Need to Know News - August 21st, 2024
In this week's Need to Know News edition...Meta ads are booming thanks to AI...Estée Lauder develops an AI-Powered trend spotter...OpenAI now offering GPT-4o fine-tuning for businesses...plus, a whole lot more!
AI In Action
Meta's Ad Biz Booms with AI
Apple's changes to its app-tracking policies in 2021 caught Meta so off-guard that it had to issue a rare update in between regular quarterly earnings reports to warn investors of the changes' impact on its business. Fast forward three years, and Meta's business isn't just the biggest it's ever been — it's also the most efficient.
A large part of the turn-around is due to their AI-driven ad tools called Advantage+. A Meta-commissioned study of over 1 million U.S. advertisers, presented to clients in June, found that one dollar of investment per advertiser will now generate $3.71 in return for that advertisers' business, a 12% increase since 2022.
Ad impressions across delivered Meta's family of apps (Facebook, Instagram, Messenger, WhatsApp and Threads) increased by 10% year-over-year during the second quarter of 2024. The average price per ad, which is driven by demand, increased by 10% year-over-year.
Box and Slack Expand Partnership with the Launch of Box AI in Slack
Box, an Intelligent Content Cloud, and AI-powered work operating system, Slack, a Salesforce company, have expanded their partnership that brings secure AI to enterprise content to transform the way organisations work.
Available today, joint customers can now access unlimited Box AI queries directly in Slack, allowing users to ask critical questions and uncover timely insights from Box files, in the same place they’re already working. The companies also announced several joint enhancements to the integration, including dynamic and secure file previews of Box files in Slack, improved workflow automation across the two platforms, and more.
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Estée Lauder Develops AI-Powered Trend Spotter Amid Marketing Overhaul
The Estée Lauder Companies is driving increased consumer recruitment and loyalty and optimized promotions via elevated precision marketing capabilities.
The company has developed an AI tool to identify trends and drive marketing innovation as part of its profit recovery plan and restructure. It formalized the process after finding success through a loose format of pilots, which tapped partnerships with AI leaders. Estée Lauder can now use AI to marry trends with its existing products and innovation to more quickly respond to market demand.
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How Businesses are Using AI in the Construction Industry
AI is powering a quiet revolution in construction, transforming how the industry designs, monitors, and builds. From generative AI accelerating design concepts to autonomous excavators on jobsites, the possibilities are staggering.
Computer vision enables drones to surveil worksites, flagging potential safety issues in real-time. Augmented reality is enhancing training, reducing time-to-competency for workers. AI-powered 3D modeling optimizes designs and prevents costly mistakes.
Discover 12 key areas where AI is leaving its mark on the built world.
OpenAI Offers GPT-4o Fine-Tuning for Companies in AI Service Shift
OpenAI is expanding its artificial intelligence offerings by allowing companies to fine-tune its ChatGPT-4 model in a move that could influence how businesses use AI. Fine-tuning allows businesses to optimize the GPT-4o model by training it on custom data sets. This customization can significantly enhance the model’s performance, enabling it to better understand and respond to complex, domain-specific instructions.
Best Buy Introduces AI-Powered Delivery Tracking
Best Buy is rolling out an AI-powered delivery tracking system that promises minute-by-minute updates. The company aims to satisfy customers who are increasingly frustrated with vague delivery windows and limited order visibility. Experts say the move comes as the eCommerce sector grapples with rising consumer expectations for delivery transparency and efficiency.
At the Frontier of AI
SAG-AFTRA Deal Paves Way for Actors to License Voice Replicas to AI Advertising Marketplace
Hollywood actors’ union SAG-AFTRA has inked a deal with artificial intelligence ads marketplace Narrativ, offering union members the ability to license their digital voice likeness through the platform.
Under the new pact, union performers who wish to offer their digital audio replicas on Narrativ can set their own wage rates, as long as they meet or exceed the union’s commercials minimum rate. Performers signal what kind of ads they want their voices to appear in and can greenlight or deny offers for those commercials that come their way. For every use of a performer’s voice in an ad, the actor must consent to that use.
Amex Survey Reveals Generational Divide in AI Adoption Among Small Businesses
The adoption of AI technology in the business world is heavily influenced by generational lines, as revealed by a recent survey conducted by American Express in collaboration with Morning Consult.
The survey polled over 1,100 small business financial decision-makers and found a significant generational gap in AI adoption among small businesses. Nearly 60% of millennial and Gen Z respondents reported that their companies already utilize AI in various capacities, compared to only 34% of Gen X and baby boomer respondents.
Condé Nast Signs Deal With OpenAI
Condé Nast and OpenAI have struck a multi-year deal that will allow the AI giant to use content from the media giant’s roster of properties—which includes the New Yorker, Vogue, Vanity Fair, Bon Appetit, and, yes, WIRED. The deal will allow OpenAI to surface stories from these outlets in both ChatGPT and the new SearchGPT prototype.
“It’s crucial that we meet audiences where they are and embrace new technologies while also ensuring proper attribution and compensation for use of our intellectual property,” Condé Nast CEO Roger Lynch wrote in a company-wide email.
Expect AI Spending to More than Double to $632B
Worldwide spending on artificial intelligence (AI), including AI-enabled applications, infrastructure, and related IT and business services, will more grow by 29% annually at least through 2028 and reach a value of $632 billion, according to a new IDC Worldwide AI and Generative AI Spending Guide.
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