ENHANCING CPG WITH AI AND ADVANCED ANALYTICS

With the ocean full of ships and the sails set high, it's impeccable for the companies to shine up their cannons. With the flooding of Consumer Packaged Goods ( CPG) market, the smarter pirates have allied with AI and Advanced Analytics to regain the edge. In a study conducted, companies which resorted to advanced analytics gained a 10% edge over others.


PUTTING AI AND ADVANCED ANALYTICS OVERWORK

Earlier, the stacks of data collected were never considered as a valuable asset. However, with the deployment of analytics, traditional enterprise data, consumer data, partner data, everything has been consumed explicitly to generate predictions. Predictions such as demand of products, market trends, the impact of a marketing campaign and customer behavior.

Breaking down the predictions, the topmost advantageous applications in CPG were identified to be-

OBSTACLES IN EXPANSION

With the changes being so significant and transfusing, there are several hurdles in the implementation of Advanced Analytics. Every single current decision-making process, automated manual tasks, and calculations, existing business process, will have to change. Also, a new set of skilled and talented workforce will be required for implementation.

Considering all the factors, the following issues have been identified:

SUGGESTIONS FOR QUICK IMPLEMENTATION

Before scaling up AI and Advanced Analytics in CPG, the following steps can be considered for quicker implementation:

The goals and standards have been set high. Achieving them will require a hierarchical clustering to deploy all levels from broad level decision making to shop floor management. For a good head start, CPG companies should start with a handful of investments and gradually expand their nexus.

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