The future of market research is being reshaped by the rapid integration of AI, fundamentally altering research departments, roles and skill requirements. In this fireside chat with Richard Evensen, CKO at Phronesis Partners and Tomas Andor, Partner and Associate Director of Customer Centricity at BCG, they debate how AI is revolutionizing market research.
They explore the need for professionals to adapt to this evolving landscape and leverage AI tools effectively, while considering the ethical challenges.
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How AI is redefining the future of market research
The conversation highlighted how AI is fundamentally altering the landscape of market research. It’s no longer a question of whether AI will be integrated, but rather when. The adoption of AI will automate repetitive tasks within market research, prompting professionals to shift towards roles that emphasize value addition over mere execution.
What new skills and roles are emerging?
Emerging roles within the market research industry require a blend of marketing, analytical, and IT skills. There’s a shift towards roles that emphasize data integration, IT proficiency, and a deeper understanding of business intelligence and strategy. Professionals are encouraged to embrace these new skill sets to stay relevant in the evolving market. The discussion emphasized the vulnerability of roles that lack innovation and emphasized the importance of understanding and leveraging AI tools effectively.
The dark side of AI – how firms are navigating ethics and privacy
As AI becomes more prevalent in market research, concerns about privacy and ethics arise. It’s essential for companies to navigate these considerations carefully to maintain trust and compliance with regulatory standards. Strategies such as anonymizing data and implementing rigorous data privacy measures are essential to mitigate risks.
Which strategies should be prioritized?
Balancing efficiency gains with added value is crucial when integrating AI into market research processes. While AI offers opportunities for streamlining tasks, professionals need to prioritize maintaining the quality and integrity of insights generated. Strategies should focus on leveraging AI tools effectively while ensuring compliance with ethical standards and privacy regulations. Additionally, fostering a culture of knowledge sharing and continuous learning is essential for maximizing the benefits of AI in market research.
This fireside chat underscores the need for market researchers to adapt to the evolving landscape of AI while maintaining ethical standards. By embracing AI and navigating its challenges effectively, professionals can ensure their continued relevance in the industry.
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