To get the most out of ‘becoming digital,’ businesses should get senior leadership to commit to investing in product data transformation enablers
FREMONT, CA: Over the last three years, Consumer Packaged Goods (CPG) businesses have announced an average rise of 8 percent in technology budgets, reflecting an increase in digital technology investments. However, many of these businesses lack a unified data management plan, which is essential for sustaining digital technology investments. Without paying attention to CPG’s digital transformation patterns, informative results are difficult to come by, and the promised advantages of going digital can be diluted.
- Make data a mandatory first step in any transformation effort by developing a data strategy and governance program that spans all enterprise initiatives.
- For prioritized business use cases, invest in data transformation tools to aggregate, digitize, enhance, and extract insights from unstructured data.
Most CPG companies are considering digital transformation, but they do not realize the full scope of what is needed. The ability to handle product data is a critical component of every industry’s digital transformation.CPG businesses are still in the stages of ‘passively digital’ and ‘exploring digital,’ but they may also have ‘becoming digital’ strategies and priorities in place.
The lack of data management skills that would deliver high product data quality and accuracy can be a major barrier to executing faster digital transitions and reaping full benefits from going digital. Connected organizational networks, established data governance and charter, cognitive tools to automate processes, and analytics to provide insights through the value chain will all be present in organizations that attempt to ‘be digital.’ As a result, it will assist in realizing the benefits offered by future digital technology investments.
To get the most out of ‘becoming digital,’ businesses should get senior leadership to commit to investing in product data transformation enablers. Manual data collection and procedures that lack governance and access to high-quality data can be costly and unreliable.Companies are well-positioned to invest in network technology to drive an end-to-end digital transformation once they take these first steps to create a solid database. Internal resources will be freed up to concentrate on enterprise innovation and development by enabling reliable product data by providing a single source of reality, integrating structures, and designing complementary business processes.
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