As more retailers make Electronic Point of Sale (EPoS) data available, Consumer Packaged Goods (CPG) companies have a huge opportunity to make more informed, insight-driven business decisions that drive sales.
So why aren’t more companies using EPoS data?
Because it’s not easy. Companies face a number of challenges:
-Not Enough Time
-Too Much Data
-A Manual Reporting Process
At the end of the day, most companies end up with too much data and not enough insight.
In our latest Leadership Perspective, StayinFront CEO, Tom Buckley, sits down with sales management leader and Managing Director at 20:20 Retail Data Insight, Ron Temperley, to discuss how companies can move from making important decisions based on informed opinion to hard evidence—in turn real facts.
By drawing on extensive sales management and consulting experience with some of the world’s largest consumer goods companies, Ron highlights some ways CG companies have transitioned from estimating the impact of its field operations to calculating actual incremental sales. He stresses the need to make these insights accessible and actionable by the people who are in the position to address and rectify the issue.
Ron describes that the ability to analyze data at a daily, individual SKU level, and use technology to deliver timely insights via dashboards and alerts, can increase efficiencies and drive sales. Key Account Managers would see patterns earlier and get alerted if a SKU is not selling as expected in a few or even hundreds of stores. Field teams are directed to the stores with the biggest opportunities and can see which products are underperforming and more importantly, why. Using this information, reps can identify any gaps within the agreement between the retailer and supplier and engage the store manager in a discussion on ways to maximize revenue.
To learn more about how companies are driving actionable insight from retail data, read the full interview here.