It is estimated that an individual creates around 1.7 Mb of data every second and does around 1426 digital data interactions in a day. With traditional methods, an organization could take several months to arrive at an insights-driven decision based on the data, such a process could also cost the company a fortune. In the long run, this delay in the decision-making process could hinder the organization’s effectiveness in meeting rapidly changing customer expectations and trends.
However, with the application of AI in decision making, the same data can be used for generating insights, constant learning and decision making, so that businesses can meet the fast-changing expectations of customers. The use of algorithms and machine learning is making the process faster, automated and less expensive.
For example, previously pre and post-campaign effectiveness measurements used to be an expensive & time-consuming research process, however, today, it’s automated with a customized real-time measurement and insights dashboard that can be used to make real-time changes in campaign creatives and execution.
Another example of AI integration in the market research process is the application of natural language processing in text analytics. Till recently the utility of social media and other forms of open-ended customer feedback was limited to sentiment and buzz analysis, due to the large volume of textual data that is getting updated in real-time. But with the current developments in AI, analysis can transcend beyond a simple sentiment and buzz analysis to understanding patterns, data categorization and correlation between complex textual responses in real-time.
However for the majority of the organizations around the world, the applications of AI in market research is still in an exploratory stage, but with rapid developments in machine learning and natural language processing, market research is in a phase of transformation and is evolving from labour and time-intensive process to a more automated, real-time process that can be executed with a single click.
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