We write for Greenbook on the future of market research technology

In his recent article, "Capitalize on market research's tech-forward future," our EVP John Bird explores the evolving landscape of the market research industry. Amidst increasing competition and fragmentation, early technology adopters stand to make a significant impact. He cites Greenbook's recent 2023 GRIT Business & Innovation Report, which highlights both challenges and opportunities, with budget declines in some segments offset by investment in innovation and technology.

Greenbook's experts, speaking at the GRIT Forum, emphasized the significance of technology innovation in the ecosystem. Notably, both buyers and suppliers are allocating resources for innovation, acknowledging its crucial role in meeting the industry's demands for speed, scale, and quality. Mergers and acquisitions are reshaping the sector, with companies like Ipsos leveraging such activities to enhance their technological capabilities.

John writes how the ResTech sector holds significant promise for the future of the market research and insights industry. Automation, including artificial intelligence (AI), permeates every facet of the industry, from survey programming and design to data analysis and reporting. While AI was once grouped with automation, the advent of accessible generative AI tools, like ChatGPT, signifies a shift toward AI becoming a driving force for speed and cost-effectiveness. John says, "While some more progressive platforms already offer some level of machine learning or AI functionality, this will more than likely take an even greater leading role as time goes on."

Currently he sees that the challenge lies in striking a balance between innovation and the delivery of reliable insights. Organizations must navigate the evolving technological landscape while ensuring a steadfast commitment to answering key business questions. As AI becomes more accessible, market research must - like other industries - implement it in smart ways to keep up with ongoing demands for speed and cost-effectiveness.

In conclusion, Bird underscores the transformative impact of technology on the industry, urging companies to stay abreast of trends for a competitive edge. The ResTech sector, fueled by automation and cutting-edge technologies, presents immense opportunities for those who can successfully navigate the delicate balance between innovation and the delivery of trustworthy insights. Early adopters of technology trends and processes are poised to lead in understanding consumers and customers in the dynamic market landscape.

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