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September 8, 2023
Read time: 5min
Top 4 things to consider before adopting an AI consumer insights platform
What you need to know if you want to adopt an AI consumer insights platform
Today’s most forward-thinking organizations are abuzz with discussions about generative AI. A recent survey by Capgemini revealed that a staggering 96% of executives are discussing generative AI in their boardroom, with 40% of these already allocating teams and budgets for generative AI initiatives. Another 49% are on the brink of doing the same.
If you’re on the sidelines, it’s high time to dive in. McKinsey recently estimated generative AI use could deliver $2.6 to $4.4 trillion in economic benefits annually when applied across industries. Another McKinsey report says generative AI could increase operating profits by up to $275 billion in the apparel, fashion, and luxury industries over the next three to five years alone.
But how can you ensure that your organization taps into the power of AI consumer insights effectively, and before your competitors do — to help your business grow? Let’s take a look at the four most essential aspects of AI deployment.
4 essential questions before adopting an AI consumer insights platform
AI-powered market insights platforms, as well as chatbot-assisted knowledge management, data and text summarization, and AI-powered search, are among the most relevant generative AI applications cited by businesses.
If you’re considering the leap into AI-powered consumer insights, here are four crucial questions to address:
1. How does the platform prioritize data security and privacy?
Before deploying any generative AI consumer insights platform, it’s imperative to understand the protections in place for customers’ and users’ personally identifiable information (PII). When evaluating platforms, ask:
- Is any PII exposed to open-source AI models, for training or for other purposes?
- Can the platform inadvertently share sensitive data or intellectual property in its responses to users outside your organization?
- How and where is PII, along with other proprietary information, stored, and what mechanism does the AI model use to access it?
- What measures are in place to anonymize and guard sensitive data?
Companies leading the way: Seek out companies that prioritize transparency in their generative AI solutions. For example, Market Logic’s generative AI insights solution—Deepsights™— prioritizes compliance and security. Get in touch with the team to find out more about how the solution fits into your organization’s privacy and security standards, so you can make an informed decision.
2. How trustworthy are the platform’s AI-generated insights?
Before adopting an AI for consumer insights platform, organizations need to be certain the platform they adopt generates accurate and reliable consumer insights for business users to base decision-making on. Here are some key components of high-quality AI insights:
- Relevant data: The platform’s effectiveness hinges on its access to high-quality and pertinent data.
- Context understanding: The AI model should comprehend the broader context of business inquiries to provide valuable insights.
- Problem mitigation: It’s vital for the platform to overcome common generative AI challenges, such as hallucinations, the inability to reference sources, and inherent biases.
When it comes to choosing the right platform, your organization may want to opt for an AI insights platform that derives insights from valid and dependable sources. Instead of solely relying on publicly accessible generative AI models, consider platforms that tie generative AI tools to the organization’s trusted internal data repositories and that cite sources transparently.
Case in point: Philips recently conducted a comparison between widely available generative AI tools like ChatGPT and BIng and a custom generative AI insights solution, Deepsights™, that taps into Philips’ proprietary reports. The study found that while ChatGPT and Bing delivered trustworthy information merely 14% of the time, Deepsights™ showcased a striking reliability rate of 71%.
3. How seamless is the platform’s integration with existing tools and workflows?
When considering an AI consumer insights platform, integration and user-friendliness matter. It’s vital to assess how seamlessly it will fit into your organization’s current infrastructure and workflow. Tools that are intuitive and easily integrated not only ensure a smoother transition but can also offer immediate returns on your technology investment.
An AI consumer insights platform can rapidly amplify its value when integrated in ways that:
- Reduce disruptions to existing workflows
- Enhance employee efficiency and productivity
- Improve accessibility to insights across the business
What key benefits can you expect? Implementing the right integrated platform has the potential to transform the way you work on a daily basis and drive operational efficiency in your organization – saving time on manual insights research and management, so you can focus on driving impact instead.
Value user-friendliness: Select a platform that uses generative AI to mimic natural human interaction, allowing employees to pose business queries as if speaking to a colleague. It should integrate effortlessly with collaboration tools your organization already employs, such as Microsoft Teams or Google Workspace. This ensures that users receive real-time answers to business questions without deviating from their customary work routines.
4. How can you assess the ROI of an AI consumer insights platform?
Before making an investment in a generative AI consumer insights platform, it’s imperative to measure its potential benefits against the current methods your organization employs to leverage insights.
Here are some considerations for assessing the ROI of an AI insights platform:
- Current process assessment: Start by clearly outlining your organization’s existing method for gathering and sharing insights—most organizations waste time manually searching for insights or relying on a small team to answer an increasing demand for rapid and accurate insights.
- Cost of errors: Quantify the financial implications of mistakes, such as faulty data, misguided business choices, or missed opportunities. An accurate AI insights platform can help sidestep these costs, bringing about substantial savings.
- Speed and opportunity: Reflect on how quicker, accurate decision-making can facilitate capitalizing on business opportunities, potentially bolstering revenues.
- Repositioning employee roles: Consider the wider implications—how time saved can free up staff for more strategic endeavors, reshaping the role of insights pros in your organization to deliver greater value.
An example of tangible time savings: An effective metric is the time saved by having instant access to insights. Philips showcased that using the AI insights platform, Deepsights™, saved their team 7.5 hours for answering 27 business questions, in comparison to their prior knowledge management processes.
The transformative power of AI market insights platforms
We have entered an era where strategic business decisions-based on instant, verified information drives success. This means that the shift towards AI-powered consumer insights platforms is more than a trend—it’s a strategic imperative for future-proofing your business.
From ensuring data security and delivering accurate insights, to seamlessly integrating with existing tools and offering a measurable ROI, the right AI consumer insights platform can revolutionize the way organizations operate — and establish their competitive advantage.
The promise of AI isn’t just in automation, but also in the ability to supercharge decision-making processes, save invaluable hours, and harness opportunities faster than competitors. And as companies like Philips have demonstrated, the tangible benefits are already being realized by those enterprises at the forefront of this innovation wave.
But every organization is unique. To truly understand how an AI consumer insights platform can reshape your business landscape, a personalized assessment is crucial. Book a free consultation with Market Logic today, and take the first steps in driving insights-driven decisions across your enterprise with an AI insights platform.