Nikhil Mathur, Managing Director – India, Head of Data Partnership & Innovation – APAC, GFK cites that organizations need to ensure that their tech & data investments are smart, selective, and aligned with strategy to drive sustainable growth
Nikhil Mathur expands on how important it is to leverage data in making business appropriate decisions as well as the importance of democratisation of data to increase efficiency and sustainable growth.
Excerpts below:
In the rapidly changing environment, retailers and brands will require data and insight more than ever before. How critical it is to leverage data for making business – appropriate decisions? In what ways it can be done?
Faced with constant disruption and uncertainties, today’s leaders must rethink the way they operate to stay ahead. They need to validate new ideas, question assumptions and anticipate tomorrow’s biggest trends to identify white spots. And they need a trusted, forward-thinking partner by their side to strategize, spar, and drive the right actions forward. Data is critical to making informed business decisions and transforming your big ideas into winning strategies. Let data be your guide for winning and retaining customers. For instance, you need to know how shopping habits are changing for product innovation, evaluate purchase journeys, measure the retail environment, optimize marketing investment, and maximize your sales across channels, store formats, categories, segments, and variants. However, many businesses struggle with the significant challenges of setting up such systems. There are 3 ways to reshape the future of any organization; First lay the data and tech foundation. Secondly, develop a data-driven culture, and lastly, have trust in technology. The key is to balance the use of algorithms with human expertise.
How important it is to ensure simplification and democratization of data to maximize efficiencies aimed at sustainable growth?
World crises and vast quantities of data have reshaped markets and decision-making processes. This is indisputable, given executives’ insatiable appetite for fast, efficient systems that allow them to identify future risks and opportunities and the actions that will push their business es ahead of competitors. What organizations need is the right data and tech to help democratize and visualize it. And then skilled people who can interpret it and convert it to real-world actions. Data Democratization makes it simpler and faster for a company’s staff to access the insights they need from a common source, so it is viewed as a game-changer. Therefore, organizations need to ensure that their tech & data investments are smart, selective, and aligned with strategy to drive sustainable growth. Companies across industries rely on deep, customized insights from GfK to derive clear signals from the sea of data. Whether through GfK’s always-on platform, research reports or consulting services, these firms are moving from descriptive analytics to predictive insights and prescriptive actions.
