A global leader in consumer and market intelligence, analytics, and consulting services, GFK recently announced that they have launched an AI-powered software platform, gfknewron. It’s a significant step in GfK’s evolution from a traditional market research firm to a data analytics and consultancy firm powered by AI.

Peter Feld, CEO of GfK, said: “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-centered 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.”

In today’s fiercely competitive marketplaces, the powerful mix of data, AI-driven analytics, and clear suggestions provided in the modules ‘gfknewron Market,’ ‘gfknewron Consumer,’ and ‘gfknewron Predict’ gives organizations a considerable advantage.

Decision-makers may receive an overview of their business performance utilizing data from a single source with the AI-powered software platform gfknewron, which includes everything from the validation of new target markets to product alignment based on consumer wants to evaluate future market potential. Multiple teams can access the data directly at any time and use the same dataset to solve cross-departmental problems. Scenario simulations aid in the early detection of problems and the strategic planning of responses. To keep ahead of the competition, AI-assisted forecasts assist in making quick, educated judgments.

The three modules of gfknewron include:

  • gfknewron Market: gfknewron Market, powered by GfK Retail Panel data, enables clients to leverage real-time transaction data to evaluate their product range against market benchmarks, design successful go-to-market strategies, discover market shifts and growth potentials, and respond accordingly.
  • gfknewron Consumer: It aids in the detailed analysis of target groups by answering questions such as: Who buys which products through which channels? Which other companies are appealing to my target demographic? This enables brands to spot opportunities and hazards early on, as well as to adapt their strategy to changing consumer behavior.
  • gfknewron Predict: gfknewron Predict assists firms in their data-driven decision-making process by providing AI-based forecasts and actionable recommendations. Companies can use this module to model market situations and predict their influence on their business, plan more efficiently, improve pricing and promotion methods, and boost conversion rates and income.