InterviewNews

HARNESSING THE POWER OF AI

Ramya Parashar, COO, MiQ

MiQ’s AI solutions are highly focussed on early stage technologies with high potential to benefit the company’s domain

“Generative AI has the potential to alter the way we conduct business by providing new opportunities to efficiently connect with the target audiences and increase overall profitability.”

Ramya Parashar, COO, MiQ

A programmatic media partner for marketers and agencies, MiQ believes that a better-connected approach to programmatic advertising means clients can connect data, discover insights, and activate them in high-performance campaigns to deliver real business outcomes in an increasingly divided world.

Making the most of data is complex. Companies need to connect all first party data, enhance it with the right second and third-party data, analyze it with data science technology and resources, then use the insights gathered to build creatives with the right messages and target them to the right audiences with expert programmatic trading. MiQ connect the right people, industry partnerships, and technology in a complete programmatic stack, so it can solve precise business challenges by maximizing the value of data.

A company well-known for its capacity to leverage AI to fork out business-friendly solutions to enable digital transformation, MiQ has been at the forefront to mainstream AI and automation.

In an exclusive interaction with SME Channels, Ramya Parashar, COO, MiQ, reveals her business vision; the growth drivers in the industry; new growth opportunities; major hurdles to the growth of AI industry; investments in AI from her company; Analytics Democratization; and much more. Edited Excerpts…

Generative AI is gaining rapid traction across the world. How would this new technology create new growth opportunities for advertising in India?

When we talk about advertising, AI has been a staple in this sector for a few years now. It has primary played the role of predictive modelling and real-time campaign optimization for the AdTech industry. However, the advent of generative AI in the last few months have taken the industry by a storm.

Generative AI is a rapidly expanding field with the potential to alter India’s advertising business by providing new opportunities to efficiently connect with the target audiences and increase overall profitability.Generative AI can be leveraged in advertising to create growth in multiple ways –

  • Creating personalised ads which cater to the interests for the target audience
  • This technology can also help advertisers optimise campaigns with maximum impact by using dynamic ad variations that gets updated automatically based on user behaviour
  • Generative AI can improve ad experiences by creating realistic and interactive 3D or AR ads
  • Through data analysis, it can also enhance ad targeting, resulting in more precise and targeted campaigns
  • Additionally, automating tasks with Generative AI lowers the cost of advertising, making it more affordable for companies of all sizes.

What are the major hurdles to the growth of AI industry in India?

The AI industry in India is growing rapidly and it has the potential to transform the Indian economy and the society. However, the AI industry is still facing multiple challenges while trying to strengthen its feet across industries. Firstly, despite the abundance of IT professionals, there is a lack of qualified skilled talent in the field of AI. Secondly, because AI relies so heavily on data, there are concerns about data security and privacy, including the chances of discrimination and false information. Lastly, the cost of adoption poses as a barrier as AI is a capital-intensive technology and not all businesses can afford that.

Like other industries, advertising also faces similar roadblocks in complete adoption of AI.

Prevalent issues such as insufficient infrastructure, cloud computing, and data centres, are severely factors limiting AI adoption in the business. Advertisers may utilise AI to create more personalised experiences, target the proper audience, and make faster decisions; nevertheless, a lack of long-term vision in realising its benefits is one of the primary reasons why Indian advertising is still technologically behind other developed regions.

How are your AI-based solutions different from conventional tech solutions?

Our AI solutions is focussed on early stage technologies with high potential to benefit MiQ’s domain.This acts as an innovation pipeline for the core Data Science team to build on top of. AI-based solutions for us is used to deliver guaranteed outcomes while ensuring margin improvements. While our tech solutions provides the needed computing power, availability and scalability to power our platforms

Are you planning any major investment in AI to improve the programmatic solutions that you offer ?

MiQ is in the early stages of building out our MLOps capability and we view this as a key area to maintain our advantage in AI. We are also looking at advanced models around LLM exploration, Genetic algorithms and Computer Vision. Thus, expanding Performance Engine to all media buying & all optimization tasks

From an AI and emerging tech standpoint, what according to you would be the next big thing in the programmatic sector?

AI and emerging technologies are driving humongous advancements in the programmatic sector. The following are some of the next big things in the programmatic sector in terms of AI and emerging technology-

  • Contextual targeting: Here AI is used to deliver more relevant adverts based on user context, such as the content that the user is consuming, the device that he or she is using, or the individual’s location.
  • Programmatic audio: Itleverages the power of AI to improve targeting and measurement while users are consuming their audio content like podcasts and streaming music.
  • In-game advertising:With AI assistance, advertisers can deliver more immersive and engaging ads to the audience of the growing video game market.
  • Programmatic DOOH(digital out-of-home):These advertisements use AI for improved targeting and measurement on digital displays in public spaces like train stations and billboards.

Emerging technologies such as machine learning (ML), blockchain, and Natural Process Learning can have a significant impact on the programmatic sector.As these technologies advance, we can expect to see even more innovative and creative ways to use technology in advertising.

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