A dynamic Singapore startup is on a mission to revolutionize the century-old market research sector using cutting-edge AI technologies.
Short Summary:
- Generative AI has seen explosive growth with applications reshaping industries.
- Ai Palette, founded in 2018, leverages AI for real-time market analysis, aiming to disrupt traditional methods.
- There is significant backing from both investors and the Singapore government to propel AI innovation further.
The advent of generative artificial intelligence (GenAI) is igniting a whirlwind of transformation across various business landscapes, and the market research field is no exception. As evidenced by the rise of tools like ChatGPT, Gemini, and Midjourney, AI has transitioned from being a futuristic notion to a pragmatic resource for industry leaders. Today’s executives are pondering how best to harness this technology to not only streamline operations but innovate at a pace previously unseen.
The conversation around GenAI has intensified, especially among the younger workforce, dubbed “Generation AI.” This demographic—typically under 24—grew up surrounded by technology, naturally adapting to AI’s growing presence in their daily lives. As a Deloitte study notes, this shift could spell rapid change for economies, with a significant portion of the workforce finding themselves navigating the new landscape of AI-powered tools.
“GenAI has led to saved work hours, opportunities for new skill development, and more sustainable workloads,” according to the 2023 Deloitte report.
The global market research industry, currently valued at approximately $87.7 billion, finds itself at a crossroads as new players emerge to challenge established methodologies. Ai Palette, a Singapore-based startup founded in 2018, is one such challenger. By harnessing AI for real-time predictive analytics, Ai Palette attempts to rewrite the rules of market research that have governed the industry since its inception in the 1920s. This shift refocuses the industry toward a tech-driven future, using over 61 billion data points from 24 countries to inform decision-making.
Somsubhra Gan Choudhuri, co-founder and CEO of Ai Palette, states that their platform can conduct the analytical heavy lifting previously reliant on human intuition.
“If a company aims to introduce a new juice in Thailand, we can recommend not only what to launch but also effective positioning strategies to ensure market success,” Choudhuri shared in an interview with CNBC.
This disruptiveness comes at a crucial time, as the consumer landscape continues to evolve at an unprecedented speed. Many major food and beverage companies, such as Diageo, Nestlé, and PepsiCo, have taken notice of Ai Palette, emphasizing the startup’s ability to blend extensive data analysis with actionable insights. Using up to 39 different variables, Ai Palette can predict future trends—essentially becoming a crystal ball for manufacturers striving for insight into consumer preferences.
Traditional methods of market research often lag in understanding rapidly changing consumer demands. Firms frequently grapple with addressing trends that flicker in and out of popularity. As Choudhuri explains, artificial intelligence and machine learning are the keys to navigating this uncertainty.
“Companies are increasingly struggling to keep pace with consumer tastes and predict trends,” Choudhuri reflects, underscoring his belief in AI’s inevitable integration across all sectors.
As Ai Palette drives its innovations forward, the spotlight on its services has attracted significant attention. Major corporations are eager to leverage its analytical capabilities, understanding that the traditional methods of yesteryear are no longer sufficient.
Moreover, their technology plays well into the growing investment appetite in AI, capturing the interest of venture capital firms like 500 Global, which aims to foster groundbreaking companies in untapped markets. The global managing partner of 500 Global, Vishal Harnal, is keen on supporting startups addressing substantial, unfulfilled industry needs.
“We’re excited to invest in Ai Palette as they seek to disrupt the antique CPG industry, an area that hasn’t seen much innovation,” Harnal asserts.
Ai Palette is further backed by the Singaporean government, which is poised to invest over $7.5 million in AI development, reinforcing Singapore’s position as a burgeoning AI hub in the Asia-Pacific region. Additionally, the startup raised $5.7 million in 2023, directing those funds towards enhancing their analytics platform and creating a “FoodGPT” chatbot designed to aid in culinary product decisions.
The combination of technological advancement and governmental support showcases a robust ecosystem for fostering AI innovation in Singapore. This ambition highlights Singapore’s commitment to integrating AI across industries, enhancing overall market functionality while improving efficiencies for organizations of all sizes. The Ministry of Communications and Information (MCI) has been at the forefront of these initiatives, emphasizing that AI has the potential to drive significant societal advancements.
In a broader context, Singapore appears ready to adopt generative AI in various sectors, aiming for stronger infrastructure and talent pipelines to support advanced technology. As noted in a recent podcast featuring IMDA’s Assistant Chief Executive Terence Chia, collaboration across industries and skill development is essential for maximizing the value AI can deliver.
“The innovations unlocked by generative AI—if harnessed responsibly—can propel opportunities across numerous sectors,” Chia proclaimed during discussions on the future of AI in Singapore.
Recognizing the complexity and magnitude of integrating AI into existing frameworks, lucky companies should proactively invest in training their workforce and developing governance structures that promote ethical AI usage. The Singapore government has launched initiatives like the TechSkills Accelerator and the National AI Strategy, designed to encourage workforce readiness and capabilities development.
Looking forward, how well Ai Palette and similar companies transform the market research sector will be pivotal in determining industry standards. The fusion of human insight with AI-driven methodologies presents an exciting future where consumers are better understood, preferences are promptly analyzed, and brands can perform with unprecedented precision.
In sum, Ai Palette’s story is not just about reshaping market research; rather, it represents a broader trend indicative of how technology is redefining industries globally. The deep-rooted ambition to wield AI as an instrument for substantial change mirrors a collective aspiration among businesses to evolve and thrive in a data-driven age. The next few years will be crucial, as Ai Palette and its competitors navigate a landscape marked by agility, insight, and the compelling demand for relevant consumer interactions.
To follow the unfolding narrative of Ai Palette and the various changes rippling through market research and beyond, staying connected with industry updates is crucial. Adaptation and innovation will undoubtedly play critical roles in shaping outcomes, as leaders like Choudhuri take the helm for change in this pivotal moment of transformation.
