The year 2020 has been an outlier in more ways than one. And for Data Analytics for demand forecasting and planning, data anomalies have been widespread, dynamic, and diverse across multiple quarters and geographies.
Specifically, for FMCG/CPG and Retailers, both local and global brands in the portfolio witnessed unexpected spikes and downward spirals in the demand and fulfillment due to disruption in consumer sentiment, their preferences, and the global supply chain.
With no playbook at hand and a script that is constantly evolving, we look at some of the challenges FMCG Companies and Retailers, like you, can expect to confront during 2021 planning and demand forecasting.
Ai Palette throws some light on how you can leverage AI in Analytics to overcome these challenges.
While consumers, governments, and businesses continue to adapt after the initial storm of disruptions, thriving in the new normal of the world markets can be laden with the following challenges:
Consumer brands that aspire to continue to chase growth and thrive in this highly competitive landscape further disrupted by the pandemic will have to look at data, tools, and processes that will empower global and local teams to:
While globally, local governments and communities will continue to take appropriate actions to control and manage the varying levels of outbreaks (probably for at least two quarters into 2021) consumer sentiments are expected to sway based on the prospects of new waves of the pandemic in their local communities or the launch of vaccines or treatments.
Organizations that will forewarn their different product categories and brands with plans to course-correct based on the turn of events will be forearmed to leverage or survive the good or the bad times.
In times of uncertainty, the age-old technique of portfolio optimization is critical to ensure optimum utilization of available resources and budgets.
But remember, this is a data-driven battlefield that requires continuous monitoring of consumer sentiments, their preferences, and the simultaneous unveiling of trustworthy trends by filtering out all the noise.
Organizations and brands with such capabilities will be able to affect the necessary product churn at the required scale and speed in 2021 and beyond.
Planning for 2021 based on traditional data sources and methods of analysis will be akin to entering this data-driven battlefront with a blunt sword.