Artificial Intelligence (AI) continues to build velocity as the most significant change catalyst for every type of business as we continue to move deeper into a digitally led, converged society. As AI continues to develop and evolve, it is becoming the force majeure as it disrupts industries in ways we’ve never seen before.
One of the critical roles it’ll play is changing the way we make business decisions. According to Gartner, a leading information technology research and advisory company, the worldwide AI software market will reach $62 billion in 2022. If that’s not a wake-up call, Sundar Pichai, CEO of Alphabet, the parent of Google and all its properties, believes that the impact of artificial intelligence will be far greater than fire and electricity on humanity.
It’s very easy to get caught up in the hype and hysteria of this macro trend. The first question we should ask ourselves… how will it affect us in the market research and insights industry in 2022? After looking at over 30 different predictions from very credible sources, there are two areas of impact that we have identified for our industry:
- Using an AI-empowered technology, like Chatbots, that not only drive business impact but also drive significant business intelligence and are becoming increasingly valuable to organizations for automating business processes such as customer service, sales, and human resources. For the uninitiated, AI chatbots are programs that simulate human-like conversations using natural language processing (NLP).
- Leveraging voice recognition technology, to decode the human voice. This technology has become more and more popular in recent years among everyday consumers. The voice and speech recognition market has grown at a CAGR of 17.2% since 2019 and is projected to grow from USD 8.3 billion in 2021 to USD 22.0 billion by 2026.
At Shapiro+Raj, we actively stay at the bleeding edge of the technology shifts. This is why we partnered with Luminoso, founded out of the MIT Media Lab, in 2016, before anyone else in the MR industry even knew about them. Luminoso has built text analytics products for analyzing open-ended text data like survey responses, customer and employee feedback, support tickets, and reviews.
It is also why we are an early partner with Phebi, a voice analysis software that uncovers people’s nonconscious responses that increase understanding and help predict behaviors. And, why we’re working with leading chatbot technologies in healthcare, consumer, and home improvement to triangulate insights for impact.
We do this because we know that to unearth the most powerful insights requires a duopoly – it requires a perfect blend of artificial intelligence AND human empathy.
Simply put, you need AI + HE. We call it Techmanity™.
As one of the most innovative companies in the MR and Insights space (we have been ranked as a top-25 most innovative insights company in the world for four years in a row by GRIT), we are super users of the best apps and platforms available out there. But our use of tech is balanced with a clear understanding that insights come from a deep grasp of the human condition, one that no technology can deliver. This balanced approach is what allows us to help our clients’ get market-ready insights that spark hugely transformative outcomes.
In today’s environment, time is the biggest enemy. AI delivers agility, it delivers speed, and in many cases efficiency. This is progress, but it doesn’t change the fact that we really need a perfect blend of Human Empathy + Artificial Intelligence, to deliver Transformative Outcomes.
Simply put, the complete formula is: HE + AI = TO
If you are not getting the best thinking or exposure into the latest technologies or more importantly, if you’re not getting market-ready insights that spark outcomes that can transform your business and brand, you are leaving huge growth on the table. Don’t compromise. Reach out to us @ [email protected] for a Techmanity™ solution.