Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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In today’s, rapidly evolving world organizations need to be agile to keep up. They need to respond to market fluctuations, emerging opportunities, and threats faster than ever before. To be on the front foot here they need to have the ability to predict market changes before they happen. AI-powered intelligence can help us identify the right signals from the noise and help businesses stay ahead of the competition.

The path to future-proofing your business starts by moving beyond instinct and into data-driven decision-making with AI-powered predictive analytics.

  • Driving Operational Efficiency

AI is often used commercially to attract customers or investors to a company’s products. However, AI can be incredibly powerful in helping your business streamline operations and improving the quality and consistency of work. AI can transform the output from your workforce, freeing up talent to innovate and tackle more complex problems by automating simpler tasks as well as spotting patterns or insights that would normally be impossible or simply not cost-effective without AI.

  • Harnessing the power of data to improve your business strategy

Using AI, business leaders can discover valuable insights to shape their strategy and — most importantly — understand when, why, and how to act. For example, our clients want to know what drives consumer preferences when they’re considering purchasing a new product. At GfK we use AI insights to help our clients to uncover new correlations and hidden connections that would not normally be possible or feasible due to high data volumes or seemingly abstract connections between events or data sources. Using AI to fully map the customer journey helps businesses understand what drives purchases, the expectations of different demographics, and how customers perceive brands.

Using data, however, is integral to minimizing the risk these bold moves can present. The right insight delivered at the right time can even reveal opportunities to pivot or expand beyond traditional core offerings and uncover product niches ahead of your competition. Recent developments in consumer behavior such as sustainability, ethical brands, and data privacy have all driven significant changes in the consumer landscape and companies need to be ahead of the curve to respond to them or risk losing relevance.

  • Invest in your future with AI decision making

Artificial intelligence (AI) is rapidly becoming an essential tool for every organization. Anything you can do to reduce the ambiguity of the future or understand the potential impact of a decision gives you a competitive edge. Whether your business is scaling up, driving efficiencies, or trying to boost profit margins, AI has a vital role to play in today’s decision-making process. Embracing AI insights alongside relevant data and expertise offers unparalleled opportunities to predict customer demand and anticipate emerging market trends.

Integrating AI decision-making can spark the kind of disruptive innovation that defines industry leaders. If you fail to invest in AI and you’re leaving value on the table and relying on instinct over data-driven insight.

  • AI ethics

AI helps to navigate a new era in intelligent decision-making. For AI to transform the world, it needs to be trusted and it takes careful planning to strike the right balance between AI insights and human expertise. Data protection goes beyond existing standards and new regulations, such as the General Data Protection Regulation (GDPR) European privacy law. People working in AI have a role to play here in making AI decision-making as transparent as possible, learning from mistakes, and speaking openly about failures and learnings so as a community we can grow and learn from one another. An AI model is only as good as the direction it is set in and the data it is based upon. To build trust in AI we have to earn it through proper validation and transparency.

At GfK, we strive to keep our promise of being a trusted partner and one that delivers uncompromised insights to our clients. That means sophisticated measures are in place across all our offices to ensure we have harmonized security standards in all countries where we process data and monitoring and alerting across our products to ensure they maintain an incredibly high quality and we can ensure improvements over time.

Written by

Daniel Shearly, Vice President – Products, GfK

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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