AI Innovation: Revolutionizing Market Research and Insights
The advent of Gen AI is poised to transform the market research and insights sector, and Victor Hidalgo, BASES Australia & New Zealand Lead at NielsenIQ, shares his insights on the challenges and opportunities that lie ahead.
Turbocharging Innovation
AI has immense potential to revolutionize the market research industry, making the insight generation and innovation process faster, cheaper, and better. Generative AI and Large Language Models (LLM) are already being applied broadly in data collection and quality checks, conversational consumer surveys, reporting automation, and real-time learning.
Unlocking New Possibilities
According to Hidalgo, the most exciting and impactful use cases for AI in the industries NielsenIQ works across are creating new products and services, predicting consumer behavior using synthetic data and/or big data sets, and creating marketing content. These activities are interconnected, and NielsenIQ is investing heavily in developing industry-leading solutions.
For instance, BASES Creative Product AI, built using over 100 models and algorithms, is an AI engine that can predict performance and identify new ways to optimize products. This innovation is a game-changer for R&D teams in CPG companies worldwide, reducing a process that took months or years to mere days.
AI-driven product innovation is transforming the market research industry
Overcoming Challenges
As with any technological advancement, there are challenges to overcome. Hidalgo identifies three key issues: ensuring the confidentiality of clients’ intellectual property and brand assets, preventing hallucinations, and bias. While these challenges are serious, Hidalgo is optimistic that they will be addressed as the Gen AI development cycle progresses.
Celebrating AI Appreciation Day
AI has already disrupted several high-profile industries and will likely transform many more soon. Hidalgo believes that the guiding principles of AI should be the 3Ps: Positive, Practical, and Purposeful. By embracing these principles, the industry can unlock the full potential of AI.
“AI Appreciation Day could soon become one of the year’s most celebrated days!” - Victor Hidalgo
The future of AI innovation is bright and full of possibilities
The Future of Market Research
As AI continues to transform the market research and insights sector, it’s essential to prioritize the 3Ps and ensure that innovation is value-driven, not hype-driven. With this approach, AI Appreciation Day can become a celebration of the positive, practical, and purposeful application of AI in the industry.
