The consumer packaged goods market is an especially competitive one. The global nature of the market and the presence of so many major players mean it's vital to regularly seek out new opportunities and avenues for improving everything from product development and manufacturing to supply chain and customer engagement concerns. Predictive analytics can play a major, positive role in increasing operational efficiency, identifying potential problems and highlighting areas for growth and development. As just one example, CPG companies can tap into existing and new streams of customer data to better understand the people that buy their products.
"Understanding the needs of consumers is central to continued success for CPG manufacturers."
Developing better customer intelligence through predictive analytics
Understanding the needs of consumers is central to continued success for CPG manufacturers. With business intelligence software solutions like the IBM Cognos suite of products, organizations can dramatically improve their ability to gain insight into the preferences and behavior of shoppers. Having that edge, no matter how it's specifically applied to a given product, line of merchandise or the business as a whole, means giving customers items that better match their wants and needs. In combination with effective marketing – which can also benefit from predictive analytics – such an approach can easily lead to improvements in sales and revenue.
Progressive Grocer pointed out the value of social media and digital interactions with consumers in terms of garnering more information to analyze. These channels offer businesses new dimensions of customer data, allowing them to form more detailed and complete pictures of those shoppers and optimize product development, marketing and engagement efforts. At its heart, more information on hand means more confidence in decision-making, a pervasive benefit that creates a positive impact across operations. A deeper, more holistic understanding of customers that continues to develop and change as new information is gathered means consistency and an advantage CPG manufacturers can continue to rely on for many years to come.
Aviana understands the many unique elements that set the CPG industry and its constituents apart from other segments of the economy. We know how central the relationship between customers and manufacturers is to continued success, and our big data and predictive analytics solutions tap into valuable data related to that connection. Our solutions can benefit internal operations like financials and inventory management, too, which means your company can apply the advantages of predictive analytics wherever they're needed or desired. To learn more, visit our dedicated industry page.
