Synthetic data ‘additive’ for market research, says Forsta CEO

Speaking to Research Live, Kyle Ferguson (pictured), who has been at Forsta since 2020, said that he saw synthetic data – which broadly covers artificially generated data that could be used in research projects – as an “additive” and not a replacement for traditional research.

“As it relates to synthetic data, I think about what the research profession is trying to do. It is trying to deliver insights more cost effectively and cost efficiently, and they are trying to do that at speed,” Ferguson said.

“What synthetic data is designed to do is to try to take some of the burdens and heavy lifting away. I don’t believe, and certainly not the near term, that synthetic data will replace sampling for our clients. I think it will be an additive for our customers. The robots are coming, but they are not here yet.”

Artificial Intelligence (AI) is a key part of Forsta’s future, and that of the industry, Ferguson said, and added that the new technologies needed to be introduced safely.

Ferguson said: “Security, compliance and governance will always take the lead in any technological innovation. I think a lot of customers are looking at these new technologies to figure out how they can colour between the lines to make sure they are delivering the best experience and value for the customers and leveraging the best technology tools available to them to accomplish that.

“It’s a bit of a tightrope, but I think the value far outweighs the downsides, and this is why we are investing heavily in generative AI tools and synthetic data and making sure we’re listening to our clients constantly in supporting them through their journey as they continue to evolve, as the entire global community evolves, in responding to these emerging technologies.”

Ferguson added that he believed that generative AI was a central part of his vision for the company moving forwards.

“It is incredible to see the impact these emerging generative AI technologies are starting to have in other industries. There is no question that it will impact all industries. The question is when and how much,” he explained.

“Sticking to our core principles, if we can build and integrate our solutions using some of these technologies, then we are well on our way to achieving them [core principles].”

Last year, Forsta partnered with digital insights business Cint to combat survey fraud and improve data quality across the insights industry, with Forsta customers using Cint receiving access to a secure environment where ‘ghost completes’ are effectively eliminated.

Since then, Forsta has launched its own server-to-server connection, adding new sample suppliers like Dynata, Azure, Innovate and SAGO.

Ferguson said that ensuring data quality was paramount. “The value we deliver are insights that are grounded in reality,” he added. “Ensuring the quality of response we are able to support our clients with are at the front and leading the pack.

“It is certainly not going away. Maybe synthetic data will help in that regard, but it is something we are constantly keeping our eye on.”

Forsta has recently launched Retail HX, a set of data-driven insights tools which unify retailers’ end-to-end customer, employee and brand data.

Retail HX aims to tackle siloed customer experience (CX) data, and Ferguson said that firms that do not aggregate data into a central hub “are at a competitive disadvantage in this day and age”.

He added: “The trend in the marketplace today is how to get to an insight quicker and cheaper. Everything we build, all the investments we make, are to underpin that strategy.”

The pandemic was a catalyst for shifts towards online retail experiences, and Ferguson said he expected these trends to continue in the future.

“Consumers are asking for choice, they are asking for convenience and they are asking for efficiency on price,” he explained.

“I suspect that online retail is here to stay and will continue to grow, the question will be at what pace and at what point it will start to outstrip traditional purchasing methods – bricks and mortar, and in-store.

“My expectation is that it will only continue to go up. I don’t think it is going to tail off.”

This included a greater onus on businesses to focus on employee experience, particularly in a more hybrid working environment with greater focus on home working.

“Measuring how employees are engaging with the business and their customers when so much work has moved remotely has been an incredible factor, and businesses adopting and taking employee experience and engagement to the next level. It used to sit within HR as a survey that would come out annually. What our clients are doing now is pulsing on a more regular interval.”