Supercharge your customer-centric strategy with AI

Last week, we presented our latest work on AI to several leaders and executives in the retail sector at the DigitalMind seminar, which was hosted by KPMG. The headline of the talk was: “How to discover growth opportunities through AI-powered research”. Torstein Torblå and Lars Ihle demonstrated how months of qualitative and quantitative research could be reduced to days or even hours.

Actionable insights at scale 

In the ever-evolving world of business, companies are always seeking to understand their customers better to innovate successfully. Traditionally, this involved time-consuming and costly methods like deep interviews and advanced data analysis. They demand a high level of expertise and a substantial investment of time and resources. 

However, integrating AI into these methods is revolutionizing how we innovate. AI automates much of the process, making it faster and more efficient to gain precise insights. At the heart of this change is AI's ability to analyze vast amounts of data to identify customer needs and groups accurately. Unlike traditional methods, which often rely on basic demographics, AI creates clusters based on shared challenges and desires. This focus on functional needs provides stable insights even as markets evolve rapidly. 

Finding the Right Balance 

In a time of rapid technological change, companies must balance exploring new ideas with exploiting their existing offerings. AI helps by speeding up insight generation, allowing for quicker building, testing and iteration of products. 

Drawing upon a variety of studies, it's clear that the success rate of new product launches and innovations are at the lower end of the spectrum. However, with AI, companies can more accurately predict market needs and tailor their innovations to meet these needs. This predictive capability, grounded in deep customer insights, makes innovation much more predictable and significantly reduces the risk of failure. 

Levelling the playing field

AI also democratizes access to deep customer insights. Previously, extensive customer research was something only accessible to the elite companies with unlimited resources. Now, smaller companies can leverage AI to compete on a more level playing field. This broadening of access has the potential to create a stream of innovation, as more companies are equipped to respond to the unmet needs of their customers. 

In conclusion, AI isn't just a tool; it's transforming how we innovate. By enhancing our ability to generate deep, precise customer insights at unprecedented speed, AI is paving the way for companies to navigate the uncertain terrain of the market with greater confidence and success. Through the application of AI, we are entering a future where innovation is more accessible, predictable, and successful. 

Want to dive deeper into what we offer?

If you want to learn more about AI-generated insights and innovation, please contact Lars Ihle, Head of Advisory in Norway, or Michael Jäderlind, Head of Advisory in Sweden. You can also fill out our contact form here and we will get back to you shortly.