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Moving into New Frontiers
Certainly, one can’t ignore AI in this conversation, as it has been a game changer for the insights community. Many are grappling with this new tool and all the potential it offers. Many are balancing technology advancements with a focus on human insights as well, pointing to the need for humans to remain a central focus in terms of leveraging AI as a supporting tool.
For Elizabeth Oates, Author, More Than Just Interesting: How to Build an Insights Function for Impact, there are many benefits to AI if used appropriately, such as enhanced communication with stakeholders. Predictive analytics is also a growing area that AI can benefit and support.
“If used well, [AI] can help us collect and analyze data in a more efficient manner, including new unlocks in multi-source synthesis. With the inclusion of predictive analytics, we can also begin to anticipate consumers’ needs,” says Oates.
Oates cautions, “However, we must be careful to make sure we have AI help us, rather than lead us. Now more than ever, it is important to understand the human behind the buyer. Emotional intelligence and empathy are required to do that. If we lean in to AI we can do our job more efficiently, but if we lose emotional intelligence and empathy, we won’t be doing our jobs any better.”
Justin Coates, Head of Global Market Research & Consumer Insights, Eastman, points to the ways AI is democratizing data for the insights capability (and indeed across the organization).
“AI is democratizing access to data across commercial functions,” notes Coates. “At the same time, it is simplifying everyday tasks insights professionals would normally do such as questionnaire development, verbatim coding, and even report writing. This presents insights professionals with an opportunity to leverage their time to do what they always say they wanted to do, become strategic partners for their commercial leaders and have a seat at the decision-making table.”
Of course, more access to data doesn’t mean data will be used, or used well, points out Coates. Data quality is still of paramount concern. But the democratization of data “means commercial leaders and executive team members need insight professionals more than ever to pull out the meaningful insights that drive action for their companies. Gen AI is providing a golden opportunity for insight professionals. My hope is that teams take advantage of this,” says Coates.
Having a Seat at the Table
Being ahead of the pack means not just advancing insights with AI. For some, it might mean just maintaining that seat at the executive table, as Coates pointed out. When striving to influence the business, and make an impact, supporting stakeholders is a key priority. To do that, one must sometimes break the common stereotypes of the market research professional.
Karen Kraft, Associate Director, Consumer Insights & Analytics, Johnsonville, notes, “I feel like I’m ahead of the pack because I don’t let myself be pigeonholed into the research nerd stereotype. When I’m in meetings where strategy is being discussed, I don’t wait for someone to ask for insights, I share my informed opinions on the business just as confidently and freely as anyone else at the table.”
Kraft further suggests, “When there are meetings taking place without me that I think insights should have a seat at the table, I ask to be included. It doesn’t always work. Even when it doesn’t it leads to a conversation where I can make sure the relevant insights are being represented by someone in the meeting. I strive to be seen by others in my organization as a strategic partner and consultant, not the insights fetcher. That’s what our knowledge base is for.”
Building the Right Insights Team
Beyond enhancing market research with AI and the sphere of insights influence that many in the community strive for, there are also specific areas where insights insiders feel they are moving ahead of the curve.
Michael Bagalman, Vice President, Business Intelligence and Data Science, STARZ, feels that human resources is one area that needs improvement in the field. But it’s also an operational channel that he feels his team at STARZ excels at.
“Yes, human resources,” confirms Bagalman, who dives deeper into the topic. “Insights isn’t a one-person Broadway show. I don’t chase the mythical ‘does-it-all’ candidate. Insights needs a cast of characters, not a solo performance. Your Excel wizard doesn’t need to be your storyteller. Your data digger doesn’t need to be your strategist. Your visualization virtuoso doesn’t need to be your statistician.”
So operationally, just what can the insights pro do to maximize their team, as well as develop their insights culture?
Bagalman advises, “Build a team of curious misfits who actually care. Mix your philosophy major with your physics dropout. Blend your reformed accountant with your recovering consultant. Stop looking for Superman and start building the Justice League. Hire for curiosity, train for skills, and maybe you’ll build an insights team.”
The Value of Data to Insights
Whether you are using AI tools or reinforcing your seat at the executive table, or eyeing what future developments might emerge, there is a newly supported value to the insights capability and the valuable information it derives.
Michael Nevski, Director, Global Insights, Visa, calls this data monetization. As data-driven approaches grow in importance in corporate enterprises, the value of the insights function and the skills it brings to bear seems to be increasing.
“Data monetization has emerged as a transformative force in the insights industry, fundamentally changing how organizations derive value from research,” says Nevski.
Converting raw data into actionable, revenue-generating insight products brings a renewed value to the insights capability. As Nevski notes, an insights pro may bring a background that spans qualitative research, quantitative analytics, secondary research integration, and third-party data optimization across global markets.
“This multifaceted experience uniquely positions me to develop sophisticated insight products that address complex business challenges,” says Nevski. “I specialize in translating complex data assets into actionable business intelligence, helping organizations understand and act on evolving market dynamics and consumer behavior.”
As organizations seek to maximize the strategic and commercial value of their data assets in today’s rapidly evolving market landscape, the value of the insight professional, and the skills they offer, seems to be on the upswing. In some ways, for the foreseeable future, insights professionals can be seen as ahead of the pack—if they make sure to enrich themselves through education, new technology, and experimentation, and thus are not left behind.
Video courtesy of MIT Sloan Management Review
