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Rise of the machines: Is AI the future of market research?

Rise of the machines: Is AI the future of market research?

16 Nov 2021
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Market ResearchAI & MLTechnology
Lorin DrakeLorin DrakeConsumer Insights Manager at Publix Super Markets Inc.

Lorin Drake has over 25 years experience as a marketing science professional on both the client and supplier sides, in a wide variety of industry verticals. In 2013, Lorin joined Publix Super Markets, Inc. as their Consumer Insights Manager. At Publix, Lorin is responsible for leading the department that designs and manages all qualitative and quantitative primary research conducted with customers/consumers for Publix. As an associate for the world’s largest employee-owned company, Lorin is a proud owner of Publix as part of their ESOP program.

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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.

Table Of Contents
What is artificial intelligence?
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.
Types of AI
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.
How does the MR industry intend to receive and respond to 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.
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