What are the roses and thorns in your path to embracing AI?

Are you seeking a comprehensive guide to shape your company’s strategy for the next three years? Look no further than ESOMAR’s Evolution of the Data, Analytics and Insights Industry, a forecast into 2026. This report offers not only qualitative insights but also data-driven projections to help you navigate the future of the insights industry. While we may not have a crystal ball, this report is the next best thing.

The following article is an excerpt from ESOMAR’s Evolution of the Data, Analytics and Insights Industry, a forecast into 2026.

Social Listening and Communities is one of the four segments that ESOMAR categorises as Research software sector. Companies within in segment are characterised by the subscription-based revenue models and were influenced by the market forces like inflation, high interest rates, tech-sector slowdown, concerns about the third-party data and of course, the developments in AI. We had the opportunity to speak to Jared Feldman from Canvs AI to understand the impact of AI in the segment and he explained as follows:

The first and potentially most profound impact of AI for the insights industry is the ability to elevate insights, particularly from qualitative feedback. This is generally the richest source of empathetic consumer understanding, but it’s also the least accessible. Generative AI is accelerating this unlock [open-ended feedback as a primary source], making a much broader set of data available and instantly accessible to brands.

The second is the technology interaction model. We will increasingly interact with technology using natural language, and the solutions we use will become much more dynamic to the point where no single application will be the same for every user. This trend will only continue and has the potential to substantially democratise sophisticated analysis.

- Jared Feldman

From Jared’s response as well as readers own experiences, the evolving nature of AI may not come as a surprise. However, the jury is still out on the impact of the equally evolving regulations surrounding AI. When asked about the regulation of AI and its impact on the businesses, he explains as follows:

We’re seeing a significant emphasis on the general notion of trust when it comes to AI. This focus is less on regulation per se and more on how brands mitigate the impact of hallucinations or biases in the outputs of generative AI. We believe that transparency is a critical element in ensuring that brands can verify and validate insights generated with the help of AI.

- Jared Feldman

As readers have rightly guessed, AI is not the only trend affecting the industry. When enquired about the other key trends impacting the industry, his expectation lies in the power of multi-data source.

The most significant trend remains the importance for brands to truly understand the needs and emotions of their customers. Markets are more competitive than ever, and customer expectations are at an all-time high. Obviously, products and brands are about more than just satisfying basic functional needs; they also serve as vehicles for expression and engagement. Brands are sitting on vast amounts of data that can be used to unlock deeper truths about their customers. Doing this effectively requires an 'all -of-the-above' multi-data source approach that combines traditional research methodologies with community and social data analysis.

- Jared Feldman

He went on to add that companies who embrace the power of such data sources might observe success in their endeavours.

We believe that data sources, including those of unstructured, qualitative data, will continue to grow in volume and variety. The most successful companies will not only embrace the processes and technologies required to comprehend all this data but will also accelerate the data-to-insights-to-action cycle.

- Jared Feldman

But what could be the proverbial thorns that companies and professionals should watch out for? Jared shares his concerns on what could be the threat to the industry and the segment.

The first issue is trust. Insights leaders are the source of customer truth in their organisations, so it is essential that the insights generated using AI are free from inaccuracies and hallucinations.

- Jared Feldman

Curious to read the full interview?

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