Mumbai : The 18th February marked the end of a 2-day Global Business Summit 2023 that captured insights from leading industry stalwarts. To deliberate on the importance of data for marketers, GfK hosted a panel discussion that was focused on the role of data insights in a rapidly changing environment to stay ahead of trends that can change on a dime as customers adopt.
The session saw participation from business leaders such as Nikhil Mathur (MD, India, Head of Data Partnership and Innovation, APAC, GfK; Daniel Mazon, Vice Chairman and MD, Philips India); Vishal Gondal (CEO, GoQii); Satish N.S. (President, Haier India); Arvind Gupta (Co-founder, Digital India Foundation); and Preeti Bajaj (CEO, Luminous Power Technologies).
They deliberated how companies can manage and use a huge data deluge by keeping technology at the epicentre of every innovation. It also pondered the importance of artificial intelligence and machine learning in extracting value from pre-existing online data in this new world of quantum computing.
Sharing his views in the session, Nikhil Mathur, MD, GfK India, "The Speed of change is multiplying and will continue to have the momentum. The most challenging aspect for business leaders is to target attention deficit consumers. It is crucial for organisations to make strategic investment in building data capabilities, shift in mindset, and the ways in which companies use data, analytics, and AI."
He also added, “The focus for us today is on how our actions require data to move forward. The global environment, the industrial revolution, and the blurry boundary line between the physical and cyber worlds are three lenses through which to view the entire concept of this new world. So, it is important that organisations really make a framework of innovation and disruption and look at those things that can take the organisation forward."
Most of the panelists agreed upon the role of data in growing the businesses and bringing innovation by keeping in mind the needs of their customers staring from scratch.