How AI-powered survey data analysis a cost-saving solution for small business budgets

Blocksurvey blog author
May 30, 2024 · 4 mins read

Are you a small business owner with limited resources and a limited budget? AI can significantly boost productivity by automating repetitive tasks and providing data-driven insights, leading to cost savings and enhanced operational efficiency.

This 2023 study by Statista report clearly shows that around 4% of companies globally saw cost savings of at least 20%, and 28% lowered their costs by 10% or less after adopting AI. One-tenth of enterprises experienced cost reductions of 10 to 19%. AI-powered tools have become the apex of cost reduction from a CFO point of view.

Now coming to data collection, leveraging advanced technology to enhance operational efficiency and reduce costs is one of the challenges faced by small teams especially when they’re competing with larger enterprises. AI in survey data analysis emerges as a game-changer at this point. It not only speeds up the data analysis but also significantly cuts down on costs. For small businesses aiming to maximize their resources, adopting AI for survey data analysis can be a strategic move to stay competitive and financially healthy in a demanding market landscape.

Manual vs AI Survey Data Analysis:  Comparing the Cost Reduction

Let’s calculate the cost incurred for manual survey data analysis, the key components involved in this calculation are Survey platform cost, Survey analyst cost, No. of hours needed for analysis and Report preparation cost. We are comparing the average cost comparing a wide range of tools that are currently used in the market taking BlockSurvey’s AI-powered data analysis tool for consideration and comparing the cost incurred.



Cost Component

Description

Manual Survey analysis

BlockSurvey's AI Survey Analysis Tool

Survey Platform Cost

Expenses for using a survey platform that allows for survey creation, distribution, and initial analysis.

$150 / month

$100 / month

Part-time/Full-Time Analyst/Consultants Cost

Human resources costs for managing, analyzing, and interpreting data.

$40 / hour

$40 / hour

Hours needed to analyze( 1 survey data set)

The total time required in hours to thoroughly examine 1 data set ( 1000 responses) and conclude survey data.

8 hours

1 hour

Report Preparation cost

The amount of time spent by analysts to compile and format the survey results into reports, expressed in hours.

8 hours / data set

1 hour

Total Est.

(Hours need to analyze + Report preparation cost) x Survey analyst pay x Data set

$640 / data set

$180 / data set



You can clearly see the cost reduction AI-powered tools can bring compared to traditional manual survey analysis.

How AI for Survey Data Analysis Reduce Costs

Reducing the Need for More Full-Time Analysis Staff or External Consultants:

By integrating AI into survey data analysis, small businesses can minimize or even eliminate the need for dedicated full-time data analysts or costly external consultants. 

Scaling Analysis Affordably with AI as Data Volumes Grow:

AI technologies are inherently scalable, meaning they can handle increasing amounts of data without a corresponding increase in costs. This is particularly advantageous for small businesses experiencing growth, as it allows them to manage larger datasets without the need to proportionally expand their analysis team. 

Use cases for Reallocating Human Resources to Higher-Value Tasks:

A small online retailer can use AI to automate customer feedback data analysis and trend forecasting. The staff previously engaged in these tasks could then focus on improving customer engagement strategies or expanding into new markets, potentially leading to increased sales and customer satisfaction simultaneously.

How AI-Powered Survey Insights a Budget-friendly Option for Small Teams

  Direct Cost Savings:

  1. Increase Survey Frequency Without Increasing Analysis Costs:

    • By utilizing AI tools, businesses can run surveys more frequently without worrying about the associated rise in costs. AI's capability to analyze large volumes of data rapidly allows for regular feedback loops, ensuring that data is consistently fresh and actionable.

  2. Handling Larger Sample Sizes Efficiently:

    • AI tools are not constrained by the size of the dataset in the same way human analysts are. They can process vast amounts of data quickly, enabling businesses to use larger sample sizes. This increases the statistical reliability of the insights, which can significantly improve the return on investment (ROI) from survey activities.

  3. In-House Automation at Lower Costs:

    • Outsourcing data analysis or hiring dedicated staff can be costly. AI tools, however, can automate much of the heavy lifting involved in data analysis right within the company at the very best price.

Indirect Cost Savings:

  1. Optimizing Processes with Faster AI-Driven Insights:

    • The rapid processing capability of AI to derive insights from data can significantly enhance operational efficiencies. For example, a retail business can quickly adjust inventory levels based on real-time consumer feedback analysis, thus reducing overstock and understock scenarios, and ultimately saving on operational costs.

  2. Enhancing Products and Services:

    • AI-driven insights provide a deeper understanding of customer preferences and behaviours, which can be used to improve product offerings or service delivery. For instance, a software company can use AI to analyze user interaction data to refine its product features which improves customer retention and attract new customers thus directly contributing to increased revenue streams.

Why Choose BlockSurvey for AI Survey Analysis

Our AI-powered survey analysis tool can curate insights from your survey data in no time. We are not going to restrict you to only surveys created and run on BlockSurvey. You can bring in your survey data collected from any platform, say Google Forms, SurveyMonkey, Typeform or Jotform you can upload and get your insights instantly.

Benefits of choosing BlockSurvey

  • With end-to-end encryption, your data is protected from unauthorized access at all times, making Blocksurvey a trusted tool for businesses handling confidential information.
  • Blocksurvey’s AI survey analysis tool can analyze open-ended responses, measure sentiments, and provide deep insights into what your respondents truly think and feel.
  • BlockSurvey’s AI survey assistant can help you instantly when you are struck at reaching your insights in no time.
  • The reports created using our AI survey analysis are more detailed including a variety of analyses such as top insights, fatigue analysis, thematic analysis, anomaly detection, persona analysis, and sentiment analytics.
  •  Try our AI Survey Analysis ROI calculator, to know the estimate of returns and savings you are about to get from this AI-powered analysis tool.

Conclusion

By leveraging artificial intelligence for efficiency, you’ll get more done in less time and cut costs. But for your AI cost reduction efforts to be successful, it’s crucial to analyze the tools carefully and invest in something that can increase your ROI double or even triple times. Overall, AI not only streamlines data analysis processes but also transforms data into a strategic asset that can propel a business forward in a competitive market. For businesses looking to optimize their resources and maximize returns, adopting AI in survey data analysis is not just a strategic move and it's an essential one.


How AI-powered survey data analysis a cost-saving solution for small business budgets FAQ

How can AI-powered survey data analysis save costs for small businesses?

AI streamlines data processing, reducing the need for manual labor and cutting down on expenses.

Is AI-powered survey data analysis accurate and reliable?

Yes, AI algorithms are designed to analyze data with precision and consistency, ensuring trustworthy results.

Can small businesses with limited budgets benefit from AI-powered survey data analysis?

Absolutely, AI solutions offer cost-effective options for small businesses to access advanced data analysis capabilities.

Why should small businesses trust AI-powered survey data analysis for budget-saving solutions?

AI technology has proven to be reliable, efficient, and cost-effective for small businesses, making it a trustworthy solution for budget constraints.

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blog author description

Vimala Balamurugan

Vimala heads the Content and SEO Team at BlockSurvey. She is the curator of all the content that BlockSurvey puts out into the public domain. Blogging, music, and exploring new places around is how she spends most of her leisure time.

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