EXCLUSIVE: Artificial intelligence giant Palantir and global marketing and communications firm Stagwell Inc. announced a new partnership on an AI-powered marketing platform for clients.
The new AI platform is built to incorporate Palantir's Foundry with Code and Theory's orchestration level software and Stagwell's The Marketing Cloud's proprietary data and solutions.
Mark Penn, chairman and CEO of Stagwell Inc., told FOX Business that the platform came out of a conversation with Palantir CEO Alex Karp about developing an AI-enabled marketing suite, which turned into a partnership.
"We both looked at how we could take the combination of data that Stagwell has with third party data and the first party data from the client, and we could build a flexible AI-based model that I call the holy grail of marketing," Penn said.
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"We've always wanted to be able to say, 'give me those people who you think will buy an umbrella on the next rainy day,' and to have it figure out who those people are and then launch a marketing campaign," he said.
The new AI-driven platform aims to give large, complex teams the ability to create and implement marketing programs at scale. It also includes novel differential privacy technology from Stagwell to protect users' data.
"What we're turning over to the customer is not just us operating the system for their marketing, it's them being able to operate the system and incorporate it through their organization," Penn said. "For the marketers and for the organizations, we really want to have a tool here that can be used by the store manager or local managers throughout the organization to maximize their own marketing through AI."
"They're going to be able to put in just regular English language questions and get back target audiences," Penn said.
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Kevin Kawasaki, global head of business development at Palantir, told FOX Business that there have been "incredible advancements" in the capability of AI models to handle workloads without the need for human-produced code in recent months, which has accelerated the process of creating AI-powered tools.
"It takes significantly less coding ability to do something like that with our product, therefore people with extreme domain expertise can execute their ideas much, much faster," Kawasaki said.
"I think a major difference today, even versus a year ago in just the technology universe, is delivering an AI-first product is fast," Kawasaki said. "And it's not just faster, it's actually more unique because you can deliver well beyond the old [software as a service] model with our AI platform."
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He explained as an example that there could be two customers in similar industries, like hotels, that receive extremely different products that are tailored to their organization's specific wants and needs as far as how they interact with data and technology.
"The speed at which I can sort of wrap the technology around that human to make them faster, or that company to give them higher efficacy in what they're trying to do is really important," Kawasaki said.
He added that, historically, the development timeline of custom software tools would be longer and more deliberative in terms of figuring out the scope and purpose of such an offering then testing it in the market and refining it, whereas the AI model allows them to "just show up and deliver this."
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Penn said that Stagwell has begun a soft introduction of the tool and is expanding the use of the platform with an early focus on retail clients. The company plans to roll out the offering to its broader network and clients on an opt-in basis in the months ahead.
