NIQ-GfK, recognized as the world’s leading consumer intelligence company, hosted a panel discussion at a recent business summit in New Delhi. The session, attended by over 70 senior delegates and leaders from various industries, was aimed at discovering “Business resilience in the customer-centric era” in light of Tech Disruption, Data Culture, and Diversification for 2024 and beyond.
The panel discussion featuring – S Sunil Kumar (President – India, Henkel), Preeti Bajaj (CEO & MD – India, Luminous Power Technologies), Anurita Chopra (CMO – India SubContinent, Haleon), Manish Anandani (MD – South Asia, Kenvue) and Nikhil Mathur (MD – India, GfK – An NIQ Company), emphasized the importance of integrating GenAI into the data-driven landscape. Many brands are strategically using GenAI, ML, and AR techniques to build connections, utilize extensive datasets, and improve ROI despite post-pandemic supply chain disruptions.
NIQ-GfK ‘Leaders Pulse Poll’ reveals the high confidence of business leaders in the economy.
During the session, NIQ-GfK conducted a live ‘Leaders Pulse Poll‘ to gauge the perspectives of senior leaders on their confidence in the state of the economy, investment opportunities, future growth drivers, and their stance on the data-driven decision-making maturity curve. Notably, 60% of senior leaders said that they are embarking on their data-driven decision-making journey, while only 26% are at the forefront of the maturity curve.
The poll results reveal that 3 in 5 senior leaders said they have high confidence in the current state of the Indian economy. Moreover, the results indicate ‘Customer Experience & Satisfaction’ and ‘Adaptability to evolving consumer preferences’ as paramount factors for business resilience in today’s consumer-centric era.
Key Insights from the NIQ Consumer Outlook & GfK Global CMO Report
On the occasion, Mr. Mathur shared insights from the GfK Global CMO Outlook report, revealing that 33% of senior marketers globally struggle to connect data from diverse sources, and 29% encounter resistance to changing approaches within their organizations. These are significant challenges, but they are not impossible to solve.
Quoting The NIQ Consumer Outlook 2024 report, Mr. Mathur added that manufacturers that innovate are 1.8 times more likely to boost overall sales. Notably, 63% of global consumers expressed a willingness to buy products that have been innovatively crafted to be as cost-effective as possible.
AI Adoption and Integration: Imperative for Success
Talking about how emerging technologies are going to be a significant disruption, Nikhil Mathur, Managing Director – India at GfK – an NIQ Company, said, “AI isn’t new; it’s already a part of our lives as brands, manufacturers, and consumers. However, like any technological advancement, it goes through denial, experimentation, and eventual adoption. Some adopt it early, while others wait and see.”
He added, “The excitement about GenAI is its ability to simplify tasks and boost efficiency without completely replacing jobs. The key is knowing where to use GenAI in business processes, customer interactions, and innovation efforts. Companies that invest in experimentation pave the way for others. It’s not a matter of if, but when GenAI becomes a crucial part of our tech landscape.”
