However, the uncontrolled accumulation of large amounts of data is not expedient and leads to system inertia, so reducing this “data gravity” will be an important goal in 2024.

As part of this, we expect IT and marketing departments to invest more in technical solutions to harmonise different data sources.

This will give them more control over their data and at the same time more flexibility to focus on creative tasks, such as the conception and implementation of creative campaigns.

Generative AI places an even greater focus on building better quality data bases. The principle of “garbage in, garbage out” applies particularly well to generative AI (artificial intelligence).

Already, 77% of managers are concerned that their company will not be able to take full advantage of generative AI due to poor data quality (source: Salesforce State of Data & Analytics, November 2023).

With total data volumes predicted to increase by an average of 23% in the next 12 months alone, IT and business departments are in a race to ensure the quality of the data underpinning their generative AI initiatives is better than their competitors.

AI prompting – Questions are becoming more important than answers

What questions and prompts do we feed artificial AI with? This is what companies will be dealing with in 2024.

A key challenge in dealing with AI will be which core competencies marketers should have. Companies will have to spend more time on how they ask questions in order to not only get meaningful answers, but also to gain insights that set them apart from others.

Salesforce will help its customers with the Prompt Builder. Because in the future, it will be about overcoming conformity as more and more companies use AI for their marketing. It is also crucial to evaluate success factors for how AI models are trained.

The use of AI will not replace employees, but rather relieve them of manual tasks. In the interaction between humans and machines, they remain the decision-makers.

First party data strategy and loyalty programs – loyalty will have no limits

Loyalty is increasingly seen as a central component of the customer experience in many companies and is increasingly becoming a top priority.

Until now, customer loyalty programmes have often been transaction-oriented and relatively inflexible.

In future, however, loyalty experience will become a central component of the entire customer journey. From in-store advisory services and customer-centric service centres to mobile apps and virtual experiences, there are virtually no limits.

The basis for this? First-party data! With a first-party data strategy, companies answer questions such as: Where can I find out more about customers? Where can I learn more about their interests? And how can I use these insights in real time?

The “reach” yardstick, which was very high with third-party cookies, is therefore out. The watering can principle is no longer relevant in marketing; precision is more important than ever.

Retail media – continues to gain ground

Addressing customers when they are in the mood to buy – this makes retail media one of the most important marketing trends in 2024.

The ROAS (return on advertising spend) for retail media is high compared to other forms of online advertising.

Retail Media benefits from the seller’s detailed first-party data: advertisers can market their products to a very specific target group by booking banner advertising with the retailer for a target group with an interest in certain products.

Personalisation – Cool or creepy?

One of the challenges in the coming year is how companies can get consumers to trust them with their data in order to create added value through personalisation with first-party strategies.

According to the Salesforce State of Connected Customer Report, consumers are becoming increasingly sensitive when it comes to personal data.

Transparency is therefore still one of the most important tasks for companies, as the unsolicited disclosure of data is a “no-go”, and they only trust companies to a limited extent when it comes to handling data.

There is also a considerable discrepancy in how this data is handled: Consumers often find it “creepy” when they are approached by companies in a personalised way without knowing where the company has the relevant information.

So when it comes to the question of whether personalised marketing is a criterion for success, the only questionable answer is: it depends.

Ikea recognised this a few years ago with its “Ikea Data Promise” and showed what is important: guaranteeing consumers security, transparency and control of their data and showing them how they benefit in concrete terms when they share their data with companies.

The post Marketing & Retail Trends 2024 appeared first on Tech | Business | Economy.

Some might view those two things as a paradox. In reality, however, they feed into each other. Without the requisite skills, many companies struggle to scale and grow, which would ease the unemployment crisis.

There are few sectors where this skills shortage is felt more acutely than in the digital arena. In fact, a report released earlier this year found that more than 100 million young Nigerians lack the digital skills needed to take up good job opportunities

A good example of how big the shortage is can be seen in the software development space. At present, Nigeria is home to just 83 000 software developers.

By contrast, the US state of California is home to more than 630 000 developers. Its population is just 18% as big as Nigeria’s.

Of course, developers are just one slice of the digital skills pie. Other in-demand digital skills in Nigeria include cybersecurity, data analysis, and digital marketing.

But how can the country ensure that it builds those much-needed skills in a way that’s impactful and sustainable in the long term?

One important step is to reframe how we think about digital skills development. It’s an approach which, among other things, means that the country will be better prepared for new technologies rather than reacting to them and which centres the whole person rather than focusing solely on a specific hard skill.

Embracing new tech  

When it comes to embracing new technologies rather than fearing them, it’s hard to think of a more powerful example than artificial intelligence (AI).

At the extreme ends of AI discourse, there are accelerationists, who believe that the rapid development of technologies in the field will benefit humanity and doomers, who take a far more pessimistic view on the future of AI and its implications for humanity.

In truth, much probably depends on how we choose to use the technology. For now, however, it’s important to remember that AI can be a significant enabler for digital workers and even create jobs.

We know this because it’s already happening. In the programming space, for example, AI tools have helped developers program faster, be more productive, and even enjoy enhanced job satisfaction.

The same will likely be true across a broad spectrum of industries but only if people have the necessary skills to utilise AI effectively.

As such, workers and businesses alike need to stop viewing AI as a threat, start thinking about how to use it to their advantage and build up their skills accordingly.

Focusing on the whole person 

Getting people to the point where they can take this forward-looking approach to skills development is, however, not as simple as telling them to do so.

And even if someone already has this attitude, you can’t just provide them with that specific skill. You also have to develop the whole person.

That means ensuring that skills development always happens within a relevant context. Within this context, people are equipped with more than technical capability but also given the support and resources to flourish in the environment where the acquired skills will be applied.

Among the many benefits of this approach is that it means people will likely pick up future skills faster than they otherwise would have.

An important whole-person approach is the promotion of life-long learning. Here again, organisations cannot simply say they support life-long learning.

They have to demonstrate that they do too. That means creating a supportive environment that encourages lifelong learning and learning agility as the foundation on which effective skills training and talent development can happen.

Understanding that skills development is a collective effort 

Finally, it’s important to remember that skills development cannot be truly effective if it happens in isolation. Instead, organisations across all sectors must remember that they exist in an ecosystem and that real, transformative skills development can only happen when all the players in that ecosystem are pulling in the same direction.

It’s an approach which we’re confident will create tens of thousands of new jobs and generate billions of new dollars in business revenue. And the more players from across the industry who get involved the bigger the impact will be.

Act now or fall behind

Given the incredible need for skills development in Nigeria, along with the rapid pace of technological advancement, it’s clear that urgent action is needed. And if it’s not taken, the country risks falling behind and becoming uncompetitive.

But it should also be clear that we need to be very careful about how we think about skills development in 2024.

Ultimately, the idea isn’t to patch holes but to build a cohort of workers ready to face the future with full confidence.

The post Here’s How We Need to Think About Digital Skills in 2024  appeared first on Tech | Business | Economy.

Born into a world of smartphones, virtual assistants, and the Internet, the level of comfort among ‘digital natives’ with the pace of technological change and its impact on society will be a driving force behind AI’s widespread adoption.

Global research released by Salesforce – Generative AI Snapshot Research: The AI Divide – shows that over one-third of current users are “super-users,” tapping generative AI daily and planning to use it even more. The data also shows that half of all consumers have never used the technology and claim their knowledge of generative AI is limited or non-existent.

Specifically among Gen Z, Salesforce research shows that 70% of Gen Z uses the technology – compared to only 23% of Baby Boomers – and almost half believe they are on their way to mastering it.

However, Gen Z’s ability to trust generative AI is just as important as its ability to make everyone’s life easier. Perhaps more than any other generation, they demand technology with a conscience.

They want to understand how generative AI works and ensure it is secure or safe. They want to be confident, for example, that their information won’t be used elsewhere without their consent.

There’s good news for businesses worried about consumers who self-report as non-adopters, unfamiliar with generative AI and unclear how the technology will impact their life.

Nearly half say they would use generative AI if it was easier to use or integrated into technology they already have. 51% say things might change if companies were more transparent about how they were using it.

There are three steps leaders can take as they explore, build, and implement successful AI platforms.

1) Bridge the gap between how Gen Z uses AI and how they want to use it

Despite the hype around how it can make our lives easier, 38% of generative AI users are only using it for fun.

That being said, Gen Z is keen to leverage AI in the workplace to help streamline their productivity.

They also want it integrated into the tools they’re already using. As organisations build and implement AI, focusing on tools that make workers more productive can increase adoption and decrease resistance, accelerating a company into the future.

2) Embed transparent and ethical AI practices

In order to address the ethical concerns of Gen Z, including issues like bias, privacy, and data transparency, and to uphold their trust, it’s important that leaders guarantee that AI tools and platforms offer transparent explanations for their actions.

In specific instances, it may be necessary to involve a human in the process to rectify any issues or errors.

3) Foster collaboration amongst those that are comfortable with generative AI, and those who make those business decisions

The employees responsible for the everyday decisions that drive a company forward are the ones that, according to the research, do not currently leverage generative AI and don’t fully comprehend it.

This knowledge gap leads to differing opinions on where resources should go and technology funding priorities.

If companies fail to bridge the divide between AI proponents and those who are resistant to it, they are likely to encounter challenges in effectively harnessing the potential of this emerging technology.

The post Across the Generational Divide, Businesses can Win with Generative AI that’s Safe, Accurate, and Easy-to-Use appeared first on Tech | Business | Economy.