Name: Rise of the Machines: Is AI the future of Market Research?
Uploaded: 2022-09-23T13:03:53.385Z
Duration: 335.35
Description: AI is all around us. Will AI choke off jobs, or will it set off a new chapter of innovations? Lorin Drake, Consumer Insight Manager of Public Super Markets Inc., outlines his forecasts on how the market research industry will respond to AI.

Rise of the machines.vtt

English

{{00:00:19}}
Artificial intelligence, you have
to kind of go back to the 1950s.

{{00:00:23}}
The fathers of the field were
actually Minsky and McCarthy,

{{00:00:26}}
and they described artificial
intelligence as any task performed

{{00:00:29}}
by a program or a machine that if a
human carried out the same activity,

{{00:00:34}}
we would say the human had to apply
intelligence to accomplish the task.

{{00:00:39}}
Also AI systems will typically
demonstrate at least some of the

{{00:00:43}}
following behaviors associated
with human intelligence.

{{00:00:46}}
So there's planning, learning,
reasoning, problem solving,

{{00:00:50}}
knowledge, representation,
perception, motion, and manipulation.

{{00:00:55}}
And then to a lesser extent,
social intelligence and creativity.

{{00:00:59}}
AI is actually all around us.

{{00:01:01}}
It's basically used to recommend
what you should buy next online, to

{{00:01:05}}
understand what you say to virtual
assistance, such as Amazon's Alexa.

{{00:01:08}}
Whenever you're talking to your
phone through Siri or through your

{{00:01:12}}
smart speaker, like Google home,
you're essentially using artificial

{{00:01:15}}
intelligence or to be more exact,
the system is using artificial

{{00:01:19}}
intelligence to interpret either
your keystrokes or your voice.

{{00:01:23}}
AI can, use facial recognition
to spot what's in a photo.

{{00:01:27}}
It can spot spam.

{{00:01:29}}
It could detect credit card fraud.

{{00:01:30}}
There's lots of, lots
of different things.

{{00:01:33}}
There's two types of
artificial intelligence.

{{00:01:35}}
There is narrow AI and
there's general AI.

{{00:01:40}}
And so narrow AI is really what
we see all around computers today.

{{00:01:45}}
Intelligence systems that have
been taught or learned how to carry

{{00:01:48}}
out specific tasks without being
explicitly programmed, how to do so.

{{00:01:52}}
So again, Siri's virtual
assistant, and the iPhone on

{{00:01:57}}
the iPhone vision recognition
systems on self-driving cars.

{{00:02:01}}
Recommendation engines.

{{00:02:02}}
And when you're on Netflix or Amazon
and they suggest products that you

{{00:02:05}}
might want to buy based on what
you've bought in the past, all of

{{00:02:08}}
that is using artificial intelligence.

{{00:02:11}}
Now, general AI doesn't exist today.

{{00:02:15}}
You can see general AI in movies,
like 2001 Space Odyssey, where,

{{00:02:21}}
where they have a computer named
Hal, who is, you know, basically

{{00:02:25}}
a sentient system and of course
there's Skynet in the Terminator.

{{00:02:30}}
So how does the marketing research
industry intend to receive and

{{00:02:37}}
respond to artificial intelligence?

{{00:02:39}}
Well, so you can see here that a
whopping 40% of researchers expect

{{00:02:43}}
AI to explain survey findings as
well as humans within 10 years.

{{00:02:49}}
90%, so that's virtually all of us,
expect that AI will have a significant

{{00:02:54}}
impact on the industry within five
years, but only 30% said they know

{{00:02:58}}
what that impact will look like.

{{00:02:59}}
So we all think it's going to be
a really, really, really big deal.

{{00:03:02}}
We just don't know exactly how.

{{00:03:03}}
That's kind of the summary of that.

{{00:03:05}}
And then also we also have really
high expectations for data accuracy.

{{00:03:09}}
75% say that the data produced
through AI will be more

{{00:03:13}}
accurate than it is today.

{{00:03:15}}
For example, 93% believe that AI
is an opportunity for the market

{{00:03:19}}
research industry, so that's 93%.

{{00:03:23}}
Again, 75% believe that AI survey
data will be more accurate than today.

{{00:03:28}}
About 26% will believe that AI
will create more market research

{{00:03:32}}
jobs, and a significant amount of
percentage of the population also

{{00:03:38}}
believe that AI will reduce the number
of market research shops as well.

{{00:03:41}}
So it's not entirely optimistic.

{{00:03:43}}
Some people believe that there
will be some contraction in the

{{00:03:45}}
industry as a result of AI as well.

{{00:03:48}}
I believe strongly that AI will
replace tasks, not necessarily jobs,

{{00:03:52}}
market research jobs will change
and adjust, but there will never

{{00:03:56}}
be a replacement at least not in
the next, not probably not in my

{{00:04:00}}
lifetime, a replacement for good old
fashioned human analytical thinking.

{{00:04:05}}
I do believe that mundane or repetitive
tasks will be sped up and automated,

{{00:04:10}}
which is actually good news as well.

{{00:04:11}}
Anyone who's poured through hundreds
and hundreds of verbatims trying to

{{00:04:15}}
manually coat them will understand
the pain that is associated with that.

{{00:04:19}}
And so those types of
tasks can be sped up.

{{00:04:23}}
Also think we're going to get
to insights more quickly, right?

{{00:04:25}}
So if you take away the human
factor, which takes time, it's

{{00:04:29}}
time-consuming and there's there's
error, it's prone to error.

{{00:04:33}}
We were able to use machines to get
to insights faster, which means of

{{00:04:38}}
course, responding in real time and
responding to business needs better.

{{00:04:43}}
And then aI is not going to present
research to business partners.

{{00:04:48}}
Right?

{{00:04:48}}
So, as I said earlier, there's
no substitute for old fashioned

{{00:04:51}}
human analysis and interpretation.

{{00:04:53}}
Machines just aren't nuanced enough
yet to do this on our behalf.

{{00:04:59}}
Unless the Terminator comes
along anytime soon, I don't

{{00:05:02}}
think this is going to happen.

{{00:05:03}}
And then data collection
is going to be less static.

{{00:05:05}}
Right?

{{00:05:06}}
So you have one survey right
now in the future, we might be

{{00:05:09}}
able to have surveys be somewhat
adjustable, based on how the

{{00:05:16}}
customer is responding in real time.

{{00:05:18}}
So if they're particularly upset
or particularly happy, it could

{{00:05:21}}
be a shorter or longer survey
depending on their emotional state.

{{00:05:25}}
We have enormous power.

{{00:05:26}}
We also need to be ethically
responsible with it.

Artificial intelligence, you have
to kind of go back to the 1950s.

The fathers of the field were
actually Minsky and McCarthy,

and they described artificial
intelligence as any task performed

by a program or a machine that if a
human carried out the same activity,

we would say the human had to apply
intelligence to accomplish the task.

Also AI systems will typically
demonstrate at least some of the

following behaviors associated
with human intelligence.

So there's planning, learning,
reasoning, problem solving,

knowledge, representation,
perception, motion, and manipulation.

And then to a lesser extent,
social intelligence and creativity.

It's basically used to recommend
what you should buy next online, to

understand what you say to virtual
assistance, such as Amazon's Alexa.

Whenever you're talking to your
phone through Siri or through your

smart speaker, like Google home,
you're essentially using artificial

intelligence or to be more exact,
the system is using artificial

intelligence to interpret either
your keystrokes or your voice.

AI can, use facial recognition
to spot what's in a photo.

There's lots of, lots
of different things.

There's two types of
artificial intelligence.

There is narrow AI and
there's general AI.

And so narrow AI is really what
we see all around computers today.

Intelligence systems that have
been taught or learned how to carry

out specific tasks without being
explicitly programmed, how to do so.

So again, Siri's virtual
assistant, and the iPhone on

the iPhone vision recognition
systems on self-driving cars.

And when you're on Netflix or Amazon
and they suggest products that you

might want to buy based on what
you've bought in the past, all of

You can see general AI in movies,
like 2001 Space Odyssey, where,

where they have a computer named
Hal, who is, you know, basically

a sentient system and of course
there's Skynet in the Terminator.

So how does the marketing research
industry intend to receive and

Well, so you can see here that a
whopping 40% of researchers expect

AI to explain survey findings as
well as humans within 10 years.

90%, so that's virtually all of us,
expect that AI will have a significant

impact on the industry within five
years, but only 30% said they know

So we all think it's going to be
a really, really, really big deal.

And then also we also have really
high expectations for data accuracy.

75% say that the data produced
through AI will be more

For example, 93% believe that AI
is an opportunity for the market

Again, 75% believe that AI survey
data will be more accurate than today.

About 26% will believe that AI
will create more market research

jobs, and a significant amount of
percentage of the population also

believe that AI will reduce the number
of market research shops as well.

Some people believe that there
will be some contraction in the

I believe strongly that AI will
replace tasks, not necessarily jobs,

market research jobs will change
and adjust, but there will never

be a replacement at least not in
the next, not probably not in my

lifetime, a replacement for good old
fashioned human analytical thinking.

I do believe that mundane or repetitive
tasks will be sped up and automated,

Anyone who's poured through hundreds
and hundreds of verbatims trying to

manually coat them will understand
the pain that is associated with that.

And so those types of
tasks can be sped up.

Also think we're going to get
to insights more quickly, right?

So if you take away the human
factor, which takes time, it's

time-consuming and there's there's
error, it's prone to error.

We were able to use machines to get
to insights faster, which means of

course, responding in real time and
responding to business needs better.

And then aI is not going to present
research to business partners.

So, as I said earlier, there's
no substitute for old fashioned

Machines just aren't nuanced enough
yet to do this on our behalf.

Unless the Terminator comes
along anytime soon, I don't

And then data collection
is going to be less static.

So you have one survey right
now in the future, we might be

able to have surveys be somewhat
adjustable, based on how the

So if they're particularly upset
or particularly happy, it could

be a shorter or longer survey
depending on their emotional state.

We also need to be ethically
responsible with it.

Trend

AI is all around us. 
Will AI choke off jobs, or will it set off a new chapter of innovations?
Lorin Drake, Consumer Insight Manager of Public Super Markets Inc., outlines his forecasts on how the market research industry will respond to AI.

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thumbnail_Lorin Drake.webp

xsmall_Lorin Drake.webp

Lorin Drake.webp

Lorin Drake

Consumer Insights Manager 

AI concept is around us for more than 50 years. 
AI systems must demonstrate one or more human intelligence behaviour such as planning, learning, reasoning, problem solving, perception, emotion and manipulation. 

What is artificial intelligence?

There are two types of AI: Narrow AI and general AI. 
Type of AI that has a huge part in our daily lives such as Siri on the Iphone, visual recognition systems, Alexa or Netflix algorithms, is called narrow AI.
Drake outlines the difference between these two types of AI. 

Types of AI

90 percent of market researchers expect that AI will have a significant impact on the industry. 
Majority of the market researchers believes that data produced by AI will more accurate. 
Take away the human factor, which is prone to error, AI will respond to business needs better and faster.
Drake points out that we have enormous power, but we have to be ethically responsible with it. 