GfK has launched gfknewron, an integrated, AI-powered software platform allowing companies to access market, consumer and brand data from a single source.
The consumer and market intelligence, analytics and consulting services' company says the AI-supported predictions and practical guidance will support sustainable business growth. Gfk says gfknewron is an important step in the company's transformation from a 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% annually, more than ten times the global GDP growth of 2.6% on average (2000-2020, World Bank). To make data-driven decisions, companies need immediate, reliable and accurate information on markets and consumers and guidance on expected future developments.
The combination of data, AI-powered analytics and clear recommendations displayed in the modules of gfknewron Market, gfknewron Consumer, and gfknewron Predict give companies a significant advantage in today's competitive markets, according to Gfk.
With the AI-powered software platform, decision-makers can see an overview of their business performance using data from a single source. Multiple teams can directly access the data at any time and address cross-departmental problems using the same dataset.
"At GfK, we know that to win in today's intensely pressurised and fast-moving business environment, our clients need more than pure data," says GfK CEO, Peter Feld.
"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 AI. We will empower our clients to adopt a more data and analytics centred way of working."
He says this is an essential milestone in the transformation of GfK from a 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:
- gfknewron Market: Powered by GfK Retail Panel data, the market allows clients to use real transaction data to measure the performance of their product portfolio against market benchmarks, develop successful go-to-market strategies, identify market changes and growth potentials and react accordingly.
- gfknewron Consumer. The evolution of GfK's Consumer Insight Engine. It helps 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 early on and adapt strategies to changing consumer behaviour.
- gfknewron Predict. Supports companies with AI-based forecasts and concrete recommendations for action in their data-driven decision-making process. With this module, companies can simulate market scenarios and forecast their impact on their business, plan more efficiently, optimise pricing and promotion strategies, and 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," says GfK chief product officer, Sean O'Neill.
"This empowers our clients and their entire teams (in the office or working from home) to make faster, more confident decisions. We have enthusiastic confirmations from many leading companies in the tech and durables sector about how gfknewron is changing their ability to understand 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."