More companies are becoming aware of human insights AI. Now, they have to figure out how to use it.
Technology users new to artificial intelligence have much on their plate when optimizing their AI experience. That’s not easy, as more new AI features and tools are being dished out daily.
Take Human Insights AI, a market research corner of the artificial intelligence sector that leverages three AI technologies – Emotion AI, Behavior AI, and Generative AI – that, coupled with traditional data analysis techniques, help marketers understand the subconscious human emotions that can shape consumer spending decisions.
Insights AI integration aids companies by providing expanded depth and precision in understanding what motivates consumers and what elements shape their buying preferences and experiences.
A new study by Singapore-based Entropik, a HIL software services provider, shines a light on the human insights AI sector, noting that 76% of participants view the technology “as an opportunity to reshape the market research industry through hyper-personalization.”
The company’s survey of 100 global marketing decision-makers says familiarity with the term “human insights AI” is growing, with 58% of survey respondents saying they’re “familiar” with the term “Insights AI”. In contrast, 20% of participants “believed that traditional research methods have become ineffective in contemporary times.”
Here’s More From the Study
• 29.1% see AI as a tool for enhancing the e-commerce user experience through personalized product recommendations.
• 47% of respondents identify a lack of AI expertise as a significant hurdle in the BFSI sector, while 35.2% cite regulatory compliance concerns.
• 34.7% cite data privacy and security concerns.
• 26% identify a lack of awareness and understanding of AI technology.
• 13% consider cost and financial resources the most significant barriers to adopting Insights AI.
• 60% of respondents believe that consumer packaged goods will be the most impacted industry by Insights AI
Yet, with rising awareness about AI’s ability to shape more data-driven marketing strategies, only 20% of industry leaders have adopted Insights AI-based tools in their businesses.
Not surprisingly, Entropik, which has significant skin in the game on HIL usage, says company marketers are missing “a potential growth area for the technology.”
Maybe they have a point.
Companies could likely make good use of knowing how many potential web customers completed a purchase or how many customers had a tough time paying during checkout. They’d also likely want to know if their web platform images and product summaries lead directly to a purchase or if an in-store complaint was followed up and reconciled.
That’s what Entropik and other companies in the human insights AI market are hoping. Once companies clear those AI priority plates, they’ll probably get their wish.
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.