As the top consumer intelligence firm in the world, NIQ-GfK, organized a panel discussion on ‘Leaders Pulse Poll’ that revealed high confidence of business leaders in the economy.
With a goal of determining "Business resilience in the customer-centric era", the poll was conducted in light of tech disruption, data culture, and diversification for 2024 and beyond.
Held at New Delhi, NIQ-GfK asked top leaders about their views on the maturity curve of data-driven decision-making, investment prospects, future growth drivers, and the state of the economy.
Notably, only 26 percent of senior leaders are at the vanguard of the maturity curve, with 60 percent of them saying that they are just starting their journey toward data-driven decision-making.
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."
According to the study, three out of five senior leaders expressed great confidence in the state of the Indian economy as it stands right now. Furthermore, the findings show that in today's customer-centric world, "Customer Experience & Satisfaction" and "Adaptability to evolving consumer preferences" are critical components of organizational resilience.
Key Insights from the NIQ Consumer Outlook & GfK Global CMO Report
During the event, Mathur presented findings from the GfK Global CMO Outlook study, which showed that 29 percent of senior marketers face resistance from their organizations to adopting new approaches, and 33 percent of marketers worldwide struggle to connect data from disparate sources. Although these are formidable obstacles, they are not insurmountable.
He added, "The excitement about GenAI is its ability to simplify tasks and boost efficiency without completely replacing jobs.
Mathur further mentioned that manufacturers that innovate have a 1.8-times higher chance of increasing overall sales, citing The NIQ Consumer Outlook 2024 research. Remarkably, 63 percent of people worldwide said they would be willing to purchase goods that have been creatively designed to be as affordable as feasible.
“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”, he added.