Large Companies employ teams of insight specialists to undertake this work. They also use their market research agencies to do a lot of the work through regular reports or specific briefs.
Traditionally if you are analysing Continuous market research information you would start at the category total to assess how is the category performing. The next step would be to try to identify which segments are driving the category and then look at the individual manufacturers and brands. You work on a funnel basis starting wide and then narrowing this down to identify key manufacturers, brands and sku’s. Finally, you would then analyse why these changes are occurring – pricing, promotions, distribution etc.
Artificial Intelligence technology is being used in many industries. In the automotive Industry it is seen as a “game changer” with the industry predicted to spend $7.8 billion on big data solutions in 2025. It is used in autonomous & connected vehicles, in production of cars, customer analytics, R&D and online. In Pharmaceuticals we see AI Technology being used in drug discovery. Closer to home, we see AI being used by Amazon and other retail & e-commerce players for recommendations. Finally, the technology is becoming valuable in FMCG Analytics.
AI-Powered Analytics is turning the traditional approach of data analysis on its head. It can provide you with the Executive Summary that everyone wants, within a few minutes. This outlines Key Insights and can unlock hidden opportunities. It can provide detailed reasons on what is driving an individual manufacturer or brand. This is because it is carrying out millions of calculations and it may well reveal insights that a human would find hard to uncover.
The result of having the Executive Summary and Key insights in a few minutes is that more time can be spent investigating these and working out how to gain competitive advantage. It enables individuals to respond faster both externally with retailers and internally. As people’s job roles expand with omni-channel responsibility, then there will be more complexity and people will need more skills. AI-Powered analytics will reduce this complexity by providing the key information needed for everyone in an organisation – both light and heavy users, which will enable individuals to help companies improve performance in the post-Covid world.