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Trust AI to Empower Your Brand and Win in Times of Crisis
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February 7, 2022 Blog

Authored By: Bjoern Kroog, Customer Success Management Lead, Asia Pacific, GfK

 

The 2020s is an era marked with increasing volatility and fragility as brands are subjected to unprecedented challenges stemming from the pandemic and the corresponding changes in the market landscape.

Enterprises yearn to gain a competitive edge and improved efficiency amidst the uncertainty. We have experienced an unparalleled digital disruption during the pandemic, and it is now essential to make the right business decisions swiftly and confidently. Therefore, marketers on the one hand need to ensure to use correct and robust data to prepare their decision making and on the other, leverage evidence-based forecasting to ultimately cut through the noise. Artificial intelligence (AI) offers unparalleled opportunities to support human expertise and help navigate markets faster and more efficiently to predict customer demand and anticipate emerging markets trends.

Creating a Winning Brand in Times of Crisis

The COVID-19 outbreak has changed life as we know it. While analysing shopping behaviour, we have witnessed these changes reflected in the massive growth of online sales channels. Consumers are adapting their purchase behaviour to the new normal centred around, for example, working from home. Marketers need to review what product categories are promising growth, anticipate the consumer price sensitivities and understand the most impactful touchpoints to build successful plans.

Finding the best strategy for today and future-proofing it for tomorrow is not straightforward, though, with markets being increasingly volatile and the need for support to aid faster decisions becoming more essential.

We can find support in AI as it gives us better predictions at speed in a highly unpredictable environment. It helps us navigate uncertainty going forward and AI-enhanced decision making with models enriched by relevant and robust data can also build a foundation for future success. Without predictive insights, there is a real risk of missing out on making the best possible business decisions.

Actionable Insights Boost Operating Efficiency

The right intelligence at the right time makes all the difference. Whether your business is scaling up, building resilience or trying to boost profit margins, AI has a vital role to play in today’s decision-making process.

According to The Economist Intelligence Unit report commissioned by Microsoft, a staggering 94% of executives perceive AI as an important tool for solving strategic challenges, which is not hard to see why. It can transform the output in your workforce by enabling talent to innovate and undertake more complex problems with the automation of simpler tasks.

Likewise, the accuracy of brands’ competitive assessments can be achieved with AI-powered intelligence. Our recently introduced SaaS platform gfknewron offers enterprise-grade insights with consumer-grade usability, helping brands to save 30% of time spent on root cause analyses, plan promotions with just 2 clicks and understand brand uplift in mere seconds. This enables them to improve the efficiency of their promotion budget, which is among the largest that brands possess. Upon gaining a wider and more robust perspective on data, different levels of analyses can be derived for business reviews and to grasp a deeper understanding in developing business strategy cases.

Trust AI-Powered Decision Making

A mindset shift is required by brand leaders and marketers to place their trust in technology by striking the right balance between AI insights and human expertise, as AI initiatives should be implemented for people who are able to harness and maximise industry knowledge and experience.

A successful AI strategy allows brands to plan smarter, act with purpose and leverage AI-powered insights to build a compelling brand. Market and consumer intelligence need to be predictive rather than reactive and AI acts as the competitive advantage to ensure your brand wins.

 

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