The Consumer Packaged Goods industry has been slower than most in adopting the latest information technology. However, that is changing. Consumers are increasingly tech-savvy, and they expect firms competing for their business to be the same. Successful members of the industry understand that they can be more efficient and responsive, and build better customer relationships, by investing in new digital solutions.
These might include macro level systems, such as enterprise resource planning, supply chain management or marketing automation. Solutions may be more tailored toward customers themselves, such as social media and mobile applications. All of these tools can help firms connect with their customers and deliver better service. And while they may require significant upfront investment, in the long run they can lessen costs and raise profits through greater efficiency.
But information technology poses a challenge to firms that are unfamiliar with it. These solutions can generate an enormous amount of data, which must then be analyzed and used to develop actionable solutions.
Use Business Intelligence Software to Handle Data
Any successful system can take some time to implement, and often even longer to begin creating a return on investment. To skeptics, this can often create the impression that the system does not work. Few competitive businesses are interested in throwing away money, which is why it is so important for firms to begin seeing value as soon as possible.
Taking several days to compile important data and present it in a usable form is no longer acceptable. This can now be done in mere minutes with the right business intelligence software that can integrate data from multiple sources, including warehouses and retailer point-of-sale systems.
No matter what insights are gleaned from this data, it can only provide value to the firm if it is used to take action. The good news is that advances in big data have made it possible to collect far more information than previously, significantly increasing the possibilities for informed action. Of course, the key is to determine which actions need to be taken. This is where it becomes important to compile the data collected from a wide variety of sources into visualizations that provide a cohesive narrative.
For those in the Consumer Packaged Goods industry looking to invest in information technology, Interactive Edge offers a number of creative ways to get the most out of your data. Check out the rest of our website to learn more about the services we offer to our clients.