According to the announcement, GfK plans to invest around €100m. It will finance the programme by generating around €200m in cost synergies globally over the next two years. 

The new strategy for strengthening competitiveness will see GfK concentrate more closely on clients and fuel digital innovations. The company's 'transformation into an agile, client-centric organisation’ is designed to improve its ability to rapidly adapt to new market conditions.

The transformation will also see GfK move away from its previous set-up of consumer experiences and consumer choices business units. Instead there will be two teams: GfK digital and GfK research. 

Another change will see the company move to having just one office per country. 

In the announcement, Peter Feld, CEO of GfK SE (pictured), claims that GfK has "become too complex and has missed key trends – particularly in terms of digitisation."

"Over the years, these trends have also resulted in changes and new requirements among its clients," he said. "To get the company back on track, we have to strengthen our competitiveness and digitise GfK.

"From now on, everything we do will be carried out with a relentless focus on our clients.”