Benefits of Business Intelligence for Consumer-Packaged Goods (CPG) Industry
Like several other industries, Consumer packaged goods (CPG) companies also face several challenges like changing demographics, evolving shopping preferences, omni-channel competition, etc. In most of the cases, CPG companies are spread across multiple locations – countries, states, cities, & counties while they also have to deal with complexity related to product, price, promotion, place and people. Keys to success in CPG businesses are accuracy and speed. In this radically altering marketing landscape, Artificial Intelligence (AI), Machine Learning (ML), Predictive Analytics and other tools can bring success for the CPG industry.
With Business Intelligence & Predictive Analytics, CPG organizations can efficiently exploit the data. Leveraging data, CPG companies can make smart business decisions while having a real-time visibility across the entire business. Some of the reasons why CPG should use Business Intelligence are listed below: -
Transform Unstructured Data into Meaningful Insights: -
In this cut-throat market, data is very important. CPG organizations collect a massive amount of data from disparate sources that can be used further to get meaningful insights. Business Analytics tools such as Power BI transforms data into stunning visuals, enabling CPG companies to make fast, informed decisions. Interactive visuals of global data, not only help in analysis but also enables CPG to meet compliance and regulation needs. Rather than spending time on analyzing data, decision makers should leverage the built-in intelligence of tools like Power BI to generate rich insight that can be used instantly in rapidly changing market scenario. Furthermore, recommendations and tailored insights will enable decision makers to efficiently handle the future demands.
Enhanced Customer Service: -
Business automation solutions like Dynamics 365 for Customer Engagement comes with the virtual agent and chatbot capabilities that automatically answers the customers’ queries and resolve common issues. In case, virtual agents can’t handle a problem, or a user asks for a human agent, the virtual agent pulls in a human agent to help. With AI-powered chatbots, organizations can gain relevant insights by fetching data from platforms like Skype for Business, Skype, Telegram, Slack etc.
Predictive Intelligence: -
Delivering customized experiences to every consumer is a daunting task. Business analytics tools such as Power BI allow CPG companies to observe customer behavior, buying habits and closely monitor each action taken, to build an in-depth profile of consumer preferences. Leveraging this information, CPG companies can deliver highly relatable and specific experiences to each consumer in real time – across various channels. Furthermore, these tools also have the ability to accurately forecast in crucial What-if scenarios.