Analyze consumer data?
Transform commercial outcomes?
An integrated approach to analytics can accelerate commercial value delivery in the consumer products industry
How to get more value from commercial analytics
In the never-ending quest to capture a competitive edge, consumer products companies have been investing heavily in data and commercial analytics. But these investments too often fail to deliver the expected levels of value.
Firms are more likely to find the elusive growth that data and analytics can unlock if they execute well in five key areas.
Rob Holston, EY’s Global Consumer Products Commercial Analytics Leader sets out the key failure points, and how to avoid them, so you can invest in ways that will help your firm to grow. Below is a quick look of the key areas to getting it right:
Click on each image below for more information
Build analytics for consumption
Invest in commercial analytics that deliver the right insights to the right people in the way that works best for them – from mobile phones and tablets, to wearable devices. It’s often in the gap between insight and action that the battle for consumer spend is won or lost.
Integrate data and insight
Support investments that will combine structured and unstructured data. Firms that use commercial analytics well can integrate different kinds of data from different sources.
Scale analysis and insight development
Create a consistent approach and a capability you can grow. Develop a common analytics “language” in your organization as an early priority. Without clarity, it’s hard to drive adoption or accountability.
Create insights while you sleep
Invest in commercial analytics that are “always on” – always looking for and flagging opportunities for immediate action. Firms that only “call up the data” for a monthly or quarterly arrangement meeting will struggle to get value from their commercial analytics.
Translate insight into action
Build central commercial analytics team around common business issues – such as managing revenue growth or making marketing more productive. Firms often underinvest in the skills they need to interpret data insights and translate them into real-world commercial decisions.
The human side of analytics underpins each of these five areas. Our research suggests that many organizations are neglecting the “softer” capabilities needed to use analytics effectively, notably those relating to behavior.
Almost all automated processes require a human to make a business decision or change a business process, as a result of analytics. An organization that works to remove behavioral barriers is more likely to achieve full value from its analytics investments.
EY can help you deliver
We can help you to create, consume, and scale commercial analytics in ways that will unlock growth and improve your business performance.
For more information, read Rob Holston’s point of view on how consumer products firms need to change the way they invest in data and commercial analytics.