To create a data-ready environment, food brands must shift faster toward cloud-based systems such as cloud-based data warehouses or lakes, cloud-based business intelligence platforms and cloud-based CRMs. Once these are established, companies can create data connections that span the supply chain and connect to critical retailer and distribution portals to create unified access and a unified view of the data.
Often, brands can tap into existing data systems and platforms with connectors, allowing them to slowly adopt more cloud-based elements, reducing the barriers and complexity.
A New Era of Data Readiness
Being data-ready allows food and beverage brands to coordinate more closely with processors, manufacturers, distribution and retail and take a data-driven approach to improve efficiency and profitability. But this requires having the technology in place to communicate dynamically and efficiently about sales activities, inventory levels, promotions, pricing, discounting, category performance and more, to ensure companies can run at speed and scale.
The most direct path forward requires evolving the organizational tech stack to create an all-encompassing set of data, sources and inputs, accessible from anywhere and connected to everything. By leveraging the cloud and connectors, applying automation, AI and machine-learning techniques, companies can then manipulate data in order to shed light on market changes, consumer behaviors and preferences, industry trends and more.
Artificial Intelligence Provides a Path Forward
Connectivity is just one element of an effective technology stack and strategy. With huge volumes of data, companies need a way to automatically and intelligently sort through it to serve up insights that can be used to optimize marketing, manufacturing, distribution and logistics.
AI and machine learning are paving the way for a fully connected and empowered supply chain. By leveraging the right AI-driven analytics technology within your stack, companies can optimize how products are produced, packaged, stored, distributed and marketed — in near real time.
It’s important to look for an analytics platform designed for retail and consumer goods that has connectors to business platforms and partner portals and an easy-to-export functionality. An effective platform should be able to automatically interpret supplier portal data and visually reveal the hard-to-see details hidden in operational data. Graphs, charts and maps should illuminate the most actionable data and provide clear visualization so managers can make quick decisions based on what the data represents.
By utilizing platforms that centralize and analyze data from across the business, any consumer goods brand can improve its knowledge of the market, quickly leverage customer behaviors, better understand sales trends and optimize marketing impact. But there’s no time to wait. Food brands that continue to lag will soon find themselves outpaced in the market by more agile and innovative competitors eager to “eat your lunch.”