GfK has rolled out a new integrated AI-powered software platform, gknewron for companies to access market, consumer, and brand data from a single source.
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. Decision makers can see an overview of their business performance with the ability for multiple teams to directly access the data at any time.
GfK CEO, Peter Feld said clients need more than pure data to win in today’s high-pressure and fast-moving business environment.
“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 (AI),” he said.
“We will empower our clients to adopt a more data- and analytics-centred way of working. This is also an important milestone in the transformation of GfK enabled by a complete Software as a Service (SaaS) infrastructure.”
There are three modules of gknewron including gfknewron Market, gfknewron Consumer and gfknewron Predict.
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.
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.
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, to plan more efficiently, to optimise pricing and promotion strategies, and to increase conversion rates and revenue.
GfK chief product officer, Sean O’Neill said many leading companies in the tech and durables sector have confirmed that gfknewron is changing their ability to understand their markets, changing consumer sentiment and use predictive insights and AI-powered forecasts to take action.
“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.”