Digital Deployment and Data Science Challenges for FMCG in 2023
March 29, 2023
The Potential of AI/ML for FMCG
The adoption of Artificial Intelligence (AI) capabilities by FMCG companies has experienced significant growth in recent years. Even more, AI has taken the industry by storm, unleashing a new era of efficiency, cost reduction, and superior results. From RGM to supply chain management, customer acquisition to promo-optimization, and field sales execution, it has become an indispensable tool for many businesses worldwide.
However, despite the potential benefits, we are still not seeing widespread business adoption that leads to truly transformative change and improvement. Our recently conducted research among representatives of IT, sales, and marketing leaders of the FMCG sector was aimed at finding and identifying these barriers. To get the full visibility and relevant recommendations, scroll down and download the full report for free (5 minutes reading time, no registration required).
Challenges
The research indicated that the primary challenges in implementing data science projects are resource and skills, as well as data issues (too much, too little, bad quality). To tackle the resource and skills challenge, companies can develop in-house expertise, engage third-party expertise, or create extended teams with business representatives and external experts. However, ensuring data quality remains a persistent challenge that requires a comprehensive and continuous approach.
Building on the idea of the data problem, it’s important to take note of another challenge that arises when companies implement business applications. Integration of digital tools into a single ecosystem was highlighted as the main challenge by 54% of respondents in the research. The use of scattered applications leads to data silos, which creates data duplication, inaccuracies, and incompleteness. These issues can hinder data science and AI/ML projects and impede the decision-making process. Therefore, resolving this challenge is crucial to ensuring high-quality and available data for successful projects and informed decision-making.
Our recommendations
SoftServe Business Systems offers its AI-driven ecosystem of IT solutions covering the 360-degree needs of FMCG businesses for sales and promo management automation and analytics. The mutual integration of tools provides seamless data transfer and an embedded quality control system, ensuring data accuracy of over 98%.
Ready to overcome the integration and data challenges and unlock the full potential of AI/ML products for your company? Let’s work together to transform your business.
