Daniel Shearly answers questions about data-centricity, trusted data, and how data-driven intelligence can help in better decision-making for future-proofing businesses.

 

1. To begin with, how do you see the landscape of AI developing globally? What specific trends do you see that will shape the future of its adoption?

Every organization has its own reasons for adopting AI which have historically ranged from a real desire to answer complex problems and uncover insights from large data sets that would be impossible to process through traditional statistical methods to driving operational efficiencies and even just a company’s desire to appear cutting edge. As AI is now much more mainstream it’s less of a buzzword and badge of innovation and more of something to be applied practically to real-world problems.

The main trends I see emerging are the broader adoption of it by companies big and small as knowledge and talent build and barriers to adoption decrease. The most exciting developments for me personally would be in edge AI as a connected world becomes more of a reality and infrastructures grow to support this. Decision Intelligence is another thing close to my heart in my role at GfK as we help anticipate what their customers need next. Access to comprehensive pools of data that AI can transform into actionable and interpretable insights means every company and every team can become innovators. The need for businesses to find the competitive edge they’re seeking by extracting more value from data is the catalyst to the changing landscape of AI globally.

AI has the power to embed innovation at the very heart of the business. In this way, when combined with predictive analytics, AI is bringing economic benefits across industries, with business executives expecting a positive impact on growth (90%), productivity (86%), innovation (84%), and job creation (69%) thanks to the technology, according to research by The Economist.

In my view, the time has come when we stop talking about AI and start solving problems that happen to be powered by this technology.

 

2. What are the common challenges organizations face when it comes to getting market intelligence and becoming data-driven?

Consumers are overwhelmed with options to choose from, and this poses an incredible challenge to brands across the consumer tech and durables sector as the markets are becoming hyper-competitive. Understanding the drivers in changing consumer behavior is key to successfully launching new products, entering new markets, and strengthening brand loyalty. In recent years topics such as sustainability, ethically sourced products, privacy, and even COVID have meant brands have had to respond fast to stay relevant.

Based on our observations, there is a need for brands and business leaders to harness the power of data and extract the right signals from the noise to be able to make better decisions for the near future. This is possible with a trusted intelligence partner providing strategic guidance and market predictions rooted in that data.

Therefore, organizations currently need knowledge at speed and power of decision-making in real-time. We aim to bring all this data together and having been in the industry for more than 87 years, we are reinventing our mission to give consumers a voice and help clients make smarter & faster data-driven business decisions.

 

3. Why is it important to have real-time access to up-to-data? How can this help a business win the market?

Competition is fierce and the brands that will last in these challenging economic times globally are the ones that will adapt in the right way at the right time. In order to succeed and win in the market, you've got to keep up with what's changing in consumer sentiments and channel dynamics.

Five years ago, we envisioned a single platform with a full spectrum of solutions that deliver the signals from the noise. At GfK, we are revolutionizing real-time access to critical knowledge by delivering the right signals from the noise using a powerful combination of data, knowledge, and analytics.

 

4. Tell us more about gfknewron - How does it work?

gfknewron is the unparalleled, always-on platform that radically transforms data-centric decision making and enables teams to gain actionable and connected insights, collaborate effectively, and act at speed to ignite sustainable growth. It is a single access point that combines market purchase data, consumer insight data, and brand intelligence supercharged with predictions and recommendations, to show what and where, who and why, and most importantly, how to shape what happens next.

GfK is the only provider in the market to offer manufacturers of technical consumer goods an integrated platform with these consolidated capabilities. It helps companies to save 30% of time spent on root cause analysis, plan promotions with just 2 clicks, and understand brand uplift in seconds. Altogether, the platform is extremely simple with an easy user interface that the entire company can use to solve their business problems.

 

5. How should companies be rethinking the roles of people, data, and technology in the future of work?

I believe that the ‘shapers of tomorrow’ are those that have the conviction to make radical changes based on early signals developing within their markets. The critical point is that the nature of these changes must be solidly rooted in trusted data and forecasts.

From a product standpoint, using predictive analytics to predict what will happen rather than reacting to the market change after an event will become more critical and it will help organizations to make faster, more confident data-driven decisions to be ahead of the competition in their market. Ultimately, the future of work will be a combination of people with the knowledge and expertise, bringing together data and technology to drive faster and better intelligent business decisions.

 

6. How do you envision the future of market intelligence to be like? Why should businesses care about data-centricity?

Everyday business leaders face data overload, market changes, and disruption. Hence, it is vital in this day and age for companies to be data-driven if they want to grow revenue and profits. We are living in a VUCA world (Volatility, Uncertainty, Complexity, Ambiguity), which is exacerbated by events such as the COVID 19 epidemic. The companies that can reduce the uncertainty, complexity, and ambiguity will be the ones that thrive.

As technology advances in data collection, processing, and forecasting, data intelligence will play a greater role in connecting related data to discover comprehensive and integrated insights than ever before. At GfK, we help companies to extract the right signals from the noise for confident decision-making.

 

7. In the brand and marketing world, how does customer journey mapping using AI inform better business strategy?

The customer experience (CX) is vital for brand success and differentiation. Using AI to fully map the customer journey helps businesses understand what drives purchases, the expectations of different demographics, and how customers perceive brands. With this knowledge, you can ensure you create the right products for the right people and target the marketing and even customer support in the right way.

The top two use cases for AI and machine learning among CX professionals include analytics to develop customized and relevant products and services and the creation of more highly personalized experiences. As per an Oracle report, 86 percent of CX leaders plan to use AI and machine learning to customize every product, service, or offer by 2024. It is already proving effective, with 45 percent of firms reporting increased total spending per customer.

 

8. How can trust in intelligent automation can augment human decision-making?

For AI to transform the world, it needs to be trusted, so this transparency is a big step forward. If we allow ourselves to trust it, and if we design this technology in the right way, AI can refine and enhance our decision-making, leading to incredibly powerful and positive outcomes. For example, AI-powered marketing allows an initiative to move from an idea or concept to execution in seconds, compared to the months or years suggested in classic marketing.

Investing in AI-powered intelligence can unlock opportunity and fuel future prosperity.

 

9. Tell us more about the session that you are going to host at the show? What do attendees stand to gain from it?

I would be delivering a tech talk on the topic "Transforming businesses with Artificial Intelligence" highlighting how the changing space of AI has added to disruptions to businesses and how companies must derive value from predictive analytics. We are excited to partner with the World AI Show 2022 which aims to explore the prospects of innovations in the global AI landscape. GfK is a SaaS-powered data analytics and decision support company offering consulting services globally for the consumer products industry.

The company has been leading Data and Science innovation since 1934 and at WAIS 2022 we will engage with the industry leaders on transforming businesses with AI.

 

Thank you, Daniel Shearly. It’s a pleasure to speak with you. We hope you enjoy your experience speaking at World AI Show!