by Navigating the digital shift: Leading change management in market research – Speaker Interview with Pankaj Chopra, Vice President & Head – Analytics & Insights, Mondelēz International
MRMW: We are thrilled to have you on board as our Keynote Speaker at MRWM 2024. Culture and Cultural insights seem to be taking center stage in the world of insights – and you will be speaking about this as well at MRMW 2024. Why is the cultural piece so important in the CMI space now?
Pankaj: In an era of swift change, each of us plays a role in leading Digital Transformation within our organizations. This transformation is anchored in three fundamental pillars: (1) constructing a robust technological infrastructure, (2) crafting the appropriate procedures, and (3) fostering a shift in organizational culture and management. Among these, reshaping the company’s culture is often the most challenging and underestimated element of transformation. Therefore, the question arises: how can we facilitate a smooth, thorough, and effective cultural shift?
MRMW: What motivates you to join MRMW NA 2024 and what are your expectations?
Pankaj: MRMW NA 2024 is a future looking conference that will be attended by peers and key industry leaders. Hence the motivation is driven by a desire to stay abreast of the latest trends, technologies, and methodologies in insights and analytics. Networking with industry peers, learning from case studies and expert presentations, and discovering innovative tools and services in the field are also key factors.
As for expectations, I am looking forward to contemporary content, and forging meaningful connections that can lead to collaborative opportunities. Additionally, there is an expectation to return with a refreshed perspective and inspiration to drive the data and analytics transformation at Mondelez International.
MRMW: Moving beyond change management, what are the current challenges in Market Research & Insights both from a US and global perspective?
Pankaj: The industry is facing several challenges that are dynamic and multifaceted, influenced by trends, consumers and technology: and these are a combination of regional and global factors. These challenges are forcing the Insights and Analytics community to pivot. Some of these challenges are
i) Inability to get high quality and reusable data
ii) Rapid technology integration such as Machine Learning, AI and GenAI are offering new tools for data analysis but integrating these technologies into existing systems and workflows can be complex
iii) The demand for faster insights that sometimes conflicts with the need for thorough, in-depth research. Companies want real-time data analysis, but deep insights require time and careful analysis
Iv) Skill Gap as there’s a constant need for upskilling in the face of new methodologies and technologies. Researchers need to keep pace with skills in data science, analytics, and new market research tools
Pankaj: Addressing these challenges requires a proactive and agile approach, with a focus on continuous learning, adopting new technologies, and leveraging data effectively while being mindful of ethical considerations and regulatory compliance.
MRMW: What are your thoughts on the future of Insights?
Pankaj: The future of Insights is very dynamic and promising and is anticipated to evolve in several ways.
First if all, the integration of Big Data and AI into the insight generation process. This will lead to more predictive and prescriptive insights that can guide decision-making in real-time. Second, democratizing of data and insights as several user-friendly platforms are becoming more accessible to non-experts, so a strong need for to talk about the ‘so-what’ and ‘now-what’. And third, the role of personalization at scale as insights will need to drive the personalization efforts, enabling companies to refine their target groups and target them with personalized communication.
Going forward, we will see a strong interplay and integration between data, technology and insights. In essence, the future of insights is about harnessing the power of technology to understand and predict human behavior more accurately, while also navigating the ethical and practical challenges that come with such advancements.
MRMW: Outside of work, what do you like to do?
Pankaj: Play golf. Read. And most importantly, I teach Business Strategy at the Rutgers Business School. Also pursuing a one year program on Digital Transformation at MIT.
MRMW: Thank you Pankaj! We look forward to hearing more at MRMW NA 2024.
Hear Pankaj’s talk about Change management in market research and more exciting case studies, thought leadership pieces and interactive discussions with leaders from Google, Ford, Walmart, McDonald’s, Mars, Kraft Heinz, Reddit, Linkedin and many more at MRMW 2024 on June 26&27 in Atlanta.
