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How FMCG can be “Fast Moving” in Technology Adoption too

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Nikhil Aggarwal

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How FMCG can be “Fast Moving” in Technology Adoption too

Picture of Nikhil Aggarwal
Nikhil Aggarwal

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Thinking fast and slow – with technology adoption

Technology has done wonders for the world. It has revolutionized how corporations function and achieve their business goals. Whether at the day-to-day level or the strategic level, few aspects of corporate existence have remained untouched by technology.

Yet, it has touched different industries differently. Industries like Finance and Manufacturing have been at the forefront of tech adoption, both hardware and software. FMCG, on the other hand, is notorious for being slow in embracing new technology.

The sector’s reputation is not entirely a fault of its own making, but more the result of two primary factors:

  1. The fast-moving nature of its business, which impedes change, and
  2. The larger change and risk required for implementing change

Times change, and so do attitudes

Yet, attitudes are slowly changing. Consumers are benefiting from more and more choices. The power center has started shifting away from brands – and towards customers. As the industry reinvents itself, it is also realizing that technology needs to be embraced – but in the right way. A lot of digital business transformation boils down to finding the right balance between the Old and the New.

For example, India’s e-commerce market is exploding. Rapid urbanization is helping catapult India’s e-commerce industry to unprecedented levels. India, now the most populous country in the world, is also the second largest online market in the world. And the momentum shows no sign of slowing down: only about half of Indians are active internet users so far. But the online market still pales in comparison to its offline one.

Online sales in India constitute barely 10% of total retail sales. However, this doesn’t mean that either can be ignored. Just as the industry is attempting to navigate both the urban and rural markets at the same time, it also needs to navigate both traditional and ecommerce mediums simultaneously.

Neither can be ignored or considered a lesser priority. Both arenas are affected by ever-changing consumer preferences, rapid increase in disposable incomes, and deep-pocketed competition. The most successful brands are re-working their RTM strategies and sales tactics for both offline and online channels.

So how can large brands maintain their lead and consolidate their gains in this new era?

How can local brands leverage their strengths and race ahead in this new world?

How can brands utilize the latest technology while still leveraging their legacy systems?

How can CPG firms make their supply chains future ready?

An intelligent way to utilize Enterprise-Ready AI

Welcome to a brand new vision of the future: FieldAssist Intelligence and AI Suite.

FAi is a revolutionary approach to solving RTM business problems. It is rooted in empathy for your business needs, an appreciation of the unique and bespoke nature of each challenge of each corporation, a relentless focus on the business rather than the technology, and a commitment to helping you unlock the full potential of AI, Machine Learning.

FAi is built around four pillars:

  • Business-led, People-led, Empathetic: Business problems need business solutions. Deploying technology is not enough, you need something – and someone – who understands your business inside out, and empathizes with your challenges.
  • Customized, Tailored, Unique: One size doesn’t fit all. An approach that worked for your competition may not work for you. Our solutions are tailored to you and designed keeping your challenges in mind.
  • Incremental, Gradual, Progressive: Big-bang approaches never work with large organizations – and larger ambitions. The larger the dream, the more the need for sensitivity. Change is best implemented gradually, in incremental phases. Small actions, taken step by step, can make a big difference.
  • Iterative, Piecemeal, Refining: Backed by the most advanced cutting-edge algorithms and trained on hundreds of possible scenarios, FAi’s enterprise-ready AI-ML models learn on-the-go and constantly improve with each iteration, automatically adapting themselves to your unique environment. 

FAi represents a paradigm shift in the way FMCG corporations handle the problems of the 21st century. Backed by more than a decade of experience in enabling CPG firms such as yours to maximize revenues, with more than 600 success stories across 12 countries, cutting-edge generative and adaptive Machine Learning algorithms, and a unique empathetic, human, people-led approach to solving business challenges, FieldAssist is here to help. Come join the future. Leverage the power of Enterprise -Ready AI in your business to gain an edge over your competition with FieldAssist FAi.

To know more about FAi, check out our website:  https://www.fieldassist.com/fa-intelligence-and-ai-suite

Recommended Read: How to get business buy-in for your digital transformation project

 

 

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