by Collaboration, Complexity And AI: What Is Driving Growth In The Insights Industry
As we prepare for MRMW Europe 2024, we are having many conversations with insights leaders and industry experts. One question continues to be top of mind for many of them. “What is driving industry growth?”. With an increased focus on budgets and consolidation in many parts of the industry, it is important to identify potential success factors and opportunities. In this blog Yasmin Dufournet, Consumer Insights Director, Salomon, Basak Oker, Marketing Director at Givaudan, Ivan Terekhov, Director Research & Intelligence at Lufthansa Innovation Hub and Ritanbara Mundrey, Global Head of Innovation & Insights, Nestle will share their thoughts.
Big data and AI are leading technology developments
The future of market research and insights will be heavily influenced by advancements in technology and the increasing availability of data says Basak Oker. With the rise of big data, artificial intelligence, and automation, market researchers will have access to vast amounts of information that can be analyzed in real-time, leading to more accurate and timely insights.
Lufthansa’s Ivan Terekhov also sees the future of market research and insights leaning heavily towards the integration of advanced technologies such as artificial intelligence, data analytics, and real-time data processing. These tools are refining the way insights are generated and utilized, enabling a transformation from static data collection to dynamic, actionable intelligence that facilitates real-time strategic decision-making.
“Of course there is AI”, says Yasmin Dufournet. “From chat bots to Machine Learning, we are (and will be able) to easily gather and analyse data from our consumers. Processes are becoming more streamlined. At Salomon we have already started automating transcripts, translations and theming narratives assisted by AI. It is becoming more accurate, it is more cost effective, and gets the learning back to the organisation at lightning speed so that decisions can be made quickly and in a more informed way. This is just the beginning. “
According to Yasmin, we will soon be able to aggregate all of our data through big data analytics. One of the major problems in business is the pockets of data across disparate parts of the company. As big data analytics evolve, these pockets will be aggregated and we will be able to access comprehensive data sets as a whole
And finally, in testing, we will be able to use tech advancements to physically engage with consumers, through Virtual Reality and Augmented Reality, biometrics and even gamification.
The Insights industry – Human by nature
Despite a heavy focus on technology, it is vital to remember the origins of market research and consumer insights. Basak emphasizes that at Givaudan, there is a “human by nature” approach to market research and insights.
“We recognize the importance of combining the power of technology with the human touch to truly understand consumer needs and desires. By leveraging AI and digital tools, we can gather and analyze data more efficiently, but it is the human interpretation and understanding that drives meaningful insights” – Basak Oker, Givaudan
Transparency and privacy rights are important factors to consider for Yasmin Dufournet, as well as diversity and inclusion. According to Yasmin, it is a challenge to ensure automated research samples represent diverse demographics to avoid bias and gain insight from underrepresented groups.
Salomon’s Consumer Insights Director also warns that researchers need to be conscious of their role in this (technology) revolution. While there may be the potential for a new “golden age” of research, these new technologies will completely change how research is gathered and played back. “We will see speed and scalability. However, I will be very interested in discussing whether in time this tech will be able to replace the human intuition, or whether we should be looking at it mainly as a tool for the heavy lifting, allowing us, the researcher, to provide the nuance, emotional intelligence, and strategic thinking so unique to our role; the understanding sentiment and tone, the insights communicated through body language, and in-person interactions.”
Complexity calls for increased collaboration
Ritanbara Mundrey, Global Head of Innovation & Insights at Nestle and one of the presenters at MRMW EU 2024 sees the need for understanding markets, consumers and the landscape increase over time, as complexity of needs, aspirations and consumer contexts burgeon. In her view, there is growth in all spheres – solid, foundational research, innovation, diagnostics, the why behind the what research as well “temperature checking” where versions of Social listening and AI play a key role.
Increased complexity leads to an increased need for collaboration according to our experts. For Ivan Terekhov, the future is about creating more interconnected platforms where data and insights are not just gathered but shared and enriched across various stakeholders. This collaborative approach is becoming a staple in strategic operations, allowing for a more holistic view of market dynamics.
Lufthansa’s intelligence-as-a-service platform exemplifies this trend by systematically linking data for improved strategic analysis. The broader industry will move towards widespread adoption of similar technologies to support continuous innovation and strategic clarity. This way of generating and applying insights will become the standard. It’s driven by a collective shift towards digital transformation in strategic intelligence.
Basak Oker also sees collaboration as key. She calls on all players, market research agencies, technology companies and clients to all play their role in driving industry growth. “By working together and embracing innovation, we can unlock new possibilities and create a more dynamic and impactful market research ecosystem.”
Hear more from these and other industry leaders at MRMW Europe 2024 on October 10&11 in Berlin! Companies represented include Tik Tok, Burger King, Nestle, BAT, Bank Millenium, Ericsson, Givaudan, Philips, Foodspring, Lufthansa, Warner Bros, RBI, Swarovski , Reckitt, Ikea and many more. Reserve your tickets here.
