January 11, 2024
How is AI transforming roles, skills, and capabilities in insights functions?
How is AI transforming roles, skills and capabilities in insights functions?
January 11, 2024
A “market insight” is the result of a deep understanding of a market and its components that businesses can use to make smart decisions and drive growth. Market insights are typically uncovered through research and data analysis, and they reveal sometimes hidden or difficult-to-see, quick-moving truths about the market. Intelligent businesses seek out and use these truths to make informed decisions that benefit their business.
Keep in mind that market insights are not just about collecting data, but are also the result of transforming data and information into actionable intelligence that drives strategic decision-making, innovation, customer satisfaction, and competitive advantage.
If your organization doesn’t value knowledge sharing, it can create resistance to ideas and barriers to innovation within your enterprise. On the other hand, when organizations value and promote a knowledge sharing culture, they’re more competitive and innovative. For example, small or large organizations with more intensive knowledge sharing and knowledge management processes are relatively more competitive than their counterparts.[1] The thing is, knowledge sharing is important because knowledge is akin to insight, and when insights are shared in your organization, it promotes insights-driven decisions that promote growth.
Market insights are crucial for driving a business forward for several reasons:
Market insights are crucial in driving a business forward. The power of market insights lies in their ability to be understandable, reliable, trustworthy, and actionable, so businesses can trust the information to make intelligent business decisions.
Uncovering market insights can be complex because markets are made up of many moving, changing components. Businesses must gather and track the market data and information most relevant to them, sometimes in complex and time-consuming ways — to connect the dots, find relationships, and identify underlying patterns and future trends they can act upon (i.e. market insights).
Consider the many elements that make up a market, each with its own complexities, which enterprises must monitor and analyze for market insights:
Companies must gather Information about the market through various qualitative and quantitative research methods. Businesses may conduct primary research, like surveys, interviews, focus groups, and observational research, which can all be effective ways to gather customer insights related to preferences, satisfaction levels, and buying behavior.
Enterprises also use methods like social listening, whether through direct communication, online reviews, and/or social media monitoring. They also leverage secondary market data sources, like subscriptions to syndicated sources, research agencies, and news feeds. Once market research is gathered, the next step is to analyze and interpret the information. This involves identifying patterns, trends, and correlations that can provide valuable insights into customer behavior and market dynamics (i.e., market insights). Finally, the information must be easily shared with the right people in the organization in order to make it useful for decisions.
The whole insights management lifecycle is usually led by the insights teams of an organization. As you can see in the previous section, the sheer volume and complexity of information required for reliable market insights can make this process daunting, often leading to information overload.
On top of conducting insights research, a key challenge insights teams must overcome is to reduce complexity and communicate only essential consumer and market knowledge to business units.
Businesses frequently grapple with challenges such as:
Navigating these challenges is crucial for leveraging market insights effectively and making informed business decisions — helping companies to innovate faster and stay ahead of the competition.
The amount of information required for businesses to uncover market insights is staggering. The good news is that generative AI for market insights is transforming the way companies find and use market insights, making it exponentially quicker and more reliable for organizations to get quick, trustworthy market insights from large amounts of information.
AI-powered insights platforms bring all your market intelligence into one, searchable place, so your business can more easily identify patterns, trends, and correlations and develop market insights without missing out on critical knowledge — significantly reducing time spent on research. By providing instant answers and summaries, you can focus on higher-value interpretation and commentary.
Be sure to check out fit-for-purpose AI assistants like DeepSightsTM, which can sift through, synthesize, and summarize vast amounts of market information in response to a business user’s plain-language question. Market Logic’s customer Philips found that Deepsights™ produces faster and higher-quality answers than ChatGPT or Bing. It can even produce one-click insights summary reports, making insights development and sharing effortless.
If you’d like to know more about how you can leverage generative AI to unlock game-changing market insights, learn more here.
Ready to take the next step in becoming an insights-driven organization? Contact us to book a free consultation with a member of our team.
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