Artificial Intelligence Will Take Brand Licensing Operations to Next Level
The world of brand licensing is ever-changing, with new technologies quickly shifting the environment and shaping new, unique licensed products. But how about the operations side in the licensing business? How could artificial intelligence, or AI, help brand licensing businesses to grow and improve?
AI is clearly here to stay. Global businesses are harnessing its power and the brand licensing industry should be no exception. At first, AI can seem intimidating and futuristic, like something we have all seen in the movies – and you might think your business doesn’t need it or that it is far too expensive to implement for your brand. We are at a point, though, where this technology is readily accessible.
Chances are, you have already interacted with it at some point, perhaps even unknowingly. News and media resources shape their feeds on the outcomes of analysing your interests, music apps recommend new songs based on your behaviour, and social media engines instantly recognize your friends from photos. Ultimately, you can embrace AI and find the best ways to make it work for your brand, or face the possibility of falling behind the curve of the world’s constantly advancing technology.
A true win-win B2B model at its best, brand licensing is all about customer management and close cooperation between partners. In customer relationship, managing heavy amounts of data can be an overwhelming task for licensors, agents, and licensees alike. Nonetheless, it is essential for driving business forward. That’s where AI can step in to assist you like a robotic account manager. Precisely, AI technology can help brand licensing businesses with:
- Identifying new lucrative opportunities to pursue
- Predicting short- and long-term trends
- Prioritizing tasks and leads to manage and opportunities to tackle
- Automating and enhancing licensing workflows and processes
For example, Salesforce’s AI technology Einstein takes advantage of deep learning, machine learning, predictive analytics, natural language processing, and image processing. While that may sound like technical jargon, what AI does here is augment human decision-making. In other words, the technology continuously improves the performance without human input, teaching itself how to complete any given task. For the licensing business, this translates to more personalized customer experience and better customer understanding, which should result in a reduction of guesswork and redundancies in the processes.
Whether pitching a new piece of IP to a licensee or product category to a licensor, the question every salesperson asks is who has the buying power in an organization. AI can analyse this by scanning behaviour from emails and inform you as to whether or not you are speaking to a decision maker. Further, it can leverage facial recognition from a wide range of images, detect your graphics on photos and identify specific patterns in images.
With its endless number of business applications, AI can be a difficult concept to wrap your head around. Know that what it brings to the table in brand licensing is empowering a brand’s personnel to cooperate more closely than ever and help focus on tasks that will take the business forward.
Kalle Törmä is the CEO and founder of Flowhaven, a leading platform for managing licensing and merchandising programmes. Mr.Torma can be contacted at email@example.com.