In response, organizations are turning to data analytics to increase productivity and efficiency. That’s why augmented analytics are so key; incorporating natural language into AI enables non-technical people to use the software, which means business people can update their strategy and respond to the market as it changes, rather than after-the-fact. Certain KPIs will be more relevant depending on a given store’s CPG channel, size, location, or customer demographics served.

Next up is Activity Data. With every specific question (think: “what were sales and market share of X by month last year”), your non-technical users are aiming to get a deeper knowledge of broader brand health questions, such as: If your company has a solid answer to each of those questions, you’re in great shape to strategize for much stronger future performance. The CPG space is evolving, and it can be hard to keep up and ensure you do not lose market share or miss opportunities as things change. How often are they visiting accounts, how well are they able to cover their territory, which actions are they taking most frequently in the store?

The company reported ($0.05) earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of ($0.22) by $0.17. The business earned $263.70 million during the quarter, compared to analysts' expectations of $340 million. As a starting point, product startup specialist Ed Soehnel. AI is, essentially, automation of the maximum sequence of decisions originating from prescriptive analytics. When it comes to the data itself, leading companies secure comprehensive data from retailers and third parties, including full-basket and shopper-panel data as well as loyalty-card and coupon-redemption data. 18th Floor PMB 1241 So, they turned to AnswerRocket. By Activity Data we mean the specific actions your team is taking in the field. Sales and marketing teams then use these CPG data analytics outputs to highlight strengths, weaknesses, opportunities, and inefficiencies of categories within an organization. So, consider making the switch to an augmented solution that offers data visualizations alongside actual insights that help you gain a deeper understanding of the trends and results. There’s no request queue. KPI data will provide insights as to what you can address in the field to improve your team’s performance. Now that you have seen the preview, fill out the form below for a personalized demo of how AnswerRocket can enable your team to make better, faster, data-driven decisions by simply asking questions. Which high-volume stores are seeing unusually low sales, and haven’t been visited by a rep yet this month. In reaction to these challenges and many more, forward-thinking CPGs are investing in analytics platforms that give them a winning edge. This often translates to a business user having a question, asking for a report on said question from your analytics division, waiting a few weeks for a response, and receiving a thorough answer that does not account for follow up. Rather than requesting a report from a very busy analytics team, your typical user (such as a category manager) can type their question in and receive a detailed report in seconds. From there, data-driven teams can deploy their field team to take action at those target accounts. By Observational Data, we mean the in-store conditions your reps are observing and reporting from the field. KPIs, or key performance indicators, are a set of metrics teams agree on tracking to measure how well they are working towards their goals. With an augmented and accessible analytics solution, your sales team skips the wait-time on reports and goes straight to strategic review and planning. Thanks to the inclusion of natural language search and valuable data visualizations, non-technical users no longer have to wait days or weeks to get their questions answered. In humans, about 70% of promoters located near the transcription start site of a gene (proximal promoters) contain a CpG island. Or, she could move forward without getting exactly what was needed. Oakland, CA, US, 94612. hbspt.forms.create({ They simply type their questions into the platform’s search feature and build out their own dashboard.

This issue is especially prominent for smaller retail businesses and product lines that don’t have the resources to invest in dedicated business intelligence teams. Picking the Right Analytics Solution for your CPG Company, How to Succeed in Consumer Packaged Goods , analytics refers to insights and predictions generated using predetermined datasets.

The Nielsen Company is a global information, data, and management company that aggregates data on consumer goods, consumer behavior, and media.

By democratizing access, meaning all necessary members of the team can generate and review reports, you open the door to more curious and advanced thinking. It also means, that when questions are asked and answered, there is not much of an opportunity to drill further into the data without diving back into the cumbersome reporting process. 41 CPG Industry Statistics, Trends & Analysis Jun 29, 2018 by Brandon Gaille The CPG industry is focused on consumer-packaged goods. Think of it this way: data are the different points on a graph.

Sales Data is simply how much of each product is sold over a certain period at certain store locations.

Given the metrics-driven world of sales, your team has to be able to perform key research including sales pipeline review (tracking leads, selling stages, average time to close, etc.

Thanks to the immediacy of the self-service process, it is easy for a user to come up with a theory about consumer behavior and then test said theory through reporting and analysis. We also support easy-to-create visualizations that explore your data storyline, improving reports and product presentations. When it comes to the CPG industry, utilizing data in your overall business strategy is key to staying ahead of the curve. CPG displays have the potential to move the needle on sales, Growing a Brand Ambassador Program at Scale, How to Increase Chain Penetration with Data.

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This ensures that the next prescribed decision will automatically be better than the previous. As the name implies, with a self-service analytics platform, the power is in the hands of the user.

based on CPG channels. What sources allow for comprehensive CPG data analytics models?

As a starting point, product startup specialist Ed Soehnel created a KPI breakdown based on CPG channels.

While each of these companies are important data sources, businesses will likely need to invest in other CPG data analytics tools. As is explained in “Competing in the Age of Artificial Intelligence” from Boston Consulting Group’s Henderson Institute, “It is critical for companies to figure out how humans and computers can play off each other’s strengths as intertwined actors to create competitive advantage.”. With an agile and smart analytics solution plugged into your data, you can perform the kind of in-the-moment reporting and analysis that will help you move past the competition. What is the relationship between compliance and sales performance? ), win-loss analysis, and opportunity studies. From big-picture analysis like assessing marketing effectiveness and evaluating key performance indicators (KPIs) to more granular work like monitoring product availability and preventing out-of-stocks, the ability to conduct up-to-date research and reporting can prove pivotal. Instead, they should be thinking critically about how to make meaningful decisions based on those answers. KPIs can focus on things like sales volume and growth, rep visits over a period of time, new and churned accounts, and more. They needed to identify more growth opportunities, and they wanted to do so quicker than they had previously. In the end, your CPG gets its ongoing business intelligence questions answered while your analysts can leverage their new time to push your performance even further. Only 9% have made predictive analytics a priority, focussing instead on hindsight descriptions of what has already occurred. As Adam Levy, SnapAV President, explains, “AnswerRocket made it easier for our employees, including myself, to be curious about the facts in our business.”. Use the information you gather to feed your cycle of continuous improvement and take actions that deliver the highest impacts. Explore How AnswerRocket Delivers These Features, What Self-Service Analytics Means for a CPG.

The current and future value of insights should not be undersold. IRI is a market research company and digital data analysis company. Rather than a drawn-out process, everyone from product and brand managers to consumer insights specialists can dig into the available data and draw valuable conclusions about customer need and behavior.

Consumer packaged goods companies (CPGs) face a number of challenges ranging from changing demographics to evolving shopping preferences to the rise of omni-channel competition.

If you want to make CPG data analytics work for you, click here for details on Bedrock products and services, CPG 101: What XAOC Means and Why It Matters for CPG Brands, Infographic: How to Identify & Avoid Risk of Discontinuation, From Complex to Simple: Q&A With Bedrock’s SVP of Engineering, Nav Bhachech.

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