AI - A game changer in Market Research

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Message from CEO

In recent times, there seems to be a renewed emphasis on market researchers to consolidate/ interpret data and communicate to senior leaders only the core set of issues that really need to be addressed. With more data available to us nearly every day, the emphasis on conciseness and clarity is rapidly growing. Today, we find ourselves in the ‘water, water everywhere, but not a drop to drink’ scenario, but there seems to be a major shift in client/leader expectations for us as researchers to expertly simplify and consolidate the data for them. This is easier said than done. Whether we’re talking about ‘big data’ or a year’s worth of research studies, finding ways to synthesize and position for senior management consumption has proven difficult for researchers. Part of the challenge is that we as researchers are trained in research — not communication. We tend to expand upon findings and flash numbers/trends — when senior management wants concise direction and a clear point of view.

To help researchers with quick analysis and findings, organizations have constantly developed data visualization tools and BI platforms. The system has been trained to analyse the current scenario using historical data, defined algorithms and statistical models. Now researchers are able to integrate multiple data sets of different forms and provide analysis of what is happening in the market within few minutes to an hour. However, these tools still lack the “automated insights” part of the research cycle.

It is this phase of research that Artificial Intelligence is trying to address. Artificial Intelligence (AI) is reshaping parts of the research industry by making it possible for machines to perform human-like tasks by learning from experience and adjusting to new inputs. Companies are striving to provide auto generated narratives and summaries in context to the data analysed. They are developing tools and solutions which can do high level predictive analysis and suggest recommendation plans instantly.

AI along with automation is becoming a ‘game changer’ for market research. Automation’s abilities are constantly growing and this along with its increasing adoption by both agencies and brands is driving big changes in the industry. The pressure is on to deliver faster, cheaper and better research for clients, something that we will only able to do with the help of automated processes.

Do you also feel the same ?

Satyakam Mohanty
Chief Light Bulb, Lymbyc

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From the Web: 

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Lymbyc, a leading edge innovator in AI and Machine Learning takes inspiration from the “Limbic” brain — the part that stores, dissects, rationalizes and generates memories and actions. That’s exactly what we do — giving business users the power of a virtual analyst that is intuitive, actionable and context driven to answer all their business queries

 

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