GfK has developed an artificial intelligence-based software platform, ‘gfknewron’. The cloud-based platform covers three areas: markets, consumers and predictions. The market element is based on GfK retail panel data and allows clients to use transaction data to measure product performance against market benchmarks and identify market changes.
The ‘gfknewron Consumer’ module is the updated version of GfK’s consumer insight engine, used to help analyse target groups.
The prediction tool allows companies to simulate market scenarios and forecast impact on their businesses.
Peter Feld, chief executive, GfK, said: ‘To win in today’s intensely pressurised 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 platform gfknewron has been designed to provide all that information on one intuitive platform that harnesses the power of artificial intelligence.’
The move is also part of GfK’s shift towards becoming a data analytics and consulting company, Feld added.
GfK developed the platform alongside clients and it is already being used by clients in the tech and durables sector.
Sean O’Neill, chief product officer at GfK, said: ‘The 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.’