Accenture’s “Building an Analytics-Driven Organization” study underscores the ability for data analytics to represent a competitive advantage for consumer packaged goods (CPG) companies. The study indicates that only 9 percent of CPG companies prioritize predictive analysis, signifying that companies may be overlooking potential long-term ramifications of the data they are currently collecting.
Key figures from the study include:
- 54 percent of CPG executives indicate that their companies have a fully defined analytics operating model
- 9 percent of CPS executives state their companies have fully implemented an analytics operating model in its entirety (40 percent have partially done so)
- 47 percent of executives described their companies as either “analytical leaders” or having “ingrained analytics”
This data suggests that many companies are not using data to provide insight or to drive future decisions. Bob Berkey, managing director in Accenture’s Consumer Goods & Service’s practice, suggests “CPG companies need to focus more on implementing an analytics operating model that puts analytics-driven insights at the heart of their decision-making process.”
The disconnect between CPG executive’s perceptions and reality indicate that CPG companies can gain an advantage through prioritizing and further developing their data analytics team and capabilities. To read more about the Accenture study and its impact read Meg Major’s article on Progressive Shopper.