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Data is king, the facts have already been established, which is why the success of every organization is heavily dependent on how fast decisions are made using accurate data.
In a competitive space like the FMCG industry where brands spring up sporadically from underneath others threatening to overthrow them, and other long-standing brands fold-up without so much as a heads-up — continuous access to detailed, reliable and up-to-the-minute data to aid data-driven decision making is what separates the best from the others.
Next to gathering data, is the ability to measure using these data — such as performance across the market, the full spectrum of Routes-to-Market targets (Marketing, Sales and Distribution performance), etc — and easily compare these measured results against targets, competitions, and even wider benchmarks.
The key decisions to be made by FCMGs generally revolves around the following:
In the world of FMCGs, If data is king, then consumers are the emperors. FMCG companies rely on consumers ‘pulling’ products through the supply chain, thus, they require a better understanding of consumer behaviour, patterns and choices — what they look for, what they ultimately buy, what they choose to leave behind, how they interact with the brands’ marketing mix, specific factors influencing the patterns of consumer purchases, analysis of changing factors within the society and others, and know if the brand fully satisfies the four C’s of customer loyalty, etc — to forecast demand. This deep insight allows for personalization of the brand experience, offering product recommendations, special offers, marketing strategies and purchasing options all designed to appeal to individual consumers.
However, in this global age, consumers are well aware of basically everything — in particular, promotions and price comparisons via the Internet — which makes them unstable, hence predicting their behavior becomes very complex. This is where business and data analytics play a crucial role in allowing organizations to derive predictive insights to enable competitive fact-based decisions.
Most FMCG companies are not lacking in data from a variety of sources, what they do lack is the ability to create actionable insights from this data to derive real economic value. This proves even difficult as a large number of them have inconsistent data scattered across multiple siloed internal systems with basic analytics to drive business decisions.
In relation to tools, the challenge of the FMCGs is that the limited platforms available today are expensive and not robust enough to meet the peculiar capture needs of each project — for example, offline capture for when FMCGs need to meet retailers in remote internet-dead areas, or geotagging capabilities for when FMCGs need to make data-driven decisions based on geographical locations of outlets or customers captured per location.
BioRegistra is one digital tool that can help. BioRegistra is a mobile, end-to-end digitization and data capture solution that enables individuals and organizations to convert all kinds of paper forms to digital forms, enhancing the collection of just about any type of data required to grow your business and meet your customers anytime, anywhere. With BioRegistra, FMCGs can collect different categories of information, including textual and biometric data, and ultimately enhance the running of day-to-day organizational activities. BioRegistra nullifies the shortcomings of paper forms and improves the overall productivity of fast-paced industries like FMCGs.
With BioRegistra, FMCGs have a robust platform to collect all kinds of information — textual, fingerprints, image, and so on, that conform with accepted predefined standards. Every information needed to carry out an effective Route-to-Market survey, in-depth retail and sales analysis, supply chain assessment, even biometric data capture for customer profiling to give brands insights on more personalized interactions to foster customer loyalty — with BioRegistra, FMCGs have one tool to collect them all. Even more, BioRegistra will let you create sub-projects for your main capture project(s), called subforms. These subforms can be used to collect even more information peculiar to each capture made on the project — like collecting the shift schedules of each agent in the stores.
BioRegistra pinpoints the exact geographical location of each capture project on a map giving FMCG brands a full awareness of what’s going on in the retail space, including customer behaviour and adoption level of the products per geographical zone. This is enabled by the geolocation feature on BioRegistra, allowing you (the admin) see agents in real-time on a map as they fill forms in different locations. Your business can ultimately make quick decisions on which distribution channels require more marketing energy by performing real-time analysis of business performance in these locations as measured against your competition per location and overall business objectives.
As an FMCG with an extensive base of retail outlets in many locations, including rural areas where internet connection is low or unavailable, BioRegistra’s offline capabilities will let you collect data regardless. This is because the platform works online and offline and allows for non-stop retail census and quick completion of projects anywhere. This means you can reach your retail outlets worldwide and without limits on the field. The captured data comfortably sits on the device and gets synced to the backend whenever the user has a network connection.
The BioRegistra analytics tool provides FMCGs with full reports on the demographics of outlets in different locations, which can be represented on graphs and charts as preferred. Reports could include purchase frequency in all stores, operating days of stores, types of stores and their locations, etc. all of which can be downloaded and exported in multiple formats.
Armed with deeper insights into consumer behaviour, FMCG manufacturers will be able to find creative and efficient ways to optimize customer engagement, influence the consumers’ path to purchase, improve the effectiveness of marketing and maximize supply chain efficiencies. These can only be achieved when technology is aligned with the wealth of data that drives it. Those who fail to do this stand the risk of being left behind.
Are you, or your organization passionate about data? collecting it? collating it? analyzing it? then you are the kind of people we write for. Follow our publication, and you would gain knowledge on everything data, from the process of easy capture to the end goal of making data-driven decisions. Find out about our company SEAMFIX and how we solve big organizational issues with third generation solutions- HERE.