Recently, the Grocery Manufacturers Association(GMA), in collaboration with the Deloitte Consulting group, released their Formula for Growth: (Innovation)Big Data & Analytics, which highlights the opportunity that manufacturers have in creating strong analytical competency within their organization. Food Genius is proud to be one of the companies that Deloitte identified as a big data asset to the food industry.
There are 5 key conclusions and recommendations out of the report that should be important to all CPG and Food Service organizations:
- Few CPG firms have the required analytical foundation in place.
- Rapid-fire pace of innovation requires data and analytics competency.
- Linear change to exponential disruption – Companies need to convert data into insights quickly.
- Business context required – Impactful change takes integrated and cross-functional business planning and execution.
- There is cultural shift – the characteristics and traits of the new industry “winners” are evolving.