Richard Kerr is a highly skilled Chief AI Officer with more than 20 years of experience in the field – specifically data science, machine learning, and language models with significant experience in developing prediction models and prototypes. Richard holds an MBA in Business Analytics & Finance from The Wharton School, University of Pennsylvania, a PhD in Pathology from the University of Georgia, and key patents in Natural Language Processing (NLP), Small Language Models (SLMs), and Retrieval Augmented Generation (RAG) applications. This article is a summary of his recent trip to Davos for the World Economic Forum 2024.
Estimates suggest that generative AI could contribute up to $4.4 trillion in annual global productivity. More specifically to our targeted analysis, marketing and sales is one of four functional groups that could reap an estimated 75 percent of that value. At present, a full 71% of consumers say they expect personalization with their online content. Let’s examine how a brand like Michaels is working with Persado to achieve a high level of AI-derived personalization, Instacart's new AI offerings, and how brands as diverse as Hot Wheels, CarMax and L’Oréal all utilize AI to win sales and engage targeted consumer audiences.
According to a recent study by McKinsey & Company, the number of AI executives at Fortune 500 companies has increased by 75% in the past two years. The CAIO role is needed to ensure that AI is integrated seamlessly into existing workflows, to make informed decisions regarding AI investments and partnerships, clarifying long-term AI strategies, and addressing ethical concerns around data privacy and bias.
