In today’s CPG industry, data-driven insights are crucial. Manufacturers need reliable, up-to-date information to grow their operations, monitor trends, and maintain a competitive advantage. Unfortunately, there’s often a disconnect between understanding the importance of data, and leveraging its capabilities.
To address this gap, Bedrock Analytics surveyed CPG professionals in the United States and visualized their big data capabilities. In the infographic, Bedrock notes that:
- 4 out of 5 CPG companies believe analytics are “important” or “very important” to their business decisions.
- 58% of respondents rate their analytics use as average or below average compared to the competition.
- 81% of CPG companies can access syndicated data, but most struggle to leverag it effectively.
If so many CPG manufacturers have access to syndicated data, what’s holding them back? According to the respondents of the Bedrock survey, the biggest analytical challenges revolve around data aggregation, data understanding, and generating actionable insights.
These challenges are certainly understandable. CPG data analysis demands specialized staff or tools or both to function effectively. Many startup CPG brands don’t have the resources to support analytics at this level, and either cannot or will not spend over $100,000 per year on analytical capabilities.
This puts CPG brands in the difficult position of knowing data is essential, but lacking the tools or resources to manage it effectively. Bedrock Analytics addresses this need through a cost-effective visualization platform that helps analyze raw syndicated data.