Compared to other industry firms, the ones in the FMCG business generate colossal amounts of data every day. Even though most FMCG companies use some type of Business Intelligence or Traditional Analytics software, the insights provided by these tools are mostly shallow and based on past-data.
In an industry with fast-changing trends, behaviors, and patterns, this type of analysis no longer gives a competitive edge and supports a forward-thinking strategy.
AI technologies like machine learning algorithms and predictive analytics bring in the much-needed accuracy in data and can give the right forecasts in crucial “what-if” scenarios and decision-making.
Needless to say, marketing, sales and supply chain teams need the most data-driven insights for everyday decision-making.
If the BI system is integrated with AI chatbots, the answers to these questions can also be directly sent to organizational messaging platforms like Skype For Business, Skype, Slack, Telegram etc.
The integration of AI into the existing BI system has yielded tangible business gains for several Fortune 100 FMCG organizations. Some of these gains include:
- Increase of marketing ROI by 3%
- Increase of primary sales by 2% – 3% and secondary sales by 10% – 12%
- Increase in market share by 2%