Mumbai: GfK, a leading provider of consumer and market intelligence, analytics and consulting services, launches gfknewron, its integrated, AI-powered software platform. Using gfknewron, companies can now access market, consumer and brand data from a single source of truth to answer questions like: What was bought where and at what price? Who bought it and why? What should I do next to grow my business? The AI-supported predictions and practical guidance will support sustainable business growth. gfknewron is an important step in GfK’s transformation from classical market researcher towards an AI-powered data analytics and consulting company.
According to analyst firm Forrester, data-driven companies grow by more than 30 percent on average annually, which is more than ten times the global GDP growth of 2.6 percent on average (2000-2020, World Bank). To make data-driven decisions, companies need immediate, reliable and accurate information on markets and consumers along with guidance on expected future developments. gfknewron uses the latest analytics capabilities to enrich accurate data with intelligence, to offer strategic decision support, planning and forecasts – all within one software platform as the single source of truth. The powerful combination of data, AI powered analytics and clear recommendations displayed in the modules ‘gfknewron Market’, ‘gfknewron Consumer’ and ‘gfknewron Predict’ gives companies a significant advantage in today’s fiercely competitive markets.
gfknewron in a nutshell
With the AI-powered software platform gfknewron, decision-makers can see an overview of their business performance using data from a single source: from the validation of new target markets over product alignment according to customers’ needs to evaluate future market potential. Multiple teams can directly access the data at any time and address cross- departmental problems using the same dataset. Scenario simulations help to identify challenges at an early stage and to plan strategically. AI-supported forecasts help with making fast, informed decisions to stay ahead of market competition.
Peter Feld, CEO of GfK, says: “At GfK, we know that to win in today’s intensely pressurized and fast-moving business environment, our clients need more than pure data. They need us to provide strategic guidance and market predictions rooted in that data. The business intelligence platform gfknewron has been designed to provide all that information on one intuitive platform that harnesses the power of artificial intelligence. We will empower our clients to adopt a much more data- and analytics-centred way of working. This is also an important milestone in the transformation of GfK from market researcher to an AI-powered data analytics and consulting company, enabled by a complete Software as a Service infrastructure.”
The three modules of gfknewron include:
1. gfknewron Market: What was bought where and at which price?
gfknewron Market, powered by GfK Retail Panel data, allows clients to use real transaction data to measure the performance of their product portfolio against market benchmarks, develop successful go-to-market strategies, to identify market changes and growth potentials and react accordingly.
2. gfknewron Consumer: Who bought where and why?
gfknewron Consumer is the evolution of GfK’s Consumer Insight Engine (CIE). It helps to analyse target groups in detail by answering questions such as: Who buys which products via what channels? Which other brands are attractive for my target group? This allows brands to identify opportunities and risks at an early stage and to adapt strategies to changing consumer behavior.
3. gfknewron Predict: What should I do next to grow my business?
gfknewron Predict supports companies with AI-based forecasts and concrete recommendations for action in their data-driven decision-making process. With this module, companies are able to simulate market scenarios and forecast their impact on their business, to plan more efficiently, to optimise pricing and promotion strategies, and to increase conversion rates and revenue.
“We spend a lot of time listening to our clients, and through combining the best talents of data with the best talents of agile software development, we are thrilled to be launching our powerful gfknewron platform. This empowers our clients and their entire teams (in the office or work from home), to make faster, more confident decisions to win in their markets”, comments Sean O’Neill, Chief Product Officer at GfK. “We have enthusiastic confirmations from many leading companies in the Tech & Durables sector about how gfknewron is changing their ability to understand their markets, see how consumer sentiments are changing, and use the predictive insights and AI-power forecasts to take decisive action on the opportunities for their brands. GfK is the only provider in the market to offer manufacturers of technical consumer goods an integrated platform with these consolidated capabilities. In addition, this cloud-based software platform is continuously evolving and improving with feature releases weekly. Further modules as well as the inclusion of additional market data are already being planned. This is enterprise-grade insights with consumer-grade usability.”