PWC identifies 7 crucial analytics use-cases for the Indian FMCG sector – Customer, Pricing, Markets, Sales, Business, Marketing, and Supply Chain. And all of them are driven by data that is processed to uncover actionable insights for better, smarter, and robust decision-making. While we talk about actionable insights and analytics, there is one important aspect that we just cannot overlook – reporting. The more thorough, data-intensive, intuitive, and delightful your reporting is, the more value you can drive from the data you gather.
And, with the market valuation expected to hit the 15,361 bn USD mark by 2025 with a potential growth rate of 5.4%, FMCG players need all the insights they can get to edge ahead of the competition and command a greater market share. However, the availability of data and actionable insights are two very different things.
Here are some of the areas where FMCG companies struggle to get accurate, insightful data:
1. Trade Promotion Optimization: FMCG companies are always looking to maximize sales and ROI. They need to calculate base volume, price points, total ‘true’ cost of promotional activities, and calculate ROI for historical promotional events. To take precise business decisions and marketing strategies, they need to understand the impact of the key demand drivers on historical sales volume as well.
2. Sales Forecasting: Another major reporting use case is identifying a scientific method for the accurate prediction of future sales volumes. Such predictive insights will help FMCG companies to improve their target settings by identifying the impact of current market conditions on sales. However, reporting software mostly lacks the functionality of offering robust sales forecasting models as they don’t offer aggregation and statistical analysis of data.
3. Sentiment Analysis: It is hard to perform a sentiment analysis across your customer segments if your reporting lacks the preciseness and proper categorization of customer and market data. Hence, companies tend to lose out on such opportunities because their reporting is not intuitive and exhaustive.
4. Inventory Optimization: FMCG companies need to align their inventory planning, forecasting, and execution capabilities across the entire set of brand offerings. They consistently need insights from vast volumes of data at SKU locations. Further, this data is required on a weekly/daily level for the improvement of inventory forecasting. Without focused reports, it is difficult to build a strong inventory management system
5. Assortment Intelligence: Another important use case of reporting in FMCG is real-time tracking of the assortments and pricing of competitors. This kind of retail intelligence enables them to optimize their personal product portfolios. For this, companies need to identify products, brands, and categories where they have a unique advantage and can identify gaps in their portfolio.
So how can companies bridge the distance between data and insights?
With comprehensive reports that make sense of all that data. With reports that show you actionable insights to make quick yet informed decisions, that identify the leaks so you can plug the gaps, and that become your one source of truth. That’s why our reports never fail to make our customers smile.
FieldAssist’s comprehensive sales reports deliver delight to its customers with smart retail intelligence.
If you are in the FMCG space you already know how important it is to have robust reporting software that helps you make sense of all the data you have. With almost all FMCG businesses adopting technology and data analytics faster than ever, the one who will always stay a step ahead of the competition will be the company that uses intelligent retail analytics to derive its sales strategy.
FieldAssist offers 2 types of reports that make it exciting for FMCG companies to perform data analytics :
- Standardized Reports That Talk Your Language
Get detailed Daily Sales Reports that can be Brand wise, SKU wise, Beat wise, Area wise, or even outlet wise. Companies can keep a track of zero sales outlets or new outlets added, time spent per outlet, etc. This allows mid-managers to keep a track of sales performance over the month, understand which SKUs need to be pushed, which outlets need to be serviced more, etc.
- Flexible Reports that show only that data that you wish to see
There is so much data that gets generated every day that wading through it to get to the data points that you want to see becomes a long exercise. FieldAssist Flexi Reports allow you to choose only those KPIs that you wish to see. You can save different Flexi Report templates by choosing your own set of parameters and then save the templates. Once these flexible report templates are saved, all you have to do is download these reports and retrieve real-time data instantly. Viewing only the data that you want to see cuts down all the noise and distractions and helps you analyze the data faster and make better decisions.
For example, If you want to see how a new product has performed in various outlets across all the distribution channels that have a scheme running as well as in outlets that are not running the scheme, then you can create a Flexi Report that pulls in data from all over the country for only this new product.
What kind of impact can such comprehensive sales reports make on your revenue and on-field performance?
The comprehensive sales reports from FieldAssist not only help you reach more people by offering actionable insights but also help you amplify your product reach.
Using FieldAssist’s sales reports, a global FMCG brand in India was able to improve its team adherence by 46%, which in turn boosted sales by 40%, and expedited a whopping 100% increase in their retail outlets.
With delightful, engaging, and intuitive reporting in the form of visuals, you can make data-driven decisions and leverage business intelligence for steering your business towards sustainable growth.
So when your salesforce automation solution gives you the right reporting mechanism, it not only allows you to choose from hundreds of pre-built filters to personalize your sales reports but also allows for an exhaustive analysis of data that is no longer siloed.
Further, smarter and more intuitive reporting allows you to get decisive inferences from the mountain of data you generate every day. Hence, you can drill deep into the hidden trends and refine your business strategies accordingly for various purposes, such as increasing sales, increasing brand visibility, and higher market share.
To know more on how you can use your data in guiding your on-field and strategic decisions, reach out to us.