Data Visualization Adoption Witnessing a Bright Future In FMCG Sector
The global consumption of resources across all spheres of life is soaring at new heights. Every moment and business volumes are increasing every day, enterprise datasets are becoming huge worldwide. Across industries, companies are taking advantage of their data resources by leveraging data visualization and analytics capabilities. They help to cut costs and target customers more effectively. Till recently, the FMCG sector had arguably been slow to embrace the potential of datasets. But now the things are changing rapidly and businesses have begun to see how datasets can be used to find new visions that drive business.
The current Trend
According to latest studies carried out, the global market for data visualization and analytics within the FMCG is maturing. And the forecasts predict that the expenditure on related technologies and services will exceed $40 Billion in the year 2018. A review of the world’s top FMCG companies reveals data visualization and analytics, being leveraged widely. Significant gains relate to using customer behavioral data to improve supply-chain issues, and support for specific marketing initiatives.
Well known manufacturers and FMCG companies have already been using data visualization and analytics to achieve significant savings in inventory costs. It is said that Procter and Gamble alone saved more than $1 Billion adopting this approach. Others, such as Nestlé, Coca-Cola, and Mondelēz are using it to develop innovative products, improve targeting and increase revenue per customer.
FMCG in future
As a matter of fact, most FMCG businesses do not lack data. Instead, they have historically been unable to link data on marketing activity to commercial outcomes. This has placed FMCG businesses at a significant disadvantage relative to other business models and retailers. While it’s true that this sector already uses datasets, often the same data as the retail sector, but greater opportunities exist in future. And it clearly means that the business arena is going to witness a high rise in the adoption of data visualization and analytics within the FMCG sector in the years to come, across the globe.
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