In this video, you will know how data science is transforming our lives through Fast-Moving Consumer Goods Companies.
Most FMCG companies are not lacking in data from a wide range of sources. What they do lack is the capability to generate actionable insights from this data to generate real economic value. Data insights can let businesses be relevant and responsive to consumer needs, which may be a genuine competitive advantage in a crowded customer market. So let's take a look at the advantages of data science in the FMCG sector.
Decision Making: At every stage in its business process, from manufacturing to sales to delivery and marketing, any FMCG company faces several challenges in decision making. The only source that can be relied upon is the data and that's where Data Science comes into the picture.
Predictive Analytics: An FMCG company can gather data in the form of customer market data, market analysis data, finance data, market research data, social media data, and a lot more. However, it might be challenging for a company to use this data and then create action products that not merely cater to the existing situation but also as a future plan.
Improved Targeting: Optimizing data science or machine learning in the FMCG industry can assist small businesses in order to make use of data for developing revolutionary products, improve targeting, and raising revenue per customer.
Problem-Solving: With the help of advanced machine learning algorithms, the FMCG industries can merge all the data and bring structure to it, and therefore find better answers to various problems that plague their business.
Supply Chain Analytics: supply chain analytics can help a supply chain manager to set up and maintain the most cost-effective supply chain that would result in on time in full deliveries.
Targeted Advertising: FMCG companies invest a large proportion of their funds in advertising. With the help of machine learning and predictive analytics, the brand manager of an FMCG company can efficiently utilize his marketing spend in the right mix of advertising and promotional channels, which would result in a high return on investment.