2023 has certainly been an interesting year.
Brendan Fraser’s win for Best Actor. Rapid economic shifts across nearly every industry.Taylor Swift dating Travis Kelce.
Oh, and there were one or two or seventeen million developments in AI too. It’s been a lot. So much so that you’re probably feeling more than a little overwhelmed/out of the loop/both.
Fear not!
In this two-part blog series, we’ll cover some of the questions you should be asking yourself as you continue to figure out how to adopt AI-enabled technology through the rest of this year and into next. Read on to view the whole list:
- Am I late or early to the AI party?
- Are there any areas of our marketing strategy where AI could be particularly beneficial?
- How do we go about selecting and evaluating AI vendors for our initiatives?
- Who will govern our AI operations?
1. Am I late to the AI party? Where should I be?
Short answer: no. Slightly longer answer: definitely not. The AI party is just getting warmed up. Think of it like arriving fashionably late to a gathering. The cheese and crackers might already be out but the passed apps are still a few minutes from coming out of the oven.
To use a less hunger-inducing analogy, right now AI is clearly transforming the business landscape, reshaping industries, and redefining how we approach GTM and revenue generating strategies. But it’s far from matured yet.
Much like that old tree planting analogy, the best time to get started with AI was a year ago. The second best time is now.
So where should you be at this point? Ideally, your team is already exploring various use cases and is even adopting them at scale now.
Just remember these technologies are still very much in the early adopter phase in many cases—don’t push your team or yourselves too far too fast otherwise you’re not using AI to solve problems. You’re using it to create them.
2. Are there any areas of our marketing strategy where AI could be particularly beneficial?
Let’s think of your marketing strategy like a building. If you were looking to reinforce its structure to withstand a storm, you’d start by examining the places that are least structurally sound. Your approach to improving your marketing strategy should be no different.
Each pylon supporting the building represents a different aspect of your strategy - customer segmentation, content creation, data analysis, and so on. You need to focus on each one individually rather than trying to prop the whole place up at once.
For instance, consider customer segmentation. With AI, you can analyze vast amounts of data in real-time to create highly specific customer segments. It's like having a super-powered microscope that can see right into the heart of your customer base, identifying patterns and trends that would otherwise go unnoticed.
Or let’s consider content creation. AI tools can generate engaging, personalized content tailored to your target audience's interests and needs. It's akin to having a team of in house copywriters, ready to craft compelling sales outreach that resonate with your audience each and every time.
3. How do we go about selecting and evaluating vendors for our AI projects?
First, you should talk to the team at Regie.ai 😉. Beyond that, there are a few things to keep in mind about finding the best AI vendor for any kind of project or initiative in your business.
For starters, you shouldn’t be looking for mere vendors—look for someone who will be a strategic partner. Simply having some bolted-on AI capability doesn’t mean it’s able to serve the business objective you’re looking to reach.
Your chosen partner must understand your business objectives, share your vision, and be willing to go that extra mile to help you achieve your goals. They should look, feel, and act as an extension of your own team.
So what should you look for in a potential AI vendor?
Here are some key questions to ask of each provider during your search:
- Do they have a proven track record in your industry?
- What technical expertise do they bring to the table?
- Can their solutions scale with your business?
- What kind of post-sales support do they offer?
- How do they handle data security and privacy?
4. Who will govern our AI operations?
Whenever technology gets involved, the next important question is “who’s in charge?” The correct answer is going to change organization to organization.
The right answer depends on your specific needs, resources, and objectives. It's a decision that demands careful consideration, strategic planning, and a clear vision. In this case, there are a few different options: RevOps, IT, a new dedicated team, or an external partner.
Let’s consider the pros and cons of each:
Revenue Operations (RevOps)
Pros: Since we’re looking at this through a Revenue team lens, it makes sense to have the technologists embedded within the overall GTM team handle your centralized AI. They are by definition cross-functional, combining elements of sales, marketing, and customer success to improve the customer experience.
Cons: RevOps teams may lack the technical expertise required for advanced AI platforms. Likewise, there's a risk of tunnel vision. RevOps teams are primarily focused on revenue generation. While this is undoubtedly important, AI has the potential to transform other areas of your business as well, such as product development or HR.
IT department
Pros: They're already familiar with your business's technical infrastructure and have a deep understanding of your operational needs. They can integrate AI solutions seamlessly into your existing systems, ensuring smooth functioning.
Cons: They may not have the specialized knowledge required for advanced AI management. It's like expecting a general practitioner to perform complex heart surgery. Can they do it? Maybe. But would they need proper training? Most definitely.
Dedicated AI team
Pros: You have a blank slate to set up a team of specialists with extensive knowledge and experience in AI. They can push the boundaries of what's possible, driving innovation and growth.
Cons: setting up a new team takes time and resources. It's akin to building a new house from scratch. Yes, you can customize it to your liking, but are you ready to invest the time and money it requires?
External vendors
Pros: Similar to a dedicated team, external vendors bring expertise, experience, and a fresh perspective to your AI operations. They can kickstart your AI journey, helping you hit the ground running.
Cons: You may waste cycles helping them understand your unique business context. They will likely never know everything they need and will need management from the internal team.
Closing thoughts
AI developments are likely to continue fast and strong through the end of the year, as Gartner predicts a staggering 88% of companies are either using Generative AI in their businesses, or plan to, by end of 2023.
While it may seem daunting to embark on this journey, there is no need to worry about being late to the AI party—now is as good a time as any to adopt AI-enabled technology.
Stay tuned to the blog for more questions your team should be asking as we’ll cover 6 more in part two.
Looking for more resources to help get your mind around the latest AI developments? Check out Regie.AI’s official guide, Generative AI for Sales. Inside you’ll get a roadmap through the areas of your sales workflows that stand the chance to be reimagined thanks to the advent of Generative AI.
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