane at some point.

The implications of AI will seep into our day-to-day lives. We might notice it in tools like Notion with their release of Notion AI, and we may also not notice when a tool has AI baked into its core. Will anyone say “My car has AI!” in ten years? Or will they just appreciate that their car understands their requests better, and provides a more seamless experience?

The Great Search Engine AI Race is an example of noise related to AI. Yes, the way Google shows rankings may change… I’ve heard SEO folks talk about how Google might no longer show rich snippets and instead answer the query themselves with their AI engine. Maybe Bing with their partnership with OpenAI will somehow climb out of their sub-10% market share position to own, what? 15%? 20% of the market?

Does that matter? I guess. But it’s really not revolutionary for the consumer. We’ll experience a better experience, but then will quickly adapt to it.

AI is about to become ubiquitous; part of our day-to-day lives in a way that (should) make us feel as though it’s not even there. Saying something is “powered by AI” will start to feel like a high school entrepreneurial pitch event where all the students claim their project uses an “algorithm.”

So what’s a Fractional CMO to do about it?

The same thing we did when TikTok came out. Which is the same thing we did when Clubhouse was all the rage on Twitter. We do the same thing we did when Leadpages and then Clickfunnels made building funnels and sales pages easier…

We roll these new tools into our strategy for our clients and execute them at the right time.

That’s it. That’s your job.

Fractional CMOs Solve Bigger Problems. That should be your mantra as you build your Fractional CMO practice. The bigger the problem, the bigger the reward – for your client, for their customers, and for you and your bank account.

What Companies Need from Their CMO in the New Era of AI

Nervous or scattered CEOs might ask you to put all your attention on AI, and for most businesses, that is simply not a good use of your time.

Instead, there’s one word that accurately describes what companies need… and that word is leadership.

The fractional CMO, the interim CMO, and the full-time CMO all have the same basic requirement: To be the leader for their marketing department and to push the team to make the dreams of the CEO and/or the board of directors come true.

AI becomes a tool in your toolbelt. It is also a tool in your client’s competitor’s toolbelt.

A few years ago, I was working as a Fractional CMO for a private equity company and I remember sharing my concerns about the increased CPM on Facebook over a few week stretch. HIs reply was timeless:

“It affects us and our competition the same. Don’t lose sleep over it. Keep fighting.”

What simple, golden advice.

The same is true with AI.

AI content writers mixed with lifelike voice generators, overlaid on a slideshow of images produced by DALL-E seems like a scary and innovative tactic… and it might be. But it’s just a tactic.

And it’s your job to decide if it’s the right tactic or not.

It’s your job to chart the best path, no matter the tools and tactics that emerge.

Oftentimes, the number one thing a business needs is end-to-end tracking of lead source to purchase. Or simply just having a rock-solid offer. Or focusing on one advertising channel to 10x sales of their hero product. Or a salesperson who will call all the webinar attendees who stayed for the whole 60-minute webinar but didn’t purchase.

For most companies, AI is simply another tactic that seems exciting and revolutionary, but in reality, it’s a level-5 tool and the company is stuck at level 1.

Business basics like tracking, generating advertising controls, creating product ascension to maximize customer lifetime value, collecting and sharing testimonials, and delivering a world-class customer experience will last until the end of time. AI is here to stay and yes, it changes everything, but it’s not the panacea to profitability that some marketers want it to be.

Stay focused. Stay in your lane. Bring in more sales. Look for low-hanging fruit that you can use AI on. Test your favorite copywriter’s work against a rewrite by AI and see who wins.

Be open to swinging the AI hammer, but treat it like a tool.

Keep fighting.

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