AI Can Provide Insightful Market InformationWed, 05/08/2019 - 16:15
Q: What sparked the idea to launch SINNETIC in the Mexican market?
PP: Mexico is a country that offers many opportunities but clients always demand more. They want new visions and new ways of analyzing information. That was the opportunity that my partner in Colombia, Lucie, and I saw. We developed new products that helped our clients make decisions based on the facts that have an impact on the operation’s profitability and sustainability. Our strategic alliance with SAS is one of our strengths. We are using all the capabilities of SAS’ software to generate models that help our clients make strategic decisions.
Q: How is SINNETIC’s portfolio built and what is your approach to market research?
PP: We have developed business units specializing in the handling and use of different information sources: internal, external and digital. These units have unique methodologies that cover market opportunities, innovation, consumer insights, brand experience, digital analytics, data mining, predictive analytics, forecasting and optimization.
LP: Regarding our approach, an analyst who provides recommendations to a company must have the necessary knowledge of each sector beyond what simply appears in the research. We focus on both methodology and sector experience. This helps us also to develop new products and new ways of approaching the people we are surveying.
PP: This is an important topic for us. For instance, the agricultural sector behaves differently from the massconsumption segment and if you do not have this expertise and do not make an effort to understand the topics that are important for companies like Monsanto or Syngenta, it becomes hard to speak their language.
Q: How does the rate of adoption of market research services in Mexico compare with other countries?
PP: The countries that invest the most in Latin America are Brazil, Mexico and Colombia. Mexico invested about MX$6 billion (US$312.4 million) in market research in 2017. In Mexico we can feel very proud to have a research industry that is at the forefront of methodological issues and research techniques, competing with any country in the world.
Q: How does AI benefit the market research business and the companies that contract these services?
LP: Decision-making is becoming faster and requires greater accuracy. That is where technology like AI can help, by providing faster and more relevant results and insights. We work alongside SAS, which helps us to develop the tools we need and we implement them with the client following our philosophy of being faster and more accurate. The tools we develop are fed by the information our clients already have. In this regard, it is very important to consider time. The idea of machine learning or AI is that the system receives feedback automatically and instantly. As a result, the client does not have to wait another three months for further analysis.
Q: How do you expect the use of machine learning and Big Data to change the business world?
LP: I think these new technologies will change business strategies and make them more customer-centric. In the end, this is what companies want. They want more certainty about the launch of their products, their campaigns, their investments in media and their positioning in sales channels. The idea is that these new technologies provide companies with the necessary tools to better position themselves against their competitors.
Q: What are your expectations for your business in Mexico in the coming years?
PP: After four years in SINNETIC and more than 20 in the industry, we can say that we have great expectations. The industry has responded very well and our client portfolio has been growing. We have decided to continue as a boutique agency so we can continue providing our clients with the level of service they deserve.