In 2023, Artificial Intelligence (AI) made itself known in the corridors of global businesses. AI’s transformative power has reshaped industries. But as we look forward to 2024, a question begs an answer: How can businesses not only implement AI but wield it effectively to discover fresh insights and gain competitive advantage?
Insights are truly the lifeblood of business growth, but challenges in the fluctuating macroeconomic climate call for a need to do more with less. At KnowledgeHound, we recognize the urgency, and we’re here with five comprehensive strategies for insights leaders to catalyze their research investments without slowing their pace of innovation. Let’s delve into how the year 2024 will be all about the effective use of AI and how your team and proactively prepare with these five topics for your team to discuss:
1. Solve the Problem of Data Access
It has been said that data is the new oil, and vast stores of it are buried within costly research projects. As you plan for success In 2024, don’t just scratch the surface. Instead, prepare to dive deep into vital information you already have. From brand health trackers to demand landscapes segmentation studies to UX surveys, you need a mechanism to tap into this data from one centralized place.
This is the equivalent to running the pipes correctly throughout your oil field.
No matter what disparate system where your existing data is stored, it needs to be plumbed so anyone can access it at any time. This is what we mean when we refer to the democratization of data. At KnowledgeHound, we like to say, “Free the data,” and we mean it.
2.Leverage AI to Get More from Existing Data
If you follow through on the analogy of data as oil, you’ll immediately realize that crude oil is of little value. It is the refined product that is actual fuel. So, access is the first step, but the second one is building an efficient refinery.
We all know the real magic isn’t in what we know but in what we do with it. In the complex world of research and insights, driving actionable strategies can be difficult. Mostly that is due to the fact that our data gets locked into these disparate systems that don’t talk to each other and they can’t be tapped again once used. Instead, KnowledgeHound utilizes AI-powered automation to bring alive new research initiatives from the same existing data. This means your most valuable asset – your existing consumer data can be explored differently at any time.
Without the expense of re-fielding a survey, both structured and unstructured data can be asked to provide fresh perspectives and new insights. This is the power of leveraging AI to turn knowledge into actionable intelligence. Over time, this minimizes duplicative research and transforms buried knowledge into tangible ideas for business growth.
3. Review Your Tech Stack
Your company’s knowledge management network is highly valuable and it’s built around a tech stack. When you employ a third-party survey solution for collecting valuable consumer data, your knowledge management ecosystem can drive both consumer-facing decisions and company-wide internal initiatives.
Explore combining our data indexing webhook for streaming data to knowledge management systems with our Data API which enables any authorized partner to stream data into KnowledgeHound. This allows ingested data from partners to be normalized and then shared with knowledge management systems ensuring your data flows where you need it most and can use it. Click here for a comprehensive look at KnowledgeHound API capabilities.
4. Build Insights Ecosystems through Strategic Partnerships
Your data’s potential is limitless when you connect with the right partners. Look for ways to create technology partnerships that go beyond API integrations. When different companies can collaborate for common good a more robust insights ecosystem is possible.
Our knowledge management partners embed KnowledgeHound’s platform into their Knowledge Management Systems to power insights from the data behind powerpoints documents and more. When you have a world-class knowledge management system you can review your customer survey data alongside unstructured data so you’re always conducting analysis with the full context. To win in the new year, look for opportunities like this that allow your data to flow in near real-time.
5. Set Standard Operating Procedures (SOPs) to Socialize Key Findings
2024 is the year of precision and in order for multiple teams to be working together that choreography requires easy ways to share meaningful information. Leave behind the static decks of data and find a way to standardize how your teams can share key findings across departments.
This requires the right tech stack and tool organization. Key tools like Rapid Reports within the KnowledgeHound platform need to be a key item on the standardized checklist for sharing vital information that can move your business forward. Different departments need different slices of the information pie and being able to quickly sort through insights to send only pertinent data to different departments is key to bringing finesse and precision to your collaborative efforts.
KnowledgeHound’s powerful market research technology is your compass in 2024, turning structured data from disparate systems into actionable insights within minutes. Fortune 500 companies are harnessing our search-based survey management solution to breathe life into existing survey research.
Your most valuable and once hard-to-access consumer data will become your strongest ally in making customer-focused decisions on the fly.
Chart Your Path in 2024
If 2023 was about realizing AI’s potential, 2024 is about mastering it. With AI as your ally, tap into the goldmine of consumer data you already own and unlock the fresh insights and new perspectives that will elevate you in the marketplace. Your 2024 starts here with KnowledgeHound. Let’s unearth possibilities together.
Connect with KnowledgeHound today and maximize the impact and lifetime value of your consumer data. Let’s make 2024 the Year of Effective Use of AI.
Is your team looking for more value? Tapping into the richness of your existing data just got easier! Download this eBook to discover how leading brands are turning raw information into valuable and immediately actionable insights for better brand impact.
