Impact of Artificial Intelligence in Market Research

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Impact of Artificial Intelligence in Market
Research
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Impact of AI in Market Research

• AI is the ability of machines to learn and adapt
  to make decisions themselves, AI is already
  making a huge impact everywhere it is being used.
• AI is increasingly employed in a plethora of
  fields, replacing the workforce.
• Market research is the process of gathering
  information about the market and customers. There
  are already many applications of Artificial
  Intelligence in market research
• Example IBMs Watson by Kia motors two years
  ago for its super bowl ad to pick social media
  influencers to buoy its message across the
  audience.

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• The VUCA nature of the market means that every
  company needs to be at its A-game to maintain its
  competitive edge, facilitating market research
  services to aid in the process.
• Market research analyses and provides information
  on the market to help industries connect better
  with their customers and build on it. With the
  onset of Artificial Intelligence, the efficacy of
  the process has seen considerable improvement.
• With the onset of Artificial Intelligence, the
  efficacy
• of this process has seen considerable
  improvement.

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AI Market Research is no longer - future it is
the present
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• Large Scale Qualitative or Big Qual
• Behavioral predictions
• Market predictions
• Personalisation
• Chatbot engagements

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Large Scale Qualitative or Big Qual

• AI to process massive open-ended data sets to
  perform qualitative analysis effectively. 
• Artificial Intelligence can go through any
  response irrespective of scripture formalities
  usually needed for other software to analyse
  data. 
• Artificial Intelligence in market research also
  enhances the predictive component of the
  research, providing more accurate predictions.
• AI has considerably reduced the process time
  required to carry on qualitative analysis which
  used to take days on end for human beings to
  complete.

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Behavioural predictions

• Artificial Intelligence can predict the
  behavioural patterns of the customers and people
  in general by analysing data sets.
• The accuracy of these predictions are high and
  enables better targeting the customer needs and
  engaging them at the right time for mutual
  benefit.

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Market predictions

• Market predictions of AI can enable a company to
  make better decisions as a response to the
  ever-changing nature of markets. 
• Prediction on any market can be given by
  Artificial Intelligence via Big Data Analytics
  and Natural Language Processing.
• Artificial Intelligence has forever improved
  customer interaction, engagement and calculate
  its impact to project a more reliable prediction.

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Chatbot engagements

• The efficiency of chatbots of today in websites
  is mostly limited to pre-programmed responses to
  specific questions. 
• Advanced AI in the future, user interaction is
  set to become more enhanced with machines with
  machines attaining moderator like status on the
  cards
• User interaction has improved significantly with
  AI being able to provide satisfactory responses
  in real time.
•  

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• Although AI has not yet become ubiquitous in
  market research, it must be noted that Market
  Research outsourcing carried out in diverse
  businesses already engage open source AI like
  Google cloud Natural Language API, Microsoft
  cognitive toolkit, etc to carry out effective
  research. 

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