Many CPG executives find themselves setting a powerful focus during sales planning meetings, only for teams to return to business as usual with the same outdated and ineffective planning practices. It’s up to you as a CPG leader to set the tone for 2018 and your message highlighting sustainable growth or improved practices won’t mean anything to your audience if it isn’t clear and actionable. Furthermore, for a CPG executive to expect different results, but only giving their team access to the same information is illogical. In other words, empowering your sales team to carry out these objectives with the analytics insight to make data-driven decisions is what will make a significant difference in 2018’s performance.
"It’s crucial for CPG leaders to encourage teams to achieve objectives
with innovation and creativity."
In fact, the Harvard Business Review article, “How to Integrate Data and Analytics into Every Part of Your Organization,” states that “Having the right tools is critically important, but too often executives overlook or underestimate the significance of the people and organizational components required to build a successful D&A function.”
Many would be quick to think that data analysts or IT should lead the charge toward insights supplied by analytics; however; while these entities will play a crucial role in execution it’s the C-suite that has the power to make an analytics initiative truly transformative, because they are the ones capable of aligning it with overall business strategy.
As stated in the article, “Make sure leadership teams are fully immersed in defining and setting expectations across the entire organization.”
This means outlining company goals and empowering departments to link their decision-making to analytical results. It’s crucial for CPG leaders to encourage teams to achieve objectives with innovation and creativity. However, this must be supported by data for this achievement to occur. For example, when it comes to sales planning, this means setting the expectation that a trade promotion investment needs to perform better by driving the right mix of volume, profit and revenue. This objective can only be realized by having access to accurate data driven insights and predictive planning capabilities, which generate quantifiable KPIs during the planning process.
"It will take a company-wide technological commitment, led by executives
for this year to be different than the planning guessing game in the past."
With a comprehensive strategy that spans across departments, competing ideas of the truth and departmental siloes are eliminated. Successfully utilizing data driven insights and predictive planning also eliminates the reuse of underperforming plans.
It will take a company-wide technological commitment, led by executives, for this year to be different than the planning guessing game in the past. Providing teams with a clear focus and the necessary data-backed decision-making capabilities will allow the C-suite to ensure that their teams will drive the quantified results to sustain growth instead of arriving at next year’s sales and planning meeting with the same missed volume and profit targets.
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