Qualtrics, the leader and creator of the experience management (XM) category, has officially announced the launch of Qualtrics Edge™, which happens to be a powerful new market intelligence platform combining advanced AI, synthetic insights, market research data, and expert advisory services that will allow organizations to accelerate strategic decision-making, as well as attract and retain customers.
According to certain reports, the stated intelligence platform will arrive on the scene bearing an ability to bestow organizations with visibility into business trends, customer needs, and strategic opportunities through access to millions of trusted consumer insights, market trends, and industry benchmarks, with the whole package delivered in a fraction of the time and cost of traditional programs.
More on that would reveal how Qualtrics Edge will unlock a broad range of business and market Edge Instant Insights™, backed by Qualtrics’ own decades of proprietary research, consumer and competitive benchmarks from Qualtrics partners, and the world’s largest database of experience data. This whole value proposition will make it possible for companies to undertake customer, employee, and market research at unprecedented speed and scale.
“To remain competitive and relevant today, organizations can no longer rely on traditional market research tools and practices alone. Teams need instant access to insights they can trust and act on, and they need them to come from a range of sources,” said Brad Anderson, Qualtrics President of Products, User Experience, and Engineering. “Qualtrics Edge is a transformative shift in how businesses gather and use customer insights. Edge’s speed, scalability, and AI-powered intelligence is proven to rapidly help organizations drive success by staying ahead of consumer needs, making smarter decisions, and increasing operational efficiencies.”
Talk about the whole value proposition on a slightly deeper level, it is segregated into two unique solutions i.e. Qualtrics Edge Audiences and Qualtrics Edge Instant Insights.
Starting with the former, it allows for researchers to cut down on the time required for conducting research from weeks to minutes, while simultaneously reducing costs by as much as 70%. All in all, Edge Audiences combines publicly available data, Qualtrics’ vast repository of unique industry-specific experience data, and predictive analytics to deliver reliable information at the disposal of researchers.
Next up, we must dig into how, by banking upon AI, the technology in question is able to help researchers in asking questions of synthetic respondents designed to represent their target customers. These synthetic capabilities, on their part, empower researchers to quickly understand market trends and customer expectations, including in hard-to-reach audiences.
Thanks to that information, users can simulate consumer behaviors, preferences, and decision-making. Such an exercise can generate comprehensive insights guide researchers to make faster decisions with confidence, prioritize future investments, and focus areas for maximum business impact.
Turning our attention towards Qualtrics Edge Instant Insights, they bestow organizations with immediate access to a library of competitor insights, industry benchmarks, emerging consumer trends, and behaviors to complement and inform future research projects.
By leveraging these insights, organizations should be able to view experience data in the context of their location, industry, and competition. The stated data relates to satisfaction, customer behavior and purchase trends. Anyway, users can also turn to Qualtrics AI for the purpose of quickly and easily determining the next best steps based on their data.
As for some of the possible use cases here, Instant Insights can be leveraged by restaurants to access immediate visibility into market trends, shifting consumer preferences, and competitive positioning with named competitors in the quick service restaurant, fast casual, and casual dining industries.
The wider hospitality sector also stands to gain here, as it can enjoy on-demand insights into market trends, shifting consumer preferences, and competitive positioning with named competitors in the hotel, resort and cruise industries.
Apart from that, Qualtrics took this opportunity launch a number of AI capabilities in XM for Customer Experience™ and Strategy and Research that make it possible for market research teams to capture more actionable feedback, and quickly analyze structured and unstructured customer feedback.
