Twilio Growth Report 2023 – Businesses Relying on AI for Revenue Growth and Efficiency
Artificial intelligence (AI) is not a new concept, yet AI adoption has seen a meteoric rise in the last 12 months. While AI technologies continue to be embarrassed across industrie, there are some looming challenges including concerns about privacy and compliance. Twilio, the leading customer engagement platform, released the Growth Report 2023 to offer some key insights about AI adoption.
The data for the Twilio Growth Report was compiled by surveying over 2,450 business professionals including company leaders, customer experience executives, and marketing professionals. The data highlights the importance of AI for businesses and shows that they are relying on AI to help them operate efficiently and grow revenues.
The buzz you are hearing about AI is real, as AI is officially everywhere. AI adoption is at a record high with 88 percent of businesses using some form of AI. More than half (54 percent) of companies expect to invest more in AI-driven initiatives in the next 12 months.
Based on the results of the study, nine out of ten companies believe that their investment in AI will deliver either cost or time savings. While there is a significant share of companies (26 percent) that are still trying to understand how to use AI to improve business outcomes, the prevailing sentiment is that AI is a game-changer.
AI technologies are also having a major impact on marketing as the Twilio report shows that 83 percent of businesses surveyed are experimenting with AI across different marketing channels. Predictive AI is being used by 34 percent of respondents, while another 24 percent are using generative AI.
The rise of generative AI has meant chatbots are more effective than ever before. Nearly 2 out of 5 respondents (38 percent) shared that their organization is either already using automated chatbots or plans to use them in the next 12 months.
Marketing is also using AI to build intelligent customer journeys for marketing campaigns and create personalized product recommendations. Marketing executives are optimistic that AI will enhance marketing efforts such as contention creation (47 percent) and research (36%).
The findings of the Twilio report emphasize the importance of data quality. It could be the key to unlocking the full potential of AI strategy with 71 percent of survey respondents believing that AI could be more useful with higher-quality data.
Along with access to high data quality, the other major challenges for organizations include a lack of employee training for AI applications (38 percent) and concerns about data privacy (28 percent).
“AI has taken the world by storm in 2023, and the data is clear that businesses have embraced the technology wholeheartedly as a means to attract, engage, and retain customers. The challenge now is ensuring that these AI efforts bear fruit,” said Katrina Wong, VP of Marketing at Twilio Segment. “Businesses have to prioritize data quality just as much, or even more, than they’re prioritizing AI. Otherwise, they’re leaving money on the table.”
As businesses look for new innovations and pathways to growth, AI is expected to play a pivotal role in the business landscape. The findings of the Twilio Growth Report 2023 show that organizations are aware of the key challenges. The coming months are expected to be crucial for demonstrating the transformative potential of AI technologies in various aspects of business.