The uncommon data requirements of the FMCG industry, demand a tailor BI system which should possess the following characteristics:
1. The BI system should be a self-service one, meaning – users should be able to quickly generate customized reports without depending on the MIS team every time.
Read more: Power BI & The Shift to Self-Service Business Intelligence
2. An efficient FMCG BI system should be powered with advanced analytics features (preferably predictive analytics) which not only just presents insights but also
- ROI per dollar spent
- ROI of shelf life
- Losses due to OTIF and MSL non-compliance
- Dogs, Cows, Stars and Question marks
- Any uncommon sales, marketing or supply chain anomalies
- Marketing and sales promotional campaigns and channels
- Custom plan for cost optimization based on the BCG matrix
- Measures to reduce OTIF losses
- MSL value for region , sku , channel and store
- Future sales
- OTIF loss because of non compliance of MSL
- Growth opportunities in different regions, market and product segments etc.
While these are just a few scenarios, there are a ton of others where an intelligent BI can help. Get in touch with our Business Intelligence experts to discuss your BI strategy.
3. Since there are many influencing factors and innumerable consumer touch points in the FMCG industry, wide varieties of data need to be feeded in the BI system.
These can include big data from syndicated data providers, internal market research, weather forecasting, social streams, POS, historical campaigns etc.
4. While obtaining accurate data is itself a struggle in a traditional BI system, getting it in the right format is another tussle. FMCG executives should have the flexibility to access data in preferred and advanced visual formats.
These formats can be customizable dashboards, graphs, pie-charts etc.