54. How You Can Use Artificial Intelligence in Market Research
Sep 27, 2022
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Joel Anderson, EVP and AI expert, discusses the definition and potential of AI, its applications in market research, idea generation and natural language processing. He also shares insights on the future of AI and ethical questions it raises.
AI has extensive applications beyond general intelligence and can be used in market research and natural language processing.
AI can aid in idea generation and provide valuable insights through the rapid generation and validation of ideas.
Deep dives
AI Applications in Various Industries
The podcast episode discusses the extensive applications of artificial intelligence (AI) in various industries. It highlights the progress of AI and dispels misconceptions around its current capabilities. One example mentioned is the development of autonomous vehicles, including Tesla's approach of using AI-based neural networks instead of traditional LiDAR technology. The podcast emphasizes that AI is further along than most people realize and possesses a wide range of applications beyond general intelligence. The episode concludes by exploring AI's potential in natural language processing and text summarization in market research.
The Use of AI in Idea Generation
The podcast explores how AI can be leveraged for idea generation. It describes how AI-driven systems can generate a multitude of creative ideas within specific contexts. An example is given where AI was used to generate new flavors for chocolate bars and hamburgers, surpassing human-generated ideas in some cases. The potential of AI in aiding creativity and idea screening is highlighted, with the ability to rapidly generate and validate ideas through AI models. The episode discusses the practical applications of AI-generated ideas and their potential to provide valuable insights for clients.
Ethical Considerations in AI Development
The podcast delves into the ethical considerations surrounding AI development. It touches upon the potential biases and social implications of AI language models. The importance of addressing ethical concerns, such as gender-based biases in AI-generated content, is emphasized. The episode also discusses the impact of AI on creativity and the potential for echo chambers in recommendation systems. While acknowledging the importance of ethical considerations, the podcast highlights that the market research applications of AI discussed have less potential for negative impact compared to other areas. The episode concludes by acknowledging the ongoing need to carefully navigate the ethical aspects of AI development and usage.
Balancing Client Needs and Innovation in AI
The podcast episode highlights the balance between client needs and innovation in the context of AI. It discusses how the Dig Insights team combines project work for clients with the development of innovative AI solutions. The process of creating proof of concepts and collaborating with internal stakeholders is explained. The episode emphasizes the importance of prioritizing projects based on impact and effort, evaluating the potential value of ideas, and making decisions collectively. It also mentions upcoming developments, such as fine-tuned language models for thematic coding in market research and advancements in digital assistants. The episode concludes by highlighting the continuous focus on innovation and staying up-to-date with client demands.
This week we’re digging into Artificial Intelligence (AI). And what better person to talk to about this topic than Joel Anderson, our EVP and a true AI expert?
As a leader of our Advanced Analytics department, Joel has helped push automation to the next level at Dig. Together with his innovation team, Joel leverages AI to develop tools that can aid insights pros in everyday research needs. Besides that, Joel is also doing a Masters degree in Applied AI - we told you, he’s an expert.
Tune in to this episode to learn: • How Joel defines AI and why he loves it • How AI can be used in market research and beyond • Idea generation, natural language processing and other cool things Joel and his team built at Dig • What Joel thinks about the future of AI and ethical questions it will raise
Thanks to Joel for sitting down with us.
Plus, don’t forget to subscribe and turn on notifications wherever you get your podcasts.
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