Will AI Modernize the Insights Industry? Here Are the Pros and Cons

July 12, 2023 Author: Mario X. Carrasco

The future of AI may be uncertain, but one thing is clear, it will fundamentally transform how we do business and deliver value to clients. The technology is constantly evolving, pushing boundaries and challenging our preconceived notions. This rapid evolution sparks a sense of anticipation and enthusiasm across industries. But it also raises concerns and uncertainties about how to adapt to these changes effectively and responsibly.

In the insights industry, AI has the potential to revolutionize the process of gathering and analyzing data. AI-powered tools and algorithms can enable researchers to derive valuable insights from data faster. This newfound efficiency allows for quicker and more confident decision-making. Testing and evaluating multiple opportunities in a fraction of the time through AI is another advantage that can lead to new innovative strategies that drive market success.

Despite the advantages that AI brings, there are also legitimate concerns. Some industry professionals worry about AI replacing human panelists and the potential biases embedded within AI systems that may lead to "hallucinations" or false interpretations. The fear of losing the human touch and intuition in favor of automated processes creates uneasiness and resistance to adopting AI solutions, prompting calls for cautious integration to ensure AI technologies are designed to augment human capabilities, not replace them.

In this episode of The New Mainstream podcast, Rick Kelly, Chief Strategy Officer at Fuel Cycle, discusses the impact of AI on the insights industry and Fuel Cycle’s new partnership with ThinkNow to amplify multicultural audiences.