How Business Intelligence is used in the FMCG industry
The Fast-Moving Consumer Goods (FMCG) industry is highly competitive and requires keen business insight to stay ahead. And one tool that is truly advancing this sector is Business Intelligence (BI). Here’s a look at the role of BI within the FMCG sector.
What is Business Intelligence?
BI is a software tool that provides an overview of business operations by looking at historical data that has been gathered. Once the data has been refined, it is then communicated to end users in a visual format through reports, graphs or dashboards. Comparative information can also be sought on other companies within the industry as a way to benchmark progress.
How can BI improve the FMCG industry?
When properly integrated and implemented, BI can have some impactful results on the FMCG industry in a number of ways. Here’s a look at a few:
– Optimise FMCG delivery networks
Product delivery is a crucial element of the FMCG supply chain network, and by integrating BI, your business is able to use geo-analytics to merge delivery networks and streamline the process. This works to diminish any lags in delivery while improving the accuracy of the service provided – products are getting where they need to be on time.
– Improved warehouse management
Another factor within the FMCG industry’s supply chain that can be improved through BI is warehouse management. BI technology allows for the analysis of various processes in real-time, including deliveries and inventory levels, which facilitates performance tracking. This information can be used to improve warehouse management overall.
– Faster supply chain processes
The supply chain is critical to the FMCG process, with supply of stock a strong determining factor for industry stakeholders. To ensure your product is always in stock, BI can be integrated to improve the supply chain process from start to finish, by providing stakeholders with accurate data analysis rather than decisions being based on guesswork.
– More customer insights
The analysis of big data gives business owners insight into their customers through product tracking and real-time information on purchasing behaviour. With such valuable data, FMCG companies are able to customise their approach when it comes to marketing campaigns and advertising.
– Targeted customer promotions
These customer insights provided by BI allow for more targeted customer promotions that actually speak to what the customer truly wants. Individual purchase data lets your brand develop a tailored promotion that reinforces brand loyalty and provides a suitably enhanced customer experience.
– Create products that consumers want
With access to this informative data, you’re also able to adjust and begin creating products that the consumers actually want, rather than trying to sell them something that simply exists, or has existed for some time now. Using valuable insight, big brands are bringing out new product ranges, based primarily on this data, that meet modern and evolving needs.
As a leading BI supplier, Canvas Intelligence will show you exactly why big data analytics is going to benefit the FMCG industry. Using this valuable tool, you’re able to make better business decisions and reduce overall costs while improving your customer experience. Canvas Intelligence also provides ongoing BI support so that you’re always gaining from this worthwhile investment.
Canvas Intelligence provides granular business intelligence solutions to help companies track operational efficiencies, control budgets and manage costs in real-time.