In this video, Symphony RetailAI’s Category Management Specialist, Gina Hargrave, reviews the challenges faced by CPG manufacturers today when carrying out category reviews, and explains why CPGs need to take a collaborative approach to data and technology in order to be a strategic differentiator in the industry.
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- Read Video Transcript
As a manufacturer, it’s not enough anymore to just come in and talk about what’s happening in the competitive market. A lot of times, retailers have loyalty programmes and they want you to leverage that loyalty data as you’re coming in. So as a manufacturer, calling on several retailers, you’ve got several multiple data sources out there and sifting through all of that to find that needle in a haystack is very challenging.
What we see in the future and what we see starting to occur now, is that those retailers and suppliers that use a collaborative approach to technology and data, are driving higher sales and profitability. Being able to leverage that loyalty data is really key to helping drive a customer-centric approach in the stores and keep customers coming back for more.
One of the ways that Symphony RetailAI is able to facilitate that collaboration is to break down the silos in that process. So what we’re enabling with the CPG suppliers, we work with today in the North American market, is that they can literally sit side by side with their category managers at the retailer, in order to build out different scenarios, leveraging all those data sources that we talked about and being very collaborative. We also allow integration through the entire process, in that we don’t look at assortment and space as separate, we run them concurrently. So you are making more insightful decisions and less chance for rework as you move down through the process.
One of the things that we do at Symphony RetailAI that’s unique to our platform, is enabling the manufacturers or suppliers to bring in all the data relevant so that you’re seeing all the relevant information to make and drive to good decisions.
Working with a major CPG supplier today, relative to all the data sources that they have, we are actually assuming the responsibility of managing that data for them. So taking that data management aspect off of the category manager’s plate, puts a lot more efficiency into the process.
We have over 25 years of experience with CPGs and we’ve really developed not only the aggregation of the data that we talked about before and the technology, but we’re really embedded a best practice approach into the workflow throughout the entire platform. So it is built around how we know category managers at CPGs work today.