AI is fast becoming the most anticipated feature of modern technology and a concept that has divided public opinion in a variety of industries. Even household devices like Amazon Echo and Google Home are becoming must-haves to answering life’s questions at the call of a voice. But what does it mean for the Market Research industry? And will it ultimately affect how we conduct research going forward? Take a look at the top five ways AI will impact the Market Research industry.
- AI Will Increase Efficiency
Possibly the biggest benefit of Artificial Intelligence is the basic fact that it is more reliable, efficient and faster than a human when it comes down to data mining. According to an article written by Martech, almost 80% of the effort spent conducting Market Research is focused on compiling and writing reports. With the assistance of AI, months can be cut to hours, freeing up time for Market Researchers to spend time on creative and strategic thinking.
- AI Can Help Recruit Participants
Market Research and Fieldwork companies spend unnecessary time shortlisting potential candidates suited for the best job. Again, the element of speed comes in to play here as applications can be scanned and a pool of potential candidates can be determined easily.
- AI Cancels Out Bias
Unlike humans, AI doesn’t hold any personal emotion towards research – just cold, hard facts. In Market Research, bias can be influenced by slight facial movements or emphasis on certain language or phrases from interviewees. On the other hand, memories and version of events can differ from one person to another; with AI all information is extracted and portrayed impartially.
- AI Is Cheaper
When research projects can be completed quicker and more efficiently, this can only lead to cheaper costs conducting studies. Similarly, Robotic Process Automation (RPA) is a form of automation (AI’s younger brother) which makes light work of labour-intensive tasks reducing budget per project.
- AI is Social Savvy
Social Media has assisted Market Research for years and is effective when defining audience views, reactions and insights on a brands product and their competitors. AI has the capability to detect spikes across online conversations which can be reported via alerts and insights. This is much more productive than a person segmenting and extracting audiences manually.
Professionals across the technology sector are asking ‘what can’t Artificial Intelligence do?’ rather than questioning any potential limitations. At this point though, we like to think of AI as cutting out the middle man rather than cutting out man itself – and we can’t wait to see what the future brings.