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Artificial Intelligence for Consumer Insights: The New Frontier
Artificial Intelligence has had tech circles buzzing for years now, but new developments in “generative AI” are bringing this buzz up to a fever pitch. This technology has already attracted billions in VC funding and has sparked many discussions about its applications across business functions.
This sharp rise in AI’s popularity means that Large Language Models (LLMs) like GPT and BERT have already been adopted into daily business workflows. Most often, these LLMs take the form of generative AI technologies: tools that produce novel content through machine learning algorithms.
But how will this technology impact the consumer and market insights space? And how will this in turn change the way investment decisions are made?
AICI Will Reimagine Enterprise Decision-Making
Artificial Intelligence for Consumer Insights (or AICI) is a new field that aims to integrate the power of generative AI into enterprise insights teams. This completely reshapes how insights are shared across business and research teams alike.
AICI technology is built to mimic human conversational patterns using Large Language Models (LLMs), the most popular being OpenAI’s GPT. For business users this means that they can engage with the AI engine in naturally phrased questions, rather than relying on keyword search terms.
Generative AI then uses LLMs to respond with a a complete answer. This makes self-servicing answers to business questions easier than ever before, and will disrupt the ways in which enterprises use insights to make decisions.
How Market Logic Is Pioneering AICI
AICI tools apply AI specifically to the needs of the consumer and market insights space. In January 2023, Market Logic announced the expansion of their product suite to include a Generative-AI engine specifically geared for the AICI space.
First and foremost, this product will save valuable resources within enterprise research & insights teams. By enabling business users to self-service answers to their questions immediately through an intuitive, conversational AI-Assistant, their research and insights colleagues are free to focus on what they do best.
AICI also has the potential to impact organizational culture and decision-making strategy on the highest level. As noted in a recent interview “Artificial Intelligence in Strategy” published by McKinsey:
One of the challenges most strategists face is the overwhelming complexity of the world we operate in. At one level, it may seem that AI will provide another layer of complexity. In reality, it can be a sharp knife that cuts through some of the clutter. The question to ask is, Can AI simplify my life by giving me sharper, more timely insights more easily?
— Yuval Atsom, Senior Partner, McKinsey
Overcoming Challenges Faced by Generative AI Technologies
As with many newer technologies, generative AI is facing some growing pains. As more users join and new use cases get developed, two main challenges have emerged:
- Truth: Simply put, sometimes the answers you might get from these tools are just plain wrong. As The New York Times discovered, it got seemingly simple math questions wrong. Around this time, it was blocked on the Coding Q&A website Stack Overflow due to its AI-generated code having “a high rate of being incorrect.”
- Sourcing: Perhaps most importantly for insights teams—today’s popular Generative-AI tools are not sufficiently citable. They may give you a perfect answer to your business question, but you’ll be unable to trace it to a specific report or piece of research.
Market Logic’s AICI product will directly address these two challenges. By specifically using enterprise knowledge assets, this product will only generate answers using verified data. It will also automatically include cited sources with every answer it generates, meaning that end users can immediately trust the information they receive.
Building A Better Product with Our Partners
As always, Market Logic’s innovations in insights management have been developed alongside trusted partners and clients. Similarly, this new AICI product has involved several Fortune-500 clients as lead users in its preliminary testing phase.
One such client, Colgate-Palmolive, joined Market Logic on stage at MRMW 2022 to discuss the impact that this technology can have for their insights teams.
“We have about $400 million USD worth of insights assets, but the main issue still remains. We want to democratize insights, we have all that knowledge available, but it’s so much information that nobody can really process it. So therefore, we needed something to really distill all that information. That’s where Market Logic comes into play.”
— Christian Neiderauer, Global Insights Director at Colgate-Palmolive.
Neiderauer also discussed the future of AICI at TMRE 2022 in San Antonio, TX. Here, Christian added:
Today, the More-More-Less dilemma limits our ability to impact key business decisions. At Colgate one of our key challenges is the democratization of insights: Right insights, at the right place, at the right time. Too often people spend more time searching for information than working with it.
— Christian Niederauer, Global Insights Director at Colgate-Palmolive
Why Should Organizations Adopt AICI Solutions?
Equipping teams to “do more with less” is a foundational step organizations must take in the face of volatile markets and economic uncertainty. As we look ahead into 2023, AICI will be an essential part to building organizational resilience.
At a recent webinar with Market Logic clients Ipsos and Dyson, CEO of Market Logic Stefan Ropers discussed how insights can directly benefit organizational resilience, saying:
If you empower people with insights on a daily basis, I believe they feel more empowered to face adversity and benefit from that. It’s a form of engagement, because they’re now informed of what’s changing out there and now, they can take action. These attributes of resilience are fueled and supported by insights.
— Dirk Wolf, CEO of Market Logic
This technology has the potential to marry human expertise with intelligence machine learning unlike ever before. It automates the tedious and time consuming parts of research in order to unlock more time for innovation.
Ultimately, AICI is the logical next step for companies looking to foster an insights-driven culture.
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