The key to the success of FMCG companies lies in two important aspects namely speed, and accuracy. The distribution across multiple geographic locations and a large consumer base are also challenges for the FMCG industry.
In addition, there are many digital media and delivery channels emerging today.
It is beneficial for FMCG's business growth opportunities. To achieve this, executives at FMCG companies must be able to make accurate decisions while racing against the clock. Not only need to make a business strategy for now but also have to be able to predict the business in the future.
So, if you currently working in the FMCG sector, what should you do to overcome the various challenges that exist? Check out the following reviews.
Collect and analyze a large number of reports
One aspect that cannot be separated from the FMCG company's business operations is the report. FMCG executives certainly need to know how sales are going at each distribution location.
However, teams in the FMCG industry often find it difficult to produce and compile reports due to its wide distribution location.
If the company is still using the spreadsheet application or even pen and paper, creating reports will waste a lot of time. it could also reduce the productivity of teamwork both in the field and at the decision-making level.
Get comprehensive insights from the report results
Generally, FMCG companies use internal market research data, the organization's sales history, and data from vendors such as Nielsen. This data is important, but in an industry with diverse customer-touch points, FMCG requires a broader insight.
Collecting the data using manual methods will limit the insights that the company gets and make aggregating the data more difficult.
In fact, companies need to combine internal sales data, market research, data from vendors, feedback from social media, and other data to get rich insights to support the right sales and marketing strategy.
Evaluating and predicting sales
As previously mentioned, FMCG executives also need to be able to design business strategies for the future.
Applications are needed to help companies identify what products to sell based on sales history, how to market products based on customer purchasing patterns, and optimize inventory and warehouse management.
Choosing the right operational management application
Most FMCG companies depend on business intelligence applications to collect data and gain insights that are used for decision-making. However, sometimes the application does not provide comprehensive information.
FMCG companies need to find ways to adapt to rapid changes to stay on top and survive the existing business competition. Here are three keys to coping with these changes:
- Assess the risk and benefit for each product category to identify which ones will stay in the market,
- Start planning a transition strategy from the traditional model to the new model, both digital and innovative,
- Develop an action plan with a clear work breakdown structure, a time frame for achievement, and a clear division of roles.
Make use of digital checklist application to excel in business competition
Nimbly is one of the solutions that can help companies to collect and process data in a comprehensive manner, so that executives can get the business insight and make accurate decisions in no time. With Nimbly, companies can also assign and monitor the implementation of action plans until finished.