Big Data Fmcg

Big Data Fmcg. DigitisationImproved Supply ChainTransportWarehouse OperationsProductsand Price PointsConsumer PersonalisationProduct Supply and ResourcesThe FMCG sector has experienced much change in the last 5 years political and economic uncertainty has in fact made way for smaller independent and UKbased brands to make their way to market while we have also seen increase in the use of digital channels The rise of ecommerce has caused large stagnant corporations’difficulty as they areoftenslow to respond to the hyperconnected retail world Smaller brands are more flexiblein their approach and areecommerce ‘native’ often having begun their journey by selling in small quantities online As an increased share of the customers time and spend takes place on digital platforms companies can evolve a onedimensional online presence into one thatcontinues to understand consumer trends and behaviour and improve sales Without a solid supplychain the FMCG industry would crumble It is critical that the journey of manufacturer to packaging to retail runs seamlessly otherwise your reputation brand imageand ultimately profitsare set to take a hit Previous research has found that items that are ‘out of stock’ for more than 10% of the timecan shave 4% off of annual profits Brandscan usebig data to drive their decision making rather thanuse gut instinct or speculation Analytics and algorithms can beusedacross various aspects of the supply chain network to yield results For instance when it comes to logistics and delivery networks data derived from geoanalytics can be amalgamated to create more efficient and streamlined services This means that wait times can be reduced anissue that is known to be a concern across the industry Advances in analytics and the gathering of data is leading to warehouses becoming ‘smart’ and being managed more efficiently Processesandfacilitiessuch as stock inventory materials handling and mismatched deliveries can be carried out and monitored in real time as can the performance ofmachinery and equipment Performancedata for machineryand equipment meansthat companies that track impacthistory service needs and labour requirements Ultimately big data enables supply chain and warehouses to improve their safety inventory accuracyand operate at an optimum level with decreased downtime A report by Accenturestated that the use of big data in operations and warehouses lead to a 10% increase in supply chain efficiency while McKinseyreported that their research found thatFMCG brands using big data outperformed competitors by 6% It’s clear to see the correlation between big data and understanding the consumer and big brands are using insights from predictive analytics intelligence software and data mining to develop new product ranges These insights include customerbehaviour and preferences By actively analysing consumer interactions companies can align their product offerings with the interests needsand values of customers By cross referencingthis data with the identification of market price pointsandcustomer segments new datadriven pricing strategies can be created and changes can be made to supply chain elements to make products more cost efficient Household name Proctor and Gamble are renowned for using big data to create actionable insights to revolutionise the way they bring products to market click hereto find out how Big data can of course drive FMCG brands to customise and personalise their marketing campaigns and messages It’s no secret that targeted strategies lead to increased market share By using intelligence tools and platforms like artificial intelligencee commerce and digital channels alongside consumer data businesses can deliver crossplatform consumer experiences that drive conversions and improve brand loyalty Big data can provide insights that help FMCG brands understand the volatility of the resource market and how critical resourcescan be used more efficiently There is much focus on ethical and environmentally sustainable products from food and FMCG brands and big data will enable brands to accurately communicate their sustainability message to consumers In an industry where data has the ability to directly impact productivity and profitably it seems that ignoring the opportunitythat big data presentswould be nothing short of a bad business decision We look forward to seeing the adoption of big data in the FMCG industry and the innovation and growth it brings with it.

Big data analytics is clearly a gamechanger for the FMCG industry It has the power to transform huge volumes of data into actionable insights and it’s accelerating the pace of innovation in the industry Now FMCGs have the opportunity to predict the unpredictable and this is setting switchedon businesses strides ahead of the competition.

Big Data FMCG: optimizing your supply chain

Big Data and AI in the Mass Consumption (FMCG) sector We work with Mass Consumption companies in their transformation process towards becoming dataoriented organizations We speed up this transformation throughout the company’s value chain with specific solutions for each business area and issue In a highly competitive and constantly.

The Role of Big Data in FMCG The Sterling Choice

The Changing Face of Market Insight‘LongHeld Beliefs and Assumptions Have Fundamentally Shifted’Consumers Consumption and Covid19While the COVID19 global pandemic is characterised as a highly disruptive event Vasani observed that it has largely speeded up changes already occurring in the industry It has acted as an accelerator to both consumer attitudes and industry processes In particular food and beverage makers are increasingly seeking out techbased solutions to the pain points coronavirus has highlighted in their innovation procedures “Since 2018 the FMCG industry started to recognise the possible applications and value of technologies like AI which has been applied not just to R&D use cases but also in production and marketing The largest FMCG companies now have dozens of data scientists working on a variety of business problems and they are also entering into strategic partnerships with technology companies like IBM and Spoonshot”​ This has had a big impact on ‘legacy’ market researchers who have in tern responded by scaling up their technology capabilities Vasani suggested “These busines The tech entrepreneur believes that the longterm impact of COVID19 should not be underestimated “There will undoubtedly be a new normal in almost every aspect of our lives and this includes the changes we&#39re seeing with food innovation and research Why? Because we&#39ve been forced to consider and reevaluate what we thought we knew to be true​ “Longheld beliefs and assumptions have fundamentally shifted In FMCG an example might be ‘We would not launch a new product unless a targeted consumer study had validated the needs and jobs to be done’ This view is rapidly changing because of COVID and because the alternatives technologyled solutions are more compelling by most metrics”​ Data and AI are making bets that would once have been considered too risky by large FMCG brands – who often take a ‘fast follower’ approach to innovation – safer This opens up the possibility that large brands could become leaders in innovation with significantly shorter product pipelines “In the The milliondollar question in the food sector right now is what coronavirus will mean for consumer attitudes to food Spoonshot has seen a jump in interest among its FMCG customers “During times of unexpected and significant change having a pulse of consumer behaviour at scale can be analysed to reveal both broad longterm effects as well as nearterm or nuanced impact Right now FMCG companies are mostly in the dark about what the medium and longlasting changes to the industry will be They are scrambling for answers”​ Vasani revealed “Spoonshot has fielded a high volume of enquiries specifically about the longterm COVID impact and where brands should focus their now narrowed R&D budgets”​ According to the tech company there are some obvious outcomes – but real time data analysis can provide important granular detail “Food companies don&#39t need AI to tell them that there&#39s going to be increased interest in immunityboosting products or that consumers will seek value fro.