How Artificial Intelligence is Transforming Market Research

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Home > Articles > How Artificial Intelligence is Transforming Market Research

 How Artificial Intelligence is Transforming Market Research

Mao Gen Foo | Today's Manager
June 1, 2019

Artificial intelligence (AI) platforms bring together a range of insights, including operational and experience data, to help users rapidly sort and analyse the plethora of data at their fingertips.

In today’s competitive market, where there is often little variance among products and price, the experiences you deliver are a key differentiator. They can help you win new business, grow market share, and better attract and retain employees.

Having a deep understanding of your customers’ and employees’ individual wants and needs has therefore never been more important.

Effective market research is essential if brands are going to satisfy users’ individual expectations. But with data volumes and sources increasing, businesses need to reconsider how they conduct market research if they are going to quickly and easily identify opportunities.

This can be done with AI platforms. Encouragingly, Singapore is well-placed to capitalise on the benefits of AI. The government’s AI for Industry initiative is helping drive meaningful adoption of the technology, with 90 per cent of businesses in Singapore planning to implement some form of AI platform in the next 12 months.

For researchers, AI platforms bring together a range of insights, including operational and experience data, to help users rapidly sort and analyse the plethora of data at their fingertips. They allow researchers to better select samples, improve data collection and analysis, and remove bias and subjectivity. The result is intelligent, rapid, and impactful business decisions.

Improve Sample Strength
AI platforms help researchers quickly review their pool of potential respondents, regardless of size. This means that they can rapidly shortlist the best candidates and seamlessly remove those that are ill-suited.

The technology also helps businesses retain respondent participation in their survey, which has previously been a common challenge faced. Analysing user behaviour, such as dwell times, enables researchers to identify those most likely to drop out of conversations so that they can counter and incentivise them to remain in the programme.

Stronger Data Analysis
Operational data tells the brand what the user is doing. Experience data gives an insight into why the customer acts the way they do. AI enables researchers to integrate each data set so they can deliver superior experiences based on these insights.

Additionally, AI-powered data collection helps gather more robust data from respondents by autonomously following up on certain survey responses. By anticipating potential conversation paths, researchers can achieve deeper insights while freeing up resources to focus on other value-added services.

Understand User Sentiment
Gathering insights from qualitative research conducted on hundreds and thousands of respondents can be a time-consuming and tedious task. However, automatic natural language processing and sentiment analysis running across tens of thousands of text comments allows businesses to gain insights and test sentiment in real-time. This gives companies the knowledge and insight required to keep their decision-making swift, informed, and impactful.

One of the greatest challenges marketers face is ensuring the data and insight coming from their research is free of bias and subjectivity. AI solves this as it treats all data equally, thanks to the ability to remove unconscious human bias. Qualtrics recently built this capability into the Qualtrics Experience Management PlatformTM through Expert Review—an AI-powered tool that analyses every question and makes real-time suggestions on how to improve a survey in order to gather better data.

Easily Conduct Secondary Research
With the rapid and ongoing exponential growth of digital and online resources, such as new sites and online libraries, there is a gold mine of information for market researchers to extract data from. The time needed to extrapolate meaningful insights from these sources is reduced to mere seconds with AI, empowering users to seamlessly identify new markets, work on price strategies, or review their suppliers.

Optimise the Research Process
Market researchers have traditionally reviewed their survey questions and research methods periodically. AI can continuously conduct reviews even as the research is ongoing, helping reveal broken question logic, mobile compatibility, legal compliance issues, and even potential bias in question wording, and optimise surveys based on past respondents.

Tedious and repetitive tasks, such as identifying and removing incomplete, inaccurate, or irrelevant data and localising surveys can be taken over by AI, leaving researchers more time for higher-value tasks.

Transforming Market Research
Researchers recognise the value of AI, with Qualtrics’ How AI will reinvent the market research industry report revealing 90 per cent of market researchers believe it will have a significant impact on their industry. For brands to capitalise on the opportunities AI presents, and the subsequent impact on the bottom line, the next step is equipping employees with the platforms and tools that make it possible.

Intelligent AI platforms are now affordable and available to the masses and no longer reserved for the lucky few. Businesses that prioritise AI technologies that bring together experience and operational data are set to achieve the biggest results by eliminating tedious manual analysis and effortlessly uncovering insights hidden deep within the data.

IMAGE: 123RF

With 20 years’ experience in the IT industry, Mr Mao Gen Foo has worked with numerous clients across industries in Asia to help solve business challenges leveraging IT solutions. He has held senior executive management roles across Asia-Pacific which include Vice-president (Asia) at OpenText, founding his own consulting firm, and the Managing Director for Autonomy-Interwoven (South Asia). As the current Head of Southeast Asia for Qualtrics, a leader in experience management software, Mr Foo’s responsibility is to establish and grow Qualtrics across this region. He holds a B.Eng (Hons) in Electrical Engineering from the National University of Singapore.

 

Copyright © 2019 Singapore Institute of Management

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Today's Manager Issue 2, 2019

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