The importance of good analytics is something well understood by those in a category management role. These managers must know how to analyze spreadsheets, charts and graphs to discover trends, insights, and opportunities for their organization. It is absolutely essential to be able to cut through the useless clutter and focus on key pieces of information to develop winning retail solutions along with shopper insights.
In today’s challenging retail environment it can be difficult or even intimidating to put yourself in the shoes of a new category management analyst. The Challenges of analyzing data have grown exponentially over the years with the increased availability of information sources and data. These challenges can range from somewhat simple to rather advanced analytics. Including knowing what data sources to use, how to organize your retailer’s POS, even forming strategies and tactics to recommend to the retailer are all challenges faced by analyst, to name a few.
At LE our concerns for category management analysts are not limited to category management or the CPG Industry. According to the Harvard Business Review, analyzing huge amounts of unorganized, unstructured data will play an increasing role in managers and business analyst’s workload with the advent of the “Big Data Era.” They will be needed to interpret data, create innovative data based products and services, and conduct data-driven experiments. It becomes easy to see that additional skills will be required in order to thrive. We recommend that if your company needs to address these skills and knowledge issues, to seek out category management training and CMA certification.