Pearl Strategy and Innovation Design recently attended the webinar hosted by Quantilope where experts shared the importance of AI and recommendations on how to implement it into consumer research. Here is our take on it.
Summary:
The combination of having too many requests for more consumer research as capacities continue to be limited causes what is called the research dilemma.As the volume of data continues to explode, traditional research methodologies struggle to keep pace. Artificial Intelligence (AI) and advanced methods, are bringing in a new era of efficiency and effectiveness to connect the entire research process, and by harnessing AI into your market research you will no longer have to say no to new projects and requests.
Automation and Productivity:
- Automated end-to-end platforms that connect the entire research process is one of the key advantages that AI brings to the table.
- Tedious tasks that once consumed valuable time can now be automated, freeing up researchers to focus on more intellectually demanding and creative aspects of their work.
- AI streamlines processes, creating more opportunities to drive efficiencies for clients.
Better Insights:
- AI algorithms recognize patterns and draw connections from vast datasets that might be missed by the human eye.
- Through machine learning, AI models can analyze, interpret, and synthesize complex information, providing researchers with deeper insights.
- This accelerated pace of research does not lack quality but gathers robust and trustful data, and also opens up new avenues of exploration by uncovering hidden correlations and relationships.
Reduced Budgets:
- Research projects often come with hefty price tags, especially when considering the resources required for data acquisition, analysis, and interpretation.
- AI-driven solutions, offer cost-effective alternatives and enable reallocation of funds to new or under-funded areas of research.
Automating various tasks allows researchers to “cut out the noise” and achieve comparable or even superior results with reduced budgets, making research more sustainable.
Speed and Scale:
- Time is of the essence in the research world and AI can handle massive datasets at unprecedented speeds.
- Tasks that would take weeks or months can now be completed in a fraction of the time. One hour of traditional script/video analyzing is now taking AI only 10 minutes.
- AI can analyze text, videos, open-ends, images, and codes in seconds allowing researchers to spend more time on being strategic and solving the research dilemma.
Knowledge Management and Report Creation:
- As the volume of data grows, so does the challenge of managing and extracting meaningful knowledge from it.
- AI tools facilitate efficient knowledge management and organize information in a structured manner which gives researchers the ability to be the insight professional.
- These tools aid in the creation of comprehensive reports, summarizing key findings, and presenting them in a format that is easily digestible for both experts and non-experts.
Visualization of Insights and Data:
- Understanding complex data is often a stumbling block for researchers. Through collaboration, the AI tool will enhance the visualization of data, translating patterns and connections into intuitive graphs and charts, and fills a blank page allowing for reactiveness with insights.
- This not only aids researchers in better comprehending their findings but also facilitates communication of results to a wider audience.
Implications:
To confront the challenges of the research dilemma, AI and advanced methods stand out as powerful allies. By automating tasks, providing deeper insights, reducing budgets, accelerating speed and scale, facilitating knowledge management, and enhancing data visualization, AI is smoothly and efficiently weaving together the research process. Embracing these technological advancements is not just an option but a necessity for researchers striving to make impactful contributions to their respective fields.
If you need support on insights, strategy or innovation connect with us at www.pearl-strategy.ca or connect with Susan Weaver at 416 908 2446
Source: Quirks Virtual, Feb 1, 2023
