LONDON--(BUSINESS WIRE)--Most companies do not take full advantage of the data they collect. Analytics are incredibly useful tools and, when used correctly, can improve sales and reduce costs. As competition grows and small, agile companies gain an edge over their larger counterparts, it becomes increasingly important to take advantage of CPG analytics.
Key vendors throughout the market are adopting analytics to refine and improve multiple aspects of their business, from marketing to product mix to production and beyond. Global analytics and advisory firm Quantzig has announced its top 7 ways to make the most of these analytics tools and improve overall operational performance.
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7 Ways to Turn CPG Analytics into Sales
Foresight is better than hindsight: Many companies collect data in a variety of ways, but don’t analyze it or act on the information. They look at what happened, but don’t use that to determine what to do in the future. Have a purpose in mind when collecting data, then allow that data to inform subsequent decisions.
Have sufficient infrastructure and staff: In order to use analytics effectively, the company needs enough resources to support them. If in-house infrastructure isn’t in the budget, there are many cloud analytics services available as well.
Act on analytics insights: It is still not enough to analyze data without then using that information to make decisions. One way to do this is to change stock frequently. If analytics suggest a particular product isn’t doing well, don’t be afraid to pull it from the shelves. If one region has specific consumer preferences, adjust the product mix in that area to cater to those preferences. Being flexible can improve sales and provide an edge over competitors.
Track costs: Monitoring expenses such as raw materials, payroll, and marketing can reveal areas of inefficiency and waste. Analytics can find ways to reduce expenses internally, freeing up funds for other projects.
View the entire list of top 7 ways to turn CPG analytics into sales from Quantzig
For information on Quantzig’s services and solutions, or information on recent successful projects helping Fortune 500 clients, please contact us.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.