In our high-tech world, the availability of data can be overwhelming. Consumer goods companies in particular face the challenge of gathering and utilizing both macro- and microeconomic data points that serve as invaluable barometers of future trends. Add to that the scope of examining consumer behavior, and you have a data explosion that demands structuring and prioritization before it can add any value to the products offered and delivered to the end consumer.
Consider a multidivisional food manufacturer that has built household-name brands. To maintain market leadership, the company cannot rest on its past successes but must remain vigilant in examining consumers’ needs today and into the future. Internal transactional data is just the first step—this data must be captured and examined by individual product and its respective variations in packaging, color, flavor, geography, and so on. Any nuance of change from historical data can indicate a bigger change. The company’s current brands and new product and pricing strategy depends on the analysis and integration into its decision-making processes of both internal big data and big data that can be captured by retail partners and outside research firms.
Big data has the potential to influence all product and pricing decisions in the consumer goods marketplace. Today, it is important for all organizations to understand the importance of big data for:
Evaluating customer trends and behavior that influence pricing and product decisions.
Evaluating product pricing strategies.
Assessing competitive activity in the marketplace.
Identifying and leveraging profitability opportunities.
Do you want to grow your market share, defend against an aggressive competitor, or just protect your market leadership? Do you want to leverage big data to make profitable product decisions? Do you want to make the right investment decisions by streaming only useful data into your organization?
As with the multidivisional food manufacturer using big data and sophisticated analytics, you can gain a competitive edge by understanding how to manage and make better decisions using the best big data streams. The Accenture Academy courses Consumer Trends and Behavior Evaluation Using Big Data, Consumer Goods Product Pricing Strategies Using Big Data, Consumer Goods Assessment of Competitive Activity Using Big Data, and Consumer Goods Product and Profitability Opportunities Using Big Data will help you begin your journey to reach tomorrow’s consumer and build a profitable business strategy in this marketplace.