There are four broad categories of statistical tools that can be used, depending on the organisation’s use case, their product/service offerings, and the kind of insight they aim to derive from their data. For instance, CPG organisation leaders can use econometrics to optimise the promotional spend and ROI for a market and use econometric & statistical tools to quantify the relationship and draw conclusions. This combination of data with the quantitative application of statistical and mathematical models helps data scientists to test existing hypotheses and forecast future trends.ĭata scientists in CPG industries can easily adapt econometrics, given their deep understanding of the maths behind linear regression or panel data analysis techniques. The latest AI-based techniques and predictive economic modelling tools help organisations systematically identify the economic factors that can influence their business decisions. They allow organisations to utilise quantitative methods to test data-driven theories in a real-life scenario. This is especially true when it comes to industries like CPG that are so volatile to external factors. Statistical tools are essential for data analysis. It offers approaches to identify insights, forecast trends and make informed business decisions based on data-driven predictions.ĭata scientists tend to lack the in-depth knowledge in statistics that could further their insight generation.
Data science allows organisations to leverage consumer and organisational data.
The nature of CGP is volatile in context to changing consumer demands and market trends.
In the CPG industry, utilising data in the overall business strategy is the real key to staying ahead of the competition and creating a cycle of continuous growth. Data plays a different role depending on the industries, and depending on their product/ service offerings, organisations tend to vary the amount of data-driven usage in the company. In the current economic climate, organisations need to take advantage of all the available data resources to stay on the right track by basing their decisions on thorough analysis. Data is making its way across all industries and verticals today, becoming one of the must-haves for organisations on their way to success.
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