Raja Rajamannar, the Global CMO & President of Healthcare Business at Mastercard, suggests that utilising generative artificial intelligence could lead to a reduction of 40-60 percent in marketing production expenses.

The 70th edition of the Cannes Lion Festival was abuzz with talk of Artificial Intelligence (AI). Known as the global hub of creativity, Cannes Lions provided the perfect stage to explore the vast potential of AI in shaping the future of the advertising and marketing industry.

Speaking to CNBC-TV18 at the Cannes Lion festival, Rajamannar emphasised that AI should be seen as augmented intelligence rather than artificial intelligence. He highlighted how it can boost productivity and elevate work to new heights.

"The way I define AI is not as artificial intelligence but as augmented intelligence. It is not machine doing things by itself completely independent of people but it is machine creating the output which you can work with and take it to a different level than you could have done before AI came into picture. So AI seems to be a major enhancer of what you can do and that is what is exciting," Rajamannar said.

In the digital era, consumers heavily rely on various touchpoints and extensive research before making purchasing decisions. Consequently, advertisers and marketers face the significant challenge of predicting and influencing consumer choices. However, artificial intelligence (AI) offers marketers a powerful tool to gain deeper insights into their target audience and effectively engage with them.

According to Rajamannar, generative AI enables marketers to articulate their objectives more clearly and invites agencies to work their magic based on that foundation.

Also watch, Cristina Diezhandino, Global CMO of Diageo, discuss the alcohol industry's key trends and the valuable role of AI in enabling Diageo to generate tailored content for diverse regions.

Watch video for entire discussion.