Packaging goods is no secret to the consumer goods market, but unpacking the insights from the deluge of data this sector brings is a challenge for many companies.
However, big data analytics can help consumer goods organizations derive value from past, present and future data and solve big business problems such as how to:
- Manufacture products with fewer steps.
- Deliver new products to market with more efficiency and lower startup costs.
- Perform customer service more effectively.
That’s the focus of a recent whitepaper from IDC Manufacturing Insights sponsored by TIBCO. On Thursday, November 7, we invite you to join Kimberly Knickle (@KimKnickle), practice director for IDC, and Judson Chase, industry solutions consultant for Spotfire, to explore how consumer packaged goods manufacturers can use analytics technologies to convert data into actionable insight and empowered, data-driven decisions.
Today, we’ll give you a look at some ways consumer packaged goods (CPG) manufacturers can benefit from a solid data analytics program.
What We Can Do With Big Data Analytics in CPG
Knickle says that we “want to be able to bring this data together to gain an integrated view of the data in the form of interactive dashboards, data visualizations and predictive analytics applications.”
With the right big data analytics tools, you can begin to fulfill that ideal of knowing “what happened, what is happening and what may happen.”
For example CPG companies can:
- Recognize Opportunities in Order Fulfillment. What business hasn’t asked “what if?” about its customers? Not many. But asking “what if?” is the first step. When you combine that question with data such as carrier data, inventory and consumer demands, you can begin to get a better understanding of when/if deliveries will impact sales and customer orders.
- Use Social and Ecommerce Data to Better Understand Customers. When you apply what Knickle describes as the “Four Vs” (volume, variety, velocity, value) with customer sentiment and transactional data, you can gain some very valuable insights about what your customers want and think of your company. This data can be applied to improve all areas of the business. Big data tools allow you to pull customer data from a variety of sources (social networks, shopping sites and point of sale) at a greater velocity than in the past.
This is just a surface view of the value of data analytics in this market.
Spotfire Blogging Team