AI powered SaaS enabled business opportunity gfknewron
Peter Feld, CEO of GfK, has been interviewed at our Decode the Future event. He answers questions around data-centricity, trusted data and how gfknewron, our AI powered SaaS enabled business opportunity can help on better decision-making.
Data centricity, with all the changes around us is fundamentally important. We see three or four actually key trends that are really impacting our clients businesses. Disruption, acceleration, data overload and the new demands on sustainability. All of that requires our client's organization to be much more data and analytics centered going into the future.
When you think about it, the players that really outperformed the industry, grow about 30% faster than companies that haven't done that yet. And the reason for that is, that they're just taking so much better decisions instead of, judgment out of the stomach or hearsay. So data and analytics is really fundamentally important to do things right the first time.
I think it's fundamentally important, to have data and analytics available at the fingertips or for our client's organization. And the reason for that is simply that there is so much data out there right now, that our clients really don't know what to look at anymore. First thing. The second, they all get data from different sources. So often enough you find organizations competing for the right opinion rather than having everything founded on the same data assets that actually propelled the right analytics from it. So for our clients, it's fundamentally important to have the right data in the right minutes and drive the right conclusions from that, with the analytics.
So with gfknewron, we have created a AI powered SaaS enabled business opportunity for our clients that will help them make much more accurate decisions at speed.
Trust is probably the most important value that we carry since 85 years in GFK. You have to imagine we have dealt with data safely since 85 years in a consent based way, and that is important. It is important for us as an organization. It is fundamentally important in our relationship with our clients to retain and to propel into the future.
As we have expanded our sources of data, as e-commerce is increasing, and we have enlarged our data access to e-commerce to click and mortar, and also to direct to consumer, data will now have the largest global data asset available that we derive fantastic analytics with, based on the data science capabilities that GFK has, and that we put at work in gfknewron.
When you think about just five years ago, probably we would not have been able to create gfknewron. The predict capabilities that we have in our gfknewron are only possible today because of the compute power and the capability and machine learning that is available today. So with that, we were right in time when we started three years ago to rethink how we're not just describing to our clients what happened yesterday, but actually help them make better decisions tomorrow. And that's exactly how we're bringing it together.
For us, artificial intelligence, that's just one part of the puzzle. I already mentioned the data science capabilities. So I think the real power that we're unleashing with gfknewron is both the combination of artificial intelligence and machine learning. But in combination with decades of understanding of how to solve problems for our clients.
Really understand when we see trends in the data, what that actually means for our clients and then create an impactful recommendation for them and for their next action steps that they want to take.