Rewind 2023: Efficiency took centerstage this year - Dhiraj Gupta, mFilterIt

It’s that time of the year when we review the most significant industry developments as the year draws to a close. Adgully is reviewing the year 2023 for the M&E, advertising, digital, marketing, PR, and communications, along with leading names in the industry as part of our annual Rewind series.

In conversation with Adgully, Dhiraj Gupta, Co-Founder and CTO, mFilterIt, shares some key insights and challenges that dominated Digital in 2023, how companies adopted digital transformation and technologies like AI, mFilterIt’s goal for 2024, and more.

International slowdown in technology

Dhiraj Gupta noted that 2023 was the year where “Efficiency” took the center stage. According to him, this has been a result of multiple factors, including an international slowdown in technology, funding winter, and some unfortunate international events.

The demand on digital platforms was not as predicted in previous years and as a direct result, the global Top 100 Most Valuable Brands lost 20% of their value this year, as quoted by Kantar BrandZ World’s Most Valuable Brands report.

The challenges

“‘Necessity is mother of innovation’ – this quote couldn’t be truer in any other time, when the decline in revenue with increasing inflation was causing immense pressure and same could be felt with the layoffs across the sectors,” Gupta observed.

He further said that companies adopted digital transformation and technologies like artificial intelligence started to be employed in their routine tasks. From marketing and sales, product development, client servicing, supply chain, back-office support, AI was employed to enhance the efficiency of the process.

Navigating market disruptions

“At mFilterIt, we were aware of the scenarios and the need of the hour. We took the challenge head on, and we focused on building products to deliver efficiency for marketing departments of the brands. With the rise of digital transformation, there was a massive shift in the way people consumed digital content and hence our R&D efforts paid off to stay ahead of the game by developing products by analysing the need of marketing executives and help them increase the return on their digital spends,” he elaborated.

Outlook for 2024

Gupta informed that mFilterIt’s goal for 2024 is to invest more on R&D to enhance the company’s technology and ensure that it provides significant efficiency in the marketing campaigns for its clients.