Last Updated: May 20, 2021
Co-presenting with Microsoft at the Retail and Consumer Goods Analytics Summit, the Prevedere team heard from executives and innovators at leading brands looking to discover data-driven growth strategies. Here are our top three takeaways from the event.
Nearly all retail and CG attendees see data and analytics as their top priority and they now have the systems and processes in place to truly make them useful.
Many retailers and CG companies have spent the past few years making vast improvements to their internal data and BI systems. While most CG companies and retailers still have significant data silo issues and are grappling with analytics, they are investing in the right places – such as consolidating data sets (eCommerce + in-store POS) and a mix of on-premise and cloud-based analytics that provides flexibility to scale while leveraging existing IT investment. With data silos beginning to be eliminated, companies are now determining how to approach the next step. How should they make the most of this data? What technologies can help address industry challenges and gain an edge over competitors?
As companies move from a product focus to a customer focus, predicting consumer expectations is key.
With that in mind, retailers and CG companies are looking for better ways to operationalize analytics. Advances in analytics allow companies to understand their customers’ habits down to the individual. They have plenty of information on shopping habits, communication preferences, geolocation, interests and more. The next step is determining how to use all of this information to best improve marketing, promotions, product innovation and retail experience. Download our report on the Evolution of Business Intelligence for insights on how to make your company more future-focused and data-driven.
How external influences affect retail & consumer goods
Several companies noted that they are allocating resources and budget within their analytics teams to better understand external factors. The CG industry, in particular, has been challenged to quantify the influence that such external factors have on demand, but companies are starting to realize that they only have a fraction of the consumer story. Momentum is gaining among both analytics teams and the C-Suite to get a better handle on this information.
“Unexpected changes in capital markets and economic conditions” are the most frequently cited risk factors found in the annual reports of the 50 largest U.S. companies by market capitalization, according to IRRC Institute. Based on the discussions at this year’s Retail and Consumer Goods Analytics Summit, companies are increasingly ready to tackle this issue head on.
In the Evolution of Business Intelligence report, Prevedere, an industry insights and predictive analytics company, has partnered with Microsoft and Dr. Barry Keating, professor of economics and business analytics at the University of Notre Dame, to describe the critical turning point currently facing traditional analytics, as technology and data merge to help business leaders make smarter, faster, forward-looking decisions. Read the full report >>