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Grocery Manufacturers Association Announces Findings Of CPG Industry 'Big Data' Research

"The research will assist CPG companies in understanding the broad set of capabilities and competencies required to improve their analytical IQ, with big data making that need even more urgent," said Marcus Shingles, principal, Deloitte Consulting LLP and enterprise innovation and analytics practice leader for Deloitte's consumer products sector.  "The emphasis is on the need to think beyond data tools and techniques, and focus on analytical talent models, decision processes and cultural shifts.  With the 'new normal' of rapid-pace technological and digital innovation, CPG companies will depend now more than ever on big data analytics to compete and grow."

The five specific conclusions and recommendations identified in the research are:

1.   Few Have the Required Analytical Foundation in PlaceOver the last decade, the majority of CPG industry firms have not progressed beyond localized analytics and are still challenged to capitalize on their "small" existing data (internal and structured).  Conversely, a handful of CPG firms have improved their analytical maturity to become strong analytical companies and therefore have the required foundation to capitalize on new emerging sources of big data.

2.   Rapid-Fire Pace of Innovation Requires Data & Analytics CompetencyThe rapid-fire pace of technological and digital innovation has the potential to define winners and losers in the CPG industry, and an integrated core competency around small data, big data and analytics is a requirement for the winners.

3.   Industry is moving from linear change to exponential disruptionUntil now, a CPG company's competitive advantage did not depend on having strong analytical maturity; however, the industry's preconceived notion of change is about to be disrupted by the exponential pace of innovation.  Navigating this landscape will require companies to harness data and efficiently convert it to insights.

4.   Business Context Required – Integrated and Cross-Functional Business Planning & ExecutionThe "Formula for Growth" is most impactful when applied in the context of cross-functional and integrated business planning and execution.  Whether small or big data, the goal is to consistently make better decisions to improve an organization's planning and execution toward achieving top- and bottom-line growth objectives. 

5.   Cultural Shift - The Characteristics and Traits of the New Industry "Winners"This new "exponential" pace of innovation will require a culture of experimentation, trial and error, and other methods that enhance a company's ability to remain agile, fluid and adaptable.  A strong versus weak data and analytical maturity is one of the key differentiators between a CPG company that effectively navigates this new era of innovation and one that falls victim to the exponential pace of change.

GMA members may access the research online here. For more about the research, visit www.deloitte.com/us/formula4growth.

About GMABased in Washington, D.C., the Grocery Manufacturers Association is the voice of more than 300 leading food, beverage and consumer product companies that sustain and enhance the quality of life for hundreds of millions of people in the United States and around the globe.  Founded in 1908, GMA is an active, vocal advocate for its member companies and a trusted source of information about the industry and the products consumers rely on and enjoy every day.  The association and its member companies are committed to meeting the needs of consumers through product innovation, responsible business practices and effective public policy solutions developed through a genuine partnership with policymakers and other stakeholders.  In keeping with its founding principles, GMA helps its members produce safe products through a strong and ongoing commitment to scientific research, testing and evaluation and to providing consumers with the products, tools and information they need to achieve a healthy diet and an active lifestyle.  The food, beverage and consumer packaged goods industry in the United States generates sales of $2.1 trillion annually, employs 14 million workers and contributes $1 trillion in added value to the economy every year. For more information visit www.gmaonline.org.

About Deloitte's Consumer Products PracticeDeloitte is a leading presence in the consumer products industry, providing audit, consulting, risk management, financial advisory and tax services to more than 80 percent of the Fortune 500 consumer product companies.  Delivering insights on the latest consumer product issues, effective practices, technology and operating procedures, Deloitte serves companies across multiple categories including food and beverage, apparel and footwear, personal care, and household products.  For more information about Deloitte's consumer products practice, visit: http://www.deloitte.com/us/consumerproducts

As used in this document, "Deloitte" means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

SOURCE Deloitte

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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