Fast moving consumer goods or FMCG manufacturing companies introduce new brand variations often and keep exploring various ways to study the customer pulse.
Big data helps them immensely in understanding the customer needs using advanced data collection and analysis techniques. FMCG companies can handle competition easily by understanding their customer expectations better and striving to fulfill them with product innovation.
Analyzing the market competition
Big data is an integral part of threat analysis and market analysis these days as it helps in drawing quick data from various public sources regarding the competitors. It is extensively helpful to prepare a statistics-based SWOT analysis listing the key competitors for any company in the industry.
The real-time data sharing for sales team enables them to get speedy access to all the necessary information to finish a deal. Groopit offers excellent crowdsolving solutions that use Big data in numerous effective ways to collect, store, analyze and distribute data across various platforms to maximize performance. All the employees in a company work together backed by the pack of data to increase productivity.
Staying updated with the latest trends
Big data helps people stay updated with industry trends as it has a broad reach and analyzes information in various dimensions. Businesses discover robust ways of doing businesses with the available data and use innovative ways to gain a competitive edge over others. A tv show trying to surpass another show aired simultaneously collects all data about the competitive show’s viewers.
It incorporates elements in its shows to attract the target audience, identifying the gap left by the other show using big data analysis. Such measures help them beat competition easily and implement creative solutions to business issues with the help of the data mine.
Faster and prudent decision making
With access to real-time data from the manufacturing unit, industry happenings, and the inventory department, quick decision-making is possible. Assume a company manager has to make significant decisions regarding budget allotment for various departments. They can now do it by analyzing the data from all the relevant departments and the industry trends rather than trusting the information given by their subordinates alone.
A person in charge of purchase can analyze the strengths and performance of the product offered to them by a salesperson using real-time data analysis. They can purchase the product based on factual data proving the product or service does well in the industry rather than falling for sales tricks.
Quick data analysis
Big data enables speedy data analysis, which helps in correlating the related actions like manufacture, inventory, and supply chain. Earlier decisions for these departments were made based on predictions, and there was no particular data backup or substantial proof regarding the profit or loss gained through the decision.
It is possible to provide immediate customer satisfaction through big data analysis as the complaint solving time reduces by half. Quick data analysis helps the inventory managers and purchase in charge make effective decisions based on data rather than their assumption, which fetches more profit for the company and allows them to run the process smoothly.
Cost reduction
Big data aims to collect, store, and retrieve data in the cloud, which considerably decreases the cost of storing it in a physical server. Besides, integrated software that helps create advanced analysis reports within a split second eliminates hours of hard work. The companies can direct their employees into doing innovative work instead of pitching in hours of analysis work.
Businesses can save billions by doing targeted marketing and even creating new products that sell, studying customer purchase patterns. Both startups and huge companies benefit enormously from big data when it comes to cost reduction and come forward willingly to invest in the required infrastructure.