A 73 pct of consumer products and retail enterprises believe that seeking a profitable growth is a very bigger challenge compared with the previous decade, a report by Ernst & Young said on Tuesday.
The Consumer Products & Retail Survey said there was increasing demand to exploit data towards strengthening the growth trend of enterprises. The survey showed that CEOs of top consumer products and retail companies acknowledged that in a digital world commercial analytics could offer a boost to performance improvement. Enterprises are using these data for some time now to draft their strategy, to take business decisions and to manage challenges. These data, developed analytics, offer a completely new form to this possibility by creating better, faster and more flexible ways to achieve a profitable and sustainable growth.
It is now clear that any businessmen using data analytics have the possibility to move closer to profitability, the survey noted, adding that thus who actually achieve this goal are the ones that have reached the right balance between technological and human element of analytics. They have invested on business infrastructures and have focused on human resources.
Commercial analytics offer a series of solutions applied mostly on consumer products and in the retail commerce sector, but similar techniques are also used in other sectors, such as auto industry, telecoms, pharmaceutical and banks. Their purpose is to highlight what lies behind customers' behavior and what affects purchasing motives. But above all, they focus on acknowledging and calculating the impact of changes in pricing policy, marketing, supply chain on sales, financial results and profits.
Commercial analytics offer quantity and quality responses on pricing, maximizing spending on promotion actions, more efficient product registration, improving store efficiency and better understanding of customers and their consumer habits.
Elias Visas, head of the performance improvement advisory services department in EYE Greece, said: "Enterprises of consumer products and retail must collect as much information as possible, to analyze tem and to transform them into actions in a very short period of time, in order to take advantage of opportunities in approaching consumers in a rapidly changing environment. Particularly in Greece, businessmen face not only the changing demands of customers but their limiting purchasing power also. Commercial analytics are the necessary ally to unlock consumers' preferences and to achieve a maximum performance of their enterprises".