The rise of emerging technologies such as artificial intelligence and blockchain will soon disrupt the marketing tech services space, Michelle Peluso, chief marketing officer (CMO) of Armonk-headquartered tech firm International Business Machines Corp. (IBM), told The Economic Times.
The CMO was quoted as saying that IBM was already involved in a hyper-ledger project that looks to put all expenditure and other third parties in the business activity on the blockchain.
The newspaper also reported that the use of emerging technologies has also seen most IT companies offering more result-oriented projects in contrast to high-value, long-term projects. It further said that this trend has forced system integrators such as Accenture, Wipro, IBM, Infosys and Tata Consultancy Services to rethink their sales and marketing strategies.
Peluso said that the CMOs of companies today have to rely more on business intelligence and data to make decisions to run engagement campaigns. "It has always been the case that marketing budgets are fixed... and you will have to work on an annual plan and you get a budget, and I see a time not too distant in the future when marketing budgets are earned every day. And I say that because as marketing is becoming more of a science and more and more data-driven, we should be allocating our dollars in a much more agile fashion; teams that have the highest returns, get more money,” Peluso was quoted as saying.
“You have a huge amount of unstructured data and artificial intelligence is figuring out how to optimise dollars further and engage with customers differently... blockchain is another technology that will really impact marketers. With blockchain, and we are piloting this now, it will improve transparencies, eliminate the middlemen and you know (better) where your ads are showing up. These technologies will create new capabilities,” the CMO added.
Globally, IBM is working on more than 400 blockchain projects for 63 clients like HSBC, Walmart, Nestlé and AP Moller-Maersk. In India, according to Jitan S Chandanani, blockchain leader at IBM, the company has been working on several projects including setting up a blockchain network for a consortium of trade finance companies in the country.
The company had also told TechCircle that it was working with the telecom regulator, central bank and others to deploy blockchain and that it has published papers on the subject.