Asset Identification and Tracking; AI for Branding, Marketing and Agency Operations

Operational inefficiencies could be stealing your profits and opportunities.

Amidst rapid advancements in technologies such as artificial intelligence (AI) and machine learning (ML), agencies are faced with multiple challenges. These include significant investments in technology, data, training and personnel and pressures to be at the forefront of implementation all while achieving operational efficiencies. These challenges lead to issues of how to deliver more cost-effective services while remaining ahead of the innovation curve and without sacrificing quality, return on investment (ROI) or core agency capabilities.

Larger agencies continue to make investments in how AI technologies can be applied to their operations, from creative to automation to self-serve, but when they invest they should ensure that they are implementing against the entire supply chain upon which they are dependent.

In contrast, mid-size agencies have both an advantage and a challenge in utilizing AI enabled applications in areas where they can logically be applied and to innovate. If I think about where innovation and AI can have the biggest impact on the business, many current workflows can be improved upon and many of the associated costs can be decreased, but it takes a holistic look to zero in on them. In terms of the status quo, there are few solutions in place for understanding what assets and solutions already exist and that can be repurposed, thereby further reducing costs.

While technology has advanced quickly with the advent of AI and ML, most ad agencies (big and small) grapple with the broader problem of a workforce not ready to use these new tools and clients who expect tools and innovation to improve agency deliverables and reduce costs.

While investment in technology is not new in the ad industry, many current workflows, methods, IT systems and outcomes are stuck in the early 2000s. They have been patched together through acquisitions and have never been truly integrated for maximum value to the organization.

Return on Investment (ROI) is the gold standard for agencies and clients alike. The client expects to see a direct return on its ad and marketing investments and spend, while the agency wants to wring as much productivity as possible from its investments in technology.

Which brings us to the issue of a workforce challenged by change. Let's start with a biggie...

Straeamline the Pitching Process

The pitch process is broken. There are significant areas where increased efficiencies can have profoundly positive effects for all parties.

With the average pitch cost being more than what agencies would like to invest — sometimes upward of $1 million — the traditional pitch process is too costly. The review and approval process takes far too long; a protracted series of iterations typically spans multiple months. Plus, all of this occurs with little to no guarantee of an eventual award of the work.

It is, indeed, possible to use technology to streamline the process without sacrificing quality or the human touch and interaction that are of vital importance to the relationship. Why would you not explore saving your company money, time and resources to increase your profitability?

Asset Identification, Tracking and Repurposing

As with many sectors in the media industry, there has been significant consolidation among agencies. Consider that when eight to 10 companies are acquired and are now under one roof, there are thousands of assets that can potentially be of use in the client interaction process. How much valuable time is wasted because systems do not easily help your people do their job more efficiently? How much IP has left when your people leave? Compare that to the company's maintaining the history for its accounts' successes and failures. Working smarter, faster and more efficiently can be done, but not unless we take a step back and review the operation holistically.

By and large, in most agencies it is unknown what assets can be leveraged, can find new purpose, or be reclassified by industry and sector. Just think about this. Assets that have already been developed are recreated, using resources that could be on the street selling, growing and building. So are your people, systems and processes really set up for success?

When multiple smaller agencies are aggregated together, there is usually no unified view into existing assets. Often there are multiple content management systems that are not integrated for a holistic view. Finding and sharing assets across the organization is difficult and time-consuming.

There are strategies and steps that can be taken to not only remain competitive but to further the types of offered services in more operationally efficient ways.

  • Know what you have
  • Streamline what you can, and improve the pitch process
  • Automate and use AI appropriately
  • Share your services
  • Balance between managed services and offer self-service SaaS
  • Cultivate your talent
  • Integrate while not disrupting the daily workflows

Know What You Have

Look around your office. What do you see?

Hopefully, it's your team and they are building pitches, proposals and quotes. What you don't see, although it's there, is the daily reinvention of the wheel. But this is commonplace. Wouldn't it drive efficiency and let your team be in front of clients more if they knew what assets, creative and learnings were available to them already?

Repurposing assets — the IP of the agency — is inappropriate and a big no. But what if you could find more ideas faster and more impactfully? In fact, that would reduce waste and duplicative work and result in your team approaching clients with a unified message, with more great options and with ones that you can deliver on. Knowing what assets exist and how they can be ethically used, and providing access throughout the organization, is a significant enabler in cost-containment. Why not explore how you can invest in doing more for less?

Why Should You Care and Why Should You Fix It?

Together, lets change the game. Historically, we know 20 percent of "agency time" is lost trying to create by hand an inventory of existing assets, and then tracking them. If your agency has 1,000 people, that's a million dollars a year out the door that was not spent in front of your clients. Those dollars are not just lost revenue, they are lost opportunities.

AI technology can automate the tagging of content and make it searchable in your cloud environment. If you drive efficiencies in getting to the client, you'll see an ROI that will enable growth.

In my next entry, I'll cover some topics on Automation and AI

Originally published by 25 April, 2024

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.