The consumer goods industry has recognized the importance of big data in improving operational efficiency and is beginning to utilize big data in their day-to-day business decisions. In a recent CGT study, Big Data Adoption, an overwhelming 89 percent already have, or are working to implement a big data strategy for their organization- that’s a significant increase over the past three years.
BIG DATA brings about limitless reporting possibilities- You can select what data streams you need to drive your KPI’s, making every strategy custom. Whether you are streaming any combination of POS data, Nielsen, or account specific analytics, drilling into and understanding the information from your data streams allow for more intelligent decision making, and more cohesive communication within your organization and with retail partners.
But big data is ever-changing and can be a bit overwhelming. Companies want to integrate and analyze endless data streams, so they need their Business Intelligence solution to be scalable, elastic, flexible and fully functional. 35 percent reported the ability to handle diverse data sets as the most important feature, while an additional 30 percent cited diverse data visualizations as their number one priority. 64 percent say that it is critical to have custom analytics in their big data solutions, to access the information and data that they truly need to drive results.
Not only do consumer goods companies want custom analytics and reporting- they also recognize the need for mobility. They do not simply want to harness big data; they want to access it at any time, getting ahead of trends and make quicker decisions, improving their revenue. In the year to come, we will see more and more organizations utilize BIG DATA to drive their efforts and those who can utilize it properly will have a significant advantage.
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