HOW ARTIFICIAL INTELLIGENCE IS DISRUPTING THE MARKET RESEARCH INDUSTRY
Artificial intelligence (AI) has emerged as a disruptive force in terms of generating value across multiple fields, including media, communication, logistics, and even market research. AI has considerable potential to revolutionize the way market research is conducted. Firstly, AI can facilitate analysis of opinion from a wide range of sources in real time. Secondly, AI ensures swift analysis of data derived from different formats like audio, video, and even texts. Lastly, AI can be programmed to come up with intelligent responses to the questions asked.
Despite the massive strides taken by AI in data extraction and interpretation, businesses remain apprehensive about adopting AI for explorative or qualitative work and prefer traditional research methodologies like focus groups and surveys. However, there are several reasons that should encourage businesses to embrace AI for enhancing the market research process.
AI Eliminates Bias
AI-powered market research can eliminate elements of bias, which is usually seen in the case of traditional approaches. AI is capable of extracting insights from people’s actions by analysing their online activities, instead of from what they said in an online question-and-answer (Q&A) session.
AI Helps Profile Consumers Better
AI-powered tools can build rich consumer profiles with effective targeting, with very little time or money spent on human effort.
AI Garners Real-time Insights
It is true that certain social listening tools manage to generate real-time data but these are ineffective in offering value. However, an AI-enabled market research tool enriches insights by further aggregating data.
AI can generate a significant amount of information and offer an array of features and capabilities. With the further development of the different features of AI, like Natural Language Processing (NLP) and Natural Language Generation (NLG), its capabilities will be further expanded for better and efficient analysis of the data that is fed to it.
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