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You’ve almost definitely heard the term “artificial intelligence” or “AI”, and my guess is that you’re already using it in one way or another. Do you unlock your phone using facial recognition? Or maybe you asked Alexa to remind you to buy milk this morning? Perhaps you enjoyed the personalized feeds you were getting on LinkedIn or Twitter while you were sipping your morning coffee? AI is already shaping many parts of your day, but how will it shape your work creating, sharing and using market insights?
Generative AI is one slice of the AI pie (with robotics, machine learning, speech recognition, etc. being others), and it’s the slice that we’ll be diving into in this article. If used correctly, generative AI can support the work we do in so many ways, especially when it comes to getting answers to market industry questions.
So let’s find out how we can all benefit from this very advanced technology.
What is Generative AI?
Artificial intelligence covers a wide range of applications. Broadly speaking, it is applying technology to perform tasks that until recently we thought only humans could perform, such as reading and understanding natural language. But because this is technology, it performs at superhuman speeds while processing vast amounts of data.
Generative AI is a specific subset of AI that employs machine learning algorithms to create entirely new content, code, data, and more.
One notable example of generative AI is Large Language Models (LLMs), which are powerful tools that learn from huge amounts of text found in various sources like websites, books, and articles.
They use this knowledge to predict and generate words in a sequence, much like how humans form sentences. After learning from a vast amount of data, these models can be fine-tuned to perform specific tasks using smaller sets of data related to those tasks. When given a topic or starting point, LLMs create sentences that make sense and sound natural by choosing words based on what they’ve learned from their training.
One common example of an LLM is ChatGPT, which demonstrates the practical applications of generative AI. By harnessing the power of LLMs, ChatGPT is capable of engaging in context-aware conversations with users.
How Does Generative AI Work?
Generative AI usually uses unsupervised or semi-supervised learning to process large amounts of data and generate original outputs. For example, if you want your AI to create new text in the style of Steven King’s writing, you need to feed it as many books written by this author as possible.
The neural network that is at the base of generative AI is able to learn the characteristic traits or features of King’s style and then apply it on command.
With the right amount of sample text—say, a broad swath of the internet—these generative AI models can become quite accurate.
We’re seeing just how accurate they can be with the success of tools like ChatGPT.
Can Generative AI Be Creative?
Generative AI models can produce content that is often indistinguishable from the content people write. By combining the massive data sets used to train them with random elements, these algorithms create varied and seemingly creative results beyond what is thought possible—making them remarkably lifelike in their output capability.
Generative AI And the Consumer and Market Insights Space
AI-enabled consumer insights (AICI) is a new breed of generative AI that has the potential to revolutionize the way businesses approach their research and decision-making.
AICI is transforming how enterprises access consumer data and insights. Through the implementation of advanced Large Language Models such as OpenAI’s GPT model, businesses can now benefit from unprecedented convenience in discovering complete results by simply asking a question written in plain language.
This breakthrough means users can access market insights more efficiently than ever before, leading to increased productivity on a whole new level.
DeepSights: A Game-Changer for Market Insights
At Market Logic, we believe that the real magic of generative AI happens when humans and machines collaborate seamlessly. That’s why we’re revolutionizing the consumer and market insights space with our AI-powered assistant, DeepSights.
This cutting-edge tool is trained to provide complete answers to questions about market research and intelligence. It ensures that answers address the full context of the question drawing on a company’s trusted sources of data and reports. This provides research and insight teams with instant access to vital, company-specific insights within seconds, complete with citations for full verifiability.
By utilizing our user-friendly AI assistant, available 24/7, users can obtain the information they need effortlessly, saving both time and resources. DeepSights empowers companies to harness the power of advanced generative AI technology to access consumer and market insights whenever required, driving faster, more informed business decisions so they can gain a competitive edge.
Where to Next?
Generative AI is an exciting and ever-evolving technology that has the potential to transform how we create, design, and innovate across various industries. With DeepSights at the forefront, businesses can leverage the power of generative AI to access valuable consumer and market insights more efficiently than ever before.
As this technology continues to develop, we can anticipate even more applications and opportunities for businesses and individuals alike. By integrating DeepSights into your business, you can stay ahead of the curve and harness the full potential of generative AI for smarter decision-making and innovative solutions.
Ready to embrace the power of generative AI and DeepSights for your business? Get in touch with us here and let’s revolutionize the way you access business insights together.
