The communications, media, and information services (CMI) industry is uniquely positioned to capitalize on the advancements in artificial intelligence (AI). By leveraging vast amounts of data, the industry can harness AI to build new value chains and richer ecosystems, ultimately driving growth and innovation. According to the Techwave Solutions AI for Business Study, business leaders in CMI companies are optimistic about the transformative potential of AI. This report provides fresh insights into how CMI firms are shaping AI strategies and implementing them to redefine their business models. It explores several critical areas, including:
- Drivers of AI adoption in the CMI industry
- The role of AI in transforming communications, media, and information services
- Emerging AI trends in customer experience
- Evolving skillsets and roles within the industry
- AI strategies for telecom, digital media, and information services
- The alignment of AI implementations with tangible business results
The Transformative Power of AI
The report highlights that while AI is gaining traction, there is still no consensus on standardized AI adoption strategies. Additionally, many companies lack the key performance indicators (KPIs) necessary to measure the success of their AI initiatives effectively. Some of the critical findings from the report include:
- 77% of executives stated that they need better KPIs to assess the success of their AI implementations.
- 62% of corporate functions already have AI projects either completed or in progress.
- 30% of corporate functions are in the planning stages of AI implementation.
- 54% of CMI companies see AI as a catalyst for innovation and growth.
Top AI Challenges in CMI
The rise of generative AI (GenAI) has brought new challenges to the forefront. When asked about their primary concerns with AI, CMI executives highlighted five key challenges:
- Talent development and training – Finding and nurturing the right AI talent is a major concern.
- Cultural shifts – Adapting to an AI-centric approach requires significant cultural change within organizations.
- Security and privacy concerns – Safeguarding data while leveraging AI is a critical challenge.
- Skepticism about AI – Not all employees or leaders are fully convinced about AI’s potential, leading to slow adoption.
- Lack of IT readiness – Many organizations are not yet equipped with the necessary infrastructure for large-scale AI adoption.
Another challenge lies in measuring AI’s return on investment (ROI). Only 17% of CMI executives feel they have adequate metrics and KPIs to evaluate their AI deployments. Without the proper metrics, proving AI’s business value and securing future buy-in becomes increasingly difficult.
The Future of AI: Key Findings
Even with AI advancements, human creativity, empathy, and strategic thinking remain irreplaceable. The study found that 64% of CMI companies believe that human decision-making will continue to be essential for maintaining a competitive edge. Most executives expect AI to enhance and augment human capabilities rather than replace them. In fact, 44% of CMI companies predict that the majority of their employees will be using generative AI daily within the next three years.
Looking ahead, 54% of CMI Pacesetters—companies that outperform financially—are focused on using AI to drive innovation and revenue growth. The future of AI in the CMI industry will be centered on harnessing these technologies to fuel innovation and unlock new business models.
Key AI Strategies for CMI
The Techwave Solutions AI for Business Study offers several recommendations for organizations looking to succeed with AI. These include:
- Focus on Value, Not Just Technology
Prioritize AI use cases that align with business objectives and have the potential to deliver significant value with minimal risk. Establishing a value management office can help ensure that AI projects consistently deliver business value. - Adopt a Business Value Grid-Based Approach
CMI companies should adopt a value grid to identify business functions where AI can create exponential value. This approach helps firms become AI-first enterprises by prioritizing AI applications that drive revenue and efficiency. - Create Deeper Relationships with Customers
AI has the potential to transform the customer experience by providing personalized, proactive, and valuable interactions at every touchpoint. Companies can leverage AI to improve customer satisfaction, boost Net Promoter Scores (NPS), and reduce churn. - Ensure Talent Spans Ecosystems
Building a balanced AI talent ecosystem is essential for success. CMI companies must collaborate with technology partners and specialists to access the expertise needed for scaled AI adoption. At the same time, organizations should work on developing in-house talent to meet long-term AI needs.
Conclusion
The Techwave Solutions AI for Business Study underscores the transformative potential of AI in the communications, media, and information services industries. While AI can drive innovation, enhance customer experiences, and boost operational efficiency, organizations must overcome challenges like talent development, cultural shifts, and security concerns. By focusing on value-driven AI strategies, businesses can unlock new opportunities and gain a competitive edge in an increasingly data-driven world.
Also Read: Over the Top (OTT) Streaming: The Media and Entertainment Industry Enters the Age of Data
