Are you and your team versed enough with the innovation, science, and technology of data analytics necessary to develop a comprehensive data strategy that will drive the continued success of the products in your company? The data says probably not. According to research from Retail Info Systems News in their 2023 Retail and Consumer Goods Analytics Study report:
- 48% of CPG manufacturers believe they don’t have the right staff to lead their analytics strategy.
- When asked about additional analytics resources, 32% of retailers ignore the need, 39% of consumer goods manufacturers outsource some work, and another 26% agree with retailers that they’re not addressing these needs.
Ostriching is not a sustainable strategy. Frankly, anyone ignoring the need for a data strategy should feel somewhat uncomfortable. It’s 2023, and flying without a comprehensive data strategy is as irresponsible as jumping from a plane without a parachute. The world of data is evolving faster and faster with increasing numbers of data sources, increasing complexity of models, and new tools coming online every day. The research says, “Both retailers and CPGs are planning changes to their analytics software over the next 12 months. CPG manufacturers plan to focus upgrades on data security (58%) and reporting tools (55%); retailers plan to focus promotions on data visualization (52%), security (39%), and in-store analytics (39%).”
The underlying message here is that the intricacy of data analytics has grown faster than the development of most analytics departments within CPG companies. This isn’t a new phenomenon; we’ve seen it in fields like IT and digital marketing. In those areas, it’s become standard practice to collaborate with third-party specialists to gain access to complex systems and expertise, such as AWS and Azure for IT, digital agencies for marketing and advertising management, or consulting firms to address business processes. Organizations increasingly recognize the benefits of partnering with highly skilled third-party analytics teams.
Crucial elements of a comprehensive data strategy include:
- Aligning With The Business Goals: Ensure your data plans align with the company’s goals.
- Determining Your Data Maturity: Figuring out where you stand in using your full suite of data and analytics efficiently
- Define The Tech and Structure Behind the Data: This is all about the tools and systems you use to handle your data.
- Define The Expectations From Your Team: Your team of experts or third parties who analyze the data and turn it into something useful.
- Keeping a Tight Grip on the Data: Ensure your data is managed properly, accurately, and securely.
- Have A Game Plan for Using Data: A step-by-step guide to how you will use data to reach your goals.
- Making Room for Change: Have you accounted for and understand the impact of AI on your analytics?
At Big Chalk, we specialize in the science of data. We invest in understanding data complexities, enhancing insights, integrating new data sources, assessing external variables, and striving for excellence in this field. Let us be your secret weapon.
Let Big Chalk assess your needs, evaluate your current state, and partner to build your strategy.Share this on