While launching your product in Red Ocean territories already replete with contenders, sensing the market sentiment early on is quite important. ‘Smart’ consumer research allows you to do just that. However, trying to generate the oil from crude petroleum is a tedious process and so is insight generation from massive research data. Here, technology helps you automate all the groundwork thus creating ample time for application of mind and decision making. Artificial Intelligence (AI)/Machine Learning (ML) powered Analytics or Augmented Analytics is an emerging field in this area that helps you join the data points from disparate sources to generate a highly accurate market research (MR) analysis or consumer sentiment analysis for active listening and fast remediation.
|“Automate-Democratize-Collaborate” is the new research paradigm. It helps not only your organization but also the society at large, enabling it to transcend to a new level. Sandeep Arora, EVP & Head, Consulting & Advisory Practice, Datamatics Global Services Limited, explains how technology is acting as an enabler in the field of Consumer Research and Insights. Watch now>|
Early Warning Signal (EWS) generation is just the beginning:
Till quite recently, using audio/video interview transcriptions for consumer research was a norm. This exercise generated data that sat in archives until used. Augmented Analytics helps you to quickly work with such Big Data or voluminous data comprising the entire data spectrum from email, social media logs, audio/video interviews and the complete gamut. Though generating EWS for your consumer research project is just the beginning. You need to quickly internalize the findings for organizational benefit in the absence of which the insight generation is simply a waste of time and effort.
The internalization of insights helps in democratizing your research findings. Disseminating the insights through organizational fiber, till the time it is absorbed in the blood-stream of enterprise, is the true essence of research. When the person at the grass root in your organization is able to utilize the findings meaningfully, then only it leads to the culmination of the research. Say, for example, your insightful algorithms suggest that a set of simple questions helps you qualify whether a certain sales-lead walking through the front door is going to buy a product. This ‘power’ in the hands of your front-desk, helps a whole enterprise focus their synergies in the right direction.
EWS insight collaboration towards product evolution:
Humankind has evolved through collaboration. When you harness together the research done in different geographical pockets, you inadvertently strike gold. You are able to join the dots to create that massive insight that could be a turning point in history. Again say for example, MRI scan data along with corresponding diagnosis and insights, though redacted to hide patient identity, is fed into an AI/ML algorithm juxtaposed with massive compute power. This mash-up helps to build a massive, intelligent algorithm, which constantly learns and evolves with more and more data. By using this intelligence, the algorithm is able to diagnose and predict ailments with high accuracy. This intelligent use of data is taking humanity to an entirely new level while helping you identify Blue Oceans.
Data harnessed and cumulated across cross sections by using technology, more specifically Augmented Analytics, helps you generate faster and better insights. This cumulative intelligence generates EWS at a preliminary level. However, when aggregated over larger geographies and population, it helps to build a massive intelligence, which can be used for the benefit of humanity.