Manufacturing, tourism seen to benefit from A.I. - says PMA | Business and Politics
Manufacturing, tourism seen to benefit from A.I. - says PMA | Business and Politics
Philippine Marketing Association President Sy Bryan Lato and Prestige Quality Paper Products general manager Leah say that those who fail to adapt to artificial intelligence (A.I.) may face difficulty in the future. Retail, manufacturing and tourism industries are among the sectors that will greatly benefit from doing business with AI, automation and other technologies.
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Philippine Marketing Association President Sy Bryan Lato and Prestige Quality Paper Products general manager Leah say that those who fail to adapt to artificial intelligence (A.I.) may face difficulty in the future. Retail, manufacturing and tourism industries are among the sectors that will greatly benefit from doing business with AI, automation and other technologies.
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Transcript
00:00 So, all very interesting developments, and I'm glad to hear that our marketing professionals
00:06 are ready for it, anticipating it.
00:10 But what do you see happening in the general economy?
00:14 I mean, who will benefit?
00:16 So basically, what are the sunrise industries that we will see as a result of these developments?
00:23 Metaverse marketing, AI, quantum mechanics.
00:27 And then maybe, what will go away?
00:29 What will disappear?
00:30 Lea, maybe you want to kick us off?
00:35 Well, for me, what I'm seeing is that there will be actually sunrise industries.
00:41 There will be more automation in terms of the retail industry.
00:45 And then we get to appreciate the virtual reality, trying on even if you are not physically
00:52 present.
00:53 So the retail industry will benefit, and then the financial institution also.
00:58 Because of the algorithm, as I've said earlier, is that we get more data that are actually
01:03 valuable in order to develop more products.
01:06 And then in terms personally, as a mother, I might have more time to my family because
01:11 I think...
01:12 Oh, that's interesting.
01:13 Okay.
01:14 Because if everything now is being automated...
01:16 You have a virtual assistant.
01:17 Virtual assistant.
01:18 Yeah.
01:19 I'm always busy, so I need someone to assist me also in my household things.
01:25 So I think AI is going to help us, especially in the household.
01:28 I thought you were going to say, "Help you with your husband."
01:31 I'd be worried about my wife finding a virtual husband.
01:34 Brian, what do you think?
01:35 How do you see things?
01:37 For me...
01:38 Who wins, who loses?
01:39 For me, those who will not adapt.
01:41 Okay.
01:42 Those who will not embrace and will continue to reject these technological advantages.
01:46 Reject or maybe are slow to...
01:47 Or slow to adapt.
01:49 Might be having a difficulty in the near future.
01:52 Because those companies who would implement these innovations would be able to respond
01:56 fast, do things efficiently.
02:01 In fact, that's really the objective of these new innovations, to make it more efficient
02:05 and to make it more exciting for the consumers on the marketing point of view.
02:11 I'm just curious.
02:12 You mentioned OmniChannel a while ago.
02:16 And I have seen this in news reports from abroad where people try to shop online, but
02:21 they still go to the physical store, I guess, just to maybe have...
02:25 To really feel.
02:26 To touch it, to touch the product, I guess, to put it on or to lie on the bed or whatever.
02:31 And that's something that's actually frustrating me because during the pandemic, just like
02:35 everyone else, I was shopping online because you couldn't go out.
02:40 But there's a danger there of sometimes there's disappointment.
02:43 Sometimes you're surprised, pleasantly surprised, but sometimes you're disappointed with what
02:47 you buy because what appears on screen is not exactly sometimes what you get.
02:54 Sometimes it's better.
02:56 Sometimes it's not even the same size or scale that you're expecting.
03:01 So when will we start seeing something like that, the OmniStore, or is that something
03:07 already here that I'm not yet aware of it?
03:11 I think because during those times, it was still the adoption stage.
03:16 But things are getting better right now.
03:18 And probably because of technology also, because of AI, we will be able to have more or less,
03:24 we will be able to see the real color when you put it on.
03:28 Yeah, that's right.
03:29 Sometimes it looks a particular shade on screen, but when you see it, it's different.
03:36 Because different screens will render different colors.
03:38 They're not calibrated yet.
03:41 So I think that was just the setback during the pandemic because we were all adapting
03:45 to e-commerce.
03:47 But like right now, we are slowly getting products and people are getting used to buying
03:53 online also.
03:54 And at the same time, there are still products that you need to see, especially the high
03:58 valued products and you need to test.
04:00 So that's why you still have to go to the stores, like the tech products, still have
04:04 to go to the store physically.
04:06 But like for fashion products, I think it would be best to just buy online.
04:10 Right, right.
04:11 What about the people you talk to, Brian?
04:14 I mean, the PMA has lots of members.
04:17 I'm sure as a businessman, you talk to different clients.
04:20 Who are most likely to adapt this new technology?
04:26 I mean, Leo was saying that retail could be the first mover here.
04:31 What are you hearing from the people you talk to?
04:34 Actually most of them, they're trying to figure out where they can enter or where they can
04:39 integrate AI or the metaverse marketing into their businesses.
04:45 So again, it's a matter of which tool will be useful for them.
04:50 For the industries, I believe manufacturing would be able to develop because, would be
04:57 able to benefit because instead of using a physical material to create a model, because
05:04 of the extended reality, this is actually currently happening now, they're manufacturing
05:09 things using extended reality.
05:12 So it's rendered in the real world, but there's no actual material being used and they can
05:17 change it right away.
05:18 When you talk, it's like you're talking a different language.
05:21 So extended reality, another new term.
05:23 Extended reality and augmented reality is quite similar.
05:28 The digital assets or the artwork is rendered in the physical world.
05:35 So that's why if they assemble a car, they can see the car, but it's just a digital asset
05:40 using the rendering, right?
05:43 So it makes it more efficient.
05:46 There are also some applications when it comes to tourism.
05:51 They did a digital map.
05:53 You can create a digital tour without even going to the place.
05:57 So you could, you know, a heads up, go to a place, 3D rendered or actually a mask.
06:06 The actual place was taken photos in 3D.
06:10 So you just wear a headset and go there and then check it ahead of time if you'd like
06:14 to visit.
06:15 So in tourism, that's another application.
06:18 So would that be a way of like maybe sampling or planning a vacation?
06:22 Correct.
06:23 Not as a substitute.
06:25 Not as a substitute, but as a tool.
06:27 So in real estate.
06:28 It's a good marketing tool actually because you get to promote.
06:33 At least without, you know, rendering the whole building.
06:35 For real estate example, the real estate agents can now have a virtual tour of their soon
06:40 to be condominiums without even building a model unit.
06:45 They can just render it online, have the client experience it via virtual headset or augmented
06:51 reality and then there.
06:55 Those are the things, the application when it comes to.
06:57 It's actually a better version of the 360 degrees.
07:00 Yes.
07:01 I see.
07:02 Okay.
07:03 Now that one I'm familiar with.
07:04 But are these technology, these tools, are they going to be prohibitive in cost so that
07:09 only the big companies can afford them or what about the micro, small and medium sized
07:13 enterprises?
07:14 Is there room for them to adapt this new technologies?
07:18 I think there are several providers in the Philippines.
07:22 You know that most of the animators, the creative industries in the Philippines is really booming
07:29 and most European or US, they get their animators from the Philippines.
07:35 But reality is maybe the bigger ones will adapt first.
07:39 Be the first mover.
07:40 Yes.
07:41 Okay.
07:42 When you're talking about working with the younger marketing profession, maybe even the
07:47 students, how do you communicate this to them?
07:52 Because I remember when I was in school, many of the things that we learned in journalism
07:57 school are obsolete today.
08:00 And the pace of change now is even faster.
08:04 So what do you tell the young people in terms of maybe preparing to be professional like
08:10 yourselves, doing marketing?
08:12 What's the message?
08:13 Well, we actually do it through conferences.
08:15 We invite them through conferences.
08:17 We invite thought leaders and at the same time, we act as really their mentors.
08:23 And we even do conferences or seminars, focus seminars for the educators so that there's
08:30 a multiplier effect.
08:32 When we teach the educators, update them of what's happening now, they will be able to
08:37 rely to their students.
08:39 I see.
08:40 Now, when I talk to my children, I talk technology and they'll say, "That's old already."
08:45 Is it like that when you talk to the students?
08:48 Because the younger they are, it seems like the more technologically savvy they are also.
08:56 I mean, is that your...
08:58 They are actually more adaptable when it comes to AI, to metaverse.
09:02 And then they are the ones actually using it and they develop apps and you will be really
09:08 surprised.
09:09 Sometimes they develop better materials.
09:12 And actually, the only help that we provide them is to really immerse them, show them.
09:19 And especially, we have to consider the values and the ethical considerations of these things
09:28 because of the fast technological aspects.
09:29 Yeah, and even the academy is actually adapting now.
09:33 Like Olfu, recently they invited the Philippine Marketing Association.
09:37 President Bray was there to really talk and then we were being immersed to VR.
09:42 Yes, they have a VR technology there, lab, where they can render and they're working
09:48 with a grant with DOST.
09:49 And I was also surprised that the academy is also fast.
09:52 Investing.
09:53 And they are investing on AI and metaverse.
09:54 Investing into this technological.
09:56 So we are just there to really reinforce that the market would be needing this and then
10:02 that's why we always do market research to really further understand the market.
10:07 Yeah.
10:08 And we actually help them understand and at the same time, we challenge them to really
10:13 think beyond.
10:16 And of course, to be more responsible in terms of its use.
10:21 Yeah, it's a good thing that you mentioned that the ethics is one thing.
10:24 I mean, misrepresentation could be another.
10:27 Like sometimes my frustration is you see advertising, say a burger or something, and then you buy
10:34 it.
10:35 It doesn't look the same.
10:38 It's not as appealing when you see it in real.
10:40 I mean, do you think that that will be an issue moving forward?
10:44 Because you can augment the visuals, especially now, but technology even make it look 3D.
10:51 Maybe you can even smell it.
10:52 But when you actually buy it, do you think that will be – do you think people will
10:57 still put up with, "This is not what I saw in the augmented reality."
11:03 Only one patty?
11:04 What do you think?
11:06 Well, it depends on the market.
11:09 Marketers tend to really have to – they have the tendency to overmarket, oversell.
11:16 It's a matter of customer feedback.
11:19 If they adhere to the customer feedback, it is not the patty that you were been advertising.
11:24 So they improve.
11:25 You have to be a more empowered consumer.
11:27 Consumer, correct.
11:28 And do you think we're going in that direction?
11:31 Because the tools now really empower people, right?
11:34 I mean, do you think that's where we're going?
11:35 We should.
11:36 I think we have to have a stronger voice in terms of really establishing more ethical
11:41 considerations in terms of the usage of metaverse or AI.
11:46 So we need to bring along some people to really craft ethical standards in order to not abuse
11:52 the use.
11:52 [silence]
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