Introduction
Market research conducted by management professionals is essential for making informed business decisions. It involves gathering and analyzing data related to the market in which the company operates. The expected outcome of this activity is to gain insights into customers, competitors, and the overall market landscape.
Key Elements
Key elements include the following segments, sometimes even more.
- Market Size and Segmentation
- Customer Profiling
- Competitor Analysis
- Market Trends and Opportunities
- Pricing Strategy
- Market Entry and Expansion Strategies
- Market Research Methodology
- Risk Analysis
It requires extensive human effort to interpret information collected from various sources and viewpoints for these segments
Management consultants spend about 80–90% of their efforts collating relevant information from various sources available online — research articles, market reports, websites, and other sources.
Can AI handle the humongous amount of manual work involved in just finding the right information?
Combining the powers of the traditional approach of web searches with the modern techniques of Generative AI we can solve this problem with great accuracy.
The advantage is that we maintain the actual source of the information, which the user can trace and verify if required. Problems like hallucinations will not occur. Also, you get the latest information from credible sources and don’t have to train a specialized LLM model (which is an expensive task).
Our Approach
We created a platform just to support our internal teams and reduced their efforts and timelines significantly.
The screenshot below displays a report generated by our researcher service for a top vector database offering in the market.
Sample report on vector databases by researcher service
It was remarkably interesting to see that we initially created this for internal research teams but slowly it expanded to other teams wherein manual research was required, for functional or even technical queries like “what is the best tool or approach to solve a particular problem”.
Tying information with the source of truth
The immediate benefit of using this service was quick accumulation of information about any topic. References directed to the actual source of data increased the confidence of the user about the authenticity of the information in the report.
The tool verifies authenticity of data by not relying on just the single source but, by creating an ecosystem where the end user has the choice to refer to multiple sources to get any piece of information verified. This also enables us to analyze information and provide system generated calculative suggestions on complex topics.
Conclusion
Going forward, we will discuss more about the details of building this super useful platform. The next blog will also highlight a few interesting case studies of how we are leveraging this solution to update the most recent and relevant information which most of the LLMs fail to do.
Thought of concluding this blog with a question for you. How much time are you spending every day gathering useful information for your research from the Internet?
About the author
Dipankar Sonwane writes about technology and business. With a background of working in the tech industry for over 9 years, he brings a unique perspective and unravels the intricate interplay between tech and business landscapes by demystifying the integration of tech with business. Embark on an enlightening adventure with Dipankar to gain a clear understanding of how technology is reshaping the world of business.
