Nowadays the technology gives quick turns and with it the consumers are also changing. And why not? They are much more informed, can find convenient offers and share their feedback with just a few taps on their cell phone. This in turn pushes the market to have to react and make adjustments more quickly. For this, market research helps companies to have a vision of their customers’ thinking, buying patterns and location. An analysis of this information helps companies make safer and more cost-effective decisions. But in view of the changing pace it is imperative that market research companies keep up with innovations and technologies. Only then they will deliver high quality results.
There are various tools applicable in market research which can range from automating simple surveys to more advanced solutions. And now, to these tools can be applied the new technologies of Artificial Intelligence (AI) and Machine Learning. These technologies will make standard, mechanical and repetitive work more efficient. The analyst now will concentrate on the suggestions, options and recommendations that will be given.
While programming a research, it may be affected by the agenda or preconceived ideas of the researcher. Unlike this, the machine is not conditioned by some preference, lack of capacity or memory which help not ignore anything important. In addition, it has an integrated Big Data system, which speeds up processing the huge amount of data. This results in new reliable hypotheses and forecasts.
Another great advantage is the ability to collect and integrate massive amounts of data in real time. You can get the right information at the right time and place resulting in more reliable and actionable insights. The consumer behavior in the present will be quick processed and analyzed with trends already identified to present customized offers, options or services.
Counting with the possibility of intelligent algorithms to select and combine parameters and balance it with the analyst’s discernment generate a better performance. As well as the speedy and ability of the machine is superior, the human discernment and interpretive ability is unobtainable by the machine. Only a human can understand factors such as social, economic, historical and cultural situations that also affect consumer behavior. It is the addition between the ability of the machine and the analyst that will allow to to test ideas rapidly, on a scale and in a cost-effective way.