Top 5 Tips for Business Leaders in New Zealand and Australia Looking to Implement AI for Insights – with Emily Blumenthal
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AI adoption in businesses varies significantly across regions, with Australia and New Zealand lagging behind compared to the USA and Europe. According to a BCG report, Australia’s AI maturity is rated at 3.5 out of 10, below the global average of 4.3. In contrast, the USA leads in AI investments, with $47.4 billion invested in AI technologies in 2022, representing 36.8% of the global AI market share. Europe follows with a 24.97% share. For businesses in Australia and New Zealand to catch up, there needs to be a focus on building AI capabilities, investing in high-caliber talent, and developing agile governance frameworks to drive effective AI implementations.
This growth in AI adoption is not limited to the likes of ChatGPT. There is also significant growth in the AI for insights space, with the 2024 GRIT Insights Practice Report finding that the use of synthetic sample is growing exponentially in both the buyer and supplier side of the insights space. Big data analytics and chatbots are also seeing an increase in usage on the supplier side. Buyers are addressing common struggles like sample quality more aggressively, with significant growth in obtaining alternative sample sources and tools to automate data analysis.
Yabble’s Customer Growth Director, Emily Blumenthal, with over 20 years of experience in customer experience, insights, data, and marketing for some of the biggest retail, media, and FMCG companies in New Zealand, is leading the way in implementing AI insight solutions for brands in the APAC market. Here are her top five tips for successful AI for insights adoption.
1. Prioritize AI Education and Understanding
Business leaders must become well-versed in AI technologies and their potential applications. This involves staying updated on the latest trends and understanding which AI solutions genuinely address business needs versus those that are simply hyped. Continuous learning and keeping abreast of AI developments are crucial to making informed decisions about AI investments.
“AI is here to stay! We are all pretty aware now that denying this fact is counterproductive. Keeping up to date on what’s out there and familiarizing yourself with how it’s already disrupting your industry is essential for business leaders looking to stay ahead and avoid being left on the wrong side of history.”
Emily Blumenthal – Customer Growth Director, Yabble
2. Encourage Safe AI Experimentation
Encouraging a culture of experimentation with AI is vital. Leaders should provide "sandbox" environments where employees can test AI applications without risking critical data. This approach helps demystify AI, fosters innovation, and allows employees to develop new skills. Trialing tools like Virtual Audiences – a tool for AI-generated market insights – can be a relatively risk-free way to explore AI capabilities.
“One of the beautiful things about AI is that it is so accessible – it is really democratizing access to insights. And with such a low time and financial investment barrier, there really is no excuse for not getting in there and having a go.”
Emily Blumenthal – Customer Growth Director, Yabble
3. Ensure Robust Data Management and Trust
Effective AI implementation relies heavily on quality data. Leaders need to ensure their data is clean, accurate, and relevant. Moreover, maintaining trust in AI systems is essential. This includes establishing robust data governance frameworks, promoting ethical AI use, and ensuring transparency in AI operations to build and maintain stakeholder confidence.
“Yabble is committed to transparency with our data management and security policies. We recently responded to ESOMAR’s 20 questions to help buyers of AI-based services and have found that this helps a lot with putting our customers’ minds at ease in the procurement process. Many of our clients have robust security assessments which we work through with them during the onboarding process. The key is to understand where the data will be stored, how it is used, and that you can trust that your data remains yours and isn’t used to train any models or other users’ instances.”
Emily Blumental – Customer Growth Director, Yabble
4. Decide Whether to Build or Buy-in
A key decision in the process of implementing AI for insights is whether to build your own solution or buy-in to an existing one. If you choose to build, you need to think about your infrastructure, keeping your software and processes up to date, and how you will ensure the maintenance of the system.
Alternatively, finding trusted partners to buy-in AI solutions from, particularly for insights, can often be a better strategy. This way you ensure that you get the latest thinking and technology as well as AI designed specifically for the insights use case. You also get access to some of the top talent in the AI for insights space, which would be more difficult (and expensive) to source for in-house positions, and you can start using the solutions immediately (no wait time to build, test, and productionize).
“We have several Fortune 100 companies participating in proof-of-concept trials with Yabble, which is a great way to proactively dip your toes into AI solutions and see how they could work for you before committing to a larger piece of work. The key is to get in and give it a go – the capabilities of AI haven’t all been explored yet, so you won’t know the impact it could have on your unique product or service offering until you apply it to real life projects.”
Emily Blumenthal – Customer Growth Director, Yabble
5. Invest in Workforce AI Training
As AI adoption grows, so does the need for a skilled workforce. Leaders should invest in training programs to upskill employees in AI and related technologies. Building a team with both technical and human-centered skills will be critical. This also includes creating task forces or focus areas dedicated to AI, empowering employees to experiment and innovate within a supportive framework.
Upskilling and reskilling have become critical strategies for businesses adapting to AI. A report by BCG highlights that 66% of leaders are dissatisfied with their progress in AI integration, underscoring the need for robust upskilling programs to leverage AI effectively.
“Yabble provides dedicated training and support to our subscription customers. We are always looking for ways to quickly pass on new learnings and approaches to the clients we work with. Creating resources for training and upskilling both in our platform, and through our AI Academy. We’re here to partner with you on this journey into AI exploration – you’re not left in the deep end to struggle on your own!”
Emily Blumenthal – Customer Growth Director, Yabble
Practical Steps for AI Integration
- Start with Small Projects: Begin with a pilot project to understand the potential of AI in your specific business context. This allows for manageable experimentation and learning without significant initial investment.
- Leverage AI Tools for Insights & Compare With Your Traditional Methods: Tools like Yabble’s AI-powered data creation and analysis solutions can streamline market research and generate valuable insights from large datasets in a fraction of the time of traditional research methods, improving decision-making and operational efficiency.
- Commit to Continuous Learning: Encourage your team to engage in ongoing education and training programs. Platforms like Yabble’s AI Academy can provide valuable resources to upskill your workforce effectively.
- Build Strong Data Governance: Establish clear data management policies to ensure data quality and security. Transparent practices build trust with stakeholders and ensure compliance with regulatory standards.
- Foster a Culture of Innovation: Create an environment where employees feel empowered to experiment and innovate with AI technologies. This can lead to unexpected insights and new business opportunities.
By focusing on these critical areas – education, experimentation, data management, proactive strategy, and workforce training – business leaders in New Zealand and Australia can effectively integrate AI into their business practices, driving innovation and maintaining a competitive edge in the evolving technological landscape.
To explore how Yabble can help your business harness the power of AI, get in touch with our team today or book your 1:1 demo with Emily here. Let us partner with you to navigate the AI landscape and unlock new opportunities for growth and efficiency. Contact us now to start your AI journey with Yabble!
