Yabble Redefines the Impossible at IIEX AI 2023
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Yabble CEO Kathryn Topp was front and center during the first day of the inaugural IIEX .AI, a virtual event where researchers and insights creators learned how renowned brands and research companies are leveraging AI technology to achieve remarkable efficiencies and streamline processes. Kathryn used her time to highlight the many ways in which generative AI is transforming the insights industry
"I think the idea of magic is exactly the way we like to think about AI. It looks like magic, but it’s just a tool for us to use as researchers to really start redefining our impossible." – Kathyrn Topp // Yabble Founder and CEO.
Attendees also got an extra treat as she announced the launch of Yabble’s latest product, Virtual Audiences, which will allow researchers to chat with a virtual audience as if they were real customers. Fueled by Yabble’s proprietary augmented data model, Virtual Audiences is a fast, efficient and accurate way to gain insights across your marketplace on a wide variety of topics.
Aside from the big announcement, there were also 5 big takeaways from Kathryn’s presentation.
- Say YES to AI in analytics – you can’t compete without it
- Embrace specific AI designs – higher quality, repeatability, level of insight, also support a much wider set of use cases for insights
- Go virtual – virtual audience, agencies, generative data sets are the future
- Build a knowledge lake – chart your future with infinite knowledge
- Embrace regulation – keep pace with changes and what they mean for you
Let’s dive in.
Takeaway #1 - Say YES to AI in analytics: AI is rapidly normalizing in the field of analytics
AI and analytics – a match made in heaven. AI is rapidly normalizing in the field of analytics, moving away from its initial pioneering stage.
"What we've seen in terms of transforming our industry or redefining the impossible so far with generative AI is particularly with analytics. It is now going from pioneering which we’ve seen in the last 12 months to normalization on a pretty fast adoption curve. It's going at lightning speed."
But this swift adoption of AI in the insights industry poses a challenge for those not yet utilizing it. More and more companies have begun to realize it’s not ‘if we’ll use AI’, it’s ‘when’. Which means that if your business is not finding ways to adopt AI, it’s going to get left behind. For insight creators, it means that if you're not adopting AI or generative AI into your analysis frameworks, you need to move faster.
Begin by integrating AI into your everyday tasks. Be willing to try, test, and experiment.
In the last six months, Yabble alone has created over 250,000 insights and saved customers around $20 million in analysis time. This is possible because Yabble is 1000 times faster than a human at processing data. Data is changing. The way we process data is changing. Embracing the change now will save frustration and the need to play catch up later.
Takeaway #2 - Embrace specific AI designs: Transition from Generic to Specific AI Models
There is a shift from generic to specific AI models happening, allowing for more efficient and cost-effective insights results. Why? Generic models are your off-the-shelf ChatGPT models. They have lots of parameters and can do lots of different things very well, but nothing truly outstanding. Consider them a jack of all trades, master of none.
Specific models offer more precision. They allow us to customize for particular use cases. They are more detailed, sophisticated, faster, offer better repeatability, and a greater level of insight for more specific use cases such as those we find in the insights industry.
With specific models, the outcome is better results. They also allow researchers to utilize proprietary data, and / or a layer of fine-tuning based on your company’s needs. Specific models are opening a completely different future in terms of the way that we can work with generative AI.
Yabble works with specific models, and our generative AI models are designed specifically for the insights industry – that’s why we can provide best in class insights.
Takeaway #3 - Go virtual: The emergence of virtual agencies and consumers.
When we look to the future of insights we see a move to virtual agencies and virtual consumers. In fact, many of our sister industries, like social media marketing or advertising, have already started to play in this space. For example, Levi's is looking to test AI generated clothing models. And just last week, Warner Music signed its first digital character and is releasing a debut single. One thing for sure is, the landscape of market research will be reshaped by the emergence of virtual agencies and consumers. This emergence provides an opportunity for more dynamic and flexible research.
It doesn’t mean traditional research sample will disappear, but it does mean where and how we use this traditional sample is likely to change. Especially when virtual audiences can give comparably accurate insights, faster and more cost effectively for many projects. Yabble unveiled its lasted tool, Virtual Audiences, during the presentation. This tool is perfect for when you want to gather a broad understanding of who the customers are in a market and their behaviors. Use Virtual Audiences to look at market trends and understand changing behaviors, tastes, and perceptions while working out what this means for your future products or communications strategies.
You can even use virtual audiences to help you explore your competitive set, and what the market sees as strengths or weaknesses of each player.
Takeaway #4 - Build a knowledge lake
Think of your data like a big deep knowledge lake, sitting in many layers. You have proprietary data, survey data, market data, social data, and big data around sales and customers. Looking to the future you will also have a virtual or generative layer that sits here as well.
In a knowledge lake, all the data can interact together via the use of generative AI analysis tools. Essentially, a knowledge lake turns your data into living data, where your existing data can be used to make new data, and new data builds the depth of the knowledge lake. Knowledge lakes allow insights creators to move around their data and activate different elements using generative AI. They can utilize AI agents, perform knowledge retrieval, even create reports, or interact with a virtual data scientist or virtual audience.
So as insights creators are looking at new tools, looking at restructuring databases, or thinking about how to connect all their data together, they should be thinking about how to start building it into a knowledge lake. As the volume of unstructured data continues to grow, knowledge lakes will be essential for a successful insights department.
Takeaway #5 - Embrace regulation: Regulation in the AI industry is imminent
The impending regulation in the AI industry offers an opportunity for safer and more responsible development of generative AI systems. There is a knowledge gap where regulators need to work with creators to understand how the current generative AI technology works to regulate it properly. And while increased regulation presents a challenge in terms of compliance, it will also force researchers to stay up to date on the latest changes, trends, and rules. It’s likely that creators will be a big part of forming that regulation to form safe development of systems, to help us keep pace with trends and advancements, and ensure we are using AI properly and safely. As with any new set of rules it will change the way that we use AI, but having safeguards in place to ensure safety is key to long term, successful usage.
Overall, Kathryn’s presentation provided valuable insights into the transformative role of AI in market research. It emphasized the need for insights creators to embrace AI in analytics, utilize specific AI models, explore the use of virtual agencies and consumers, build knowledge lakes, and stay updated with the impending regulation in the AI industry. The introduction of Yabble’s new Virtual Audiences product also showcased that the future of AI in generating insights is now. If you’d like to join our waiting list to gain early access to Virtual Audiences click here.
