After review and digestion of the article on the McKinsey Quarterly in reference to Big Data & Shopper Insights “ Winning with IT in consumer packaged goods: Seven trends transforming the role of the CIO” many of the strategic plans shaping the Learning Evolution organization are aligning with CPG growth needs.
As data continues to rise, and information becomes readily available to consumers, CPG companies are finding the need to evolve with their customers. Some experts argue, that consumers are beginning to drive categories and advertising more than the CPG companies themselves.
With apps like Consmr , often referred to as the Yelp of the CPG industry, customers clearly articulate what they like about each product purchased and share instantly with the world. So look out Mr. CPG if you packaging is faulty, your product doesn’t wow them, or make them feel warm and cozy inside because the world is going to hear about it. Rather than fear this ability of the consumer, many companies are responding in big ways.
The McKinsey article discusses the recent shifts of business strategy in the IT sector and how the internal atmosphere is changing. Organizations for the last 10-15 years have been investing in IT infrastructure to streamline internal processes, but now CPG companies are coming to a harsh reality: adapt & evolve with IT or die. This certainly simplifies the concept of investing in Big Data and Insights for CPG companies but read the article and it’s evident. Mobile usage is still going up, and buyers are starting to shape the market. Manufactures & retailers, if using social channels correctly, are beginning to connect with customers on a P-to-P basis.
So what does this mean to CPG manufactures and retailers? Learn to use tech as your behind the scenes guide to the giant game of chess we play. Do not be afraid of data, rather accept it, invest in it, and grow with the rest of us.
Director of Business Development
Learning Evolution LLC.