AI promises a multitude of productivity benefits for all enterprises.
For the thousands of SMEs competing with much larger rivals, AI offers the potential for easily accessible, reliable, and credible data on an unprecedented scale.
One such opportunity lies in market research, which has often been out of reach for SMEs due to its high cost.
AI systems are sophisticated probability machines. Given a base to ‘learn’ from and a set of instructions, AI can predict the next letter, word, sentence, illustration, piece of code, or conclusion. Feed it the right data to learn from, prompt that ‘learning’ with instructions, and the probability machine goes to work.
‘Synthetic data’ is the analysed outcome of a well-articulated AI search for relevant data from publicly available sources, potentially enhanced by data from a company’s own resources.
For instance, an FMCG supplier might need ‘attitude and usage’ research to support ranging of a new product in major retailers. Traditionally, they might spend $100-200k on a combined qualitative and quantitative market research project, which could take several months to complete.
Way out of the reach of most SME’s.
Alternatively, they could invest $15-25k in an AI application to scan social media, relevant publicly available statistics, and their own sales and scan data. This AI-generated ‘synthetic data’ might not be quite as accurate as a well-designed and executed market research study. However, it could be produced quickly, relatively cheaply, and be sufficiently accurate to provide compelling market insights and consumer behaviour forecasts.
Suddenly, opportunities previously out of reach for SME’s can be leveraged. Combined with their shorter decision cycles and less risk averse nature, SME’s now have the potential to haul back some of the ground they have lost to deeper pocketed large businesses.
Header illustration is via a free AI tool. it took less than 30 seconds to brief and deliver.
