The consumer-packaged goods industry began adopting technologies such as big data and data analytics way back in 2016-17, but the COVID-19 pandemic led to considerable change with data-driven decision making being pursued widely. With a shift in consumer buying patterns, increasing material costs, inflation, and fluctuation in demand, companies are using data analysis to predict these trends, understand them, and plan their strategies in alignment with the trends. Manufacturing and supply chain planning will require certain amount of human involvement, but it can be limited to managing exceptions and, regular and focused data analysis makes it possible to predict these exceptions.
In the recent past, the following companies have made a conscious effort at data-driven decision making
Conagra, a manufacturer & distributor of consumer-packaged foods, is focusing more on data analysis and understanding the factors that cause volatility to predict their impact on the business. Since May 2021, it has increased the prices of a variety of products almost every month to offset the increasing prices of meat and dairy products, and trucking expenses. To counter the frequent changes in the business environment, Conagra is working on the availability of last-minute transportation, evaluating the cost of commodities, and getting frequent updates about market dynamics through data analytics.
Tyson Foods, the world's second-largest processor and marketer of chicken, beef and pork, is using artificial intelligence and predictive analytics to enhance productivity and reduce costs. High inflation, increasing transportation costs, and labor shortage have hampered the ability to supply products. With the help of automation and advanced technology, Tyson is planning to optimize shipment size, which would help in reducing freight costs and improving customer satisfaction. It will also devise digital and automation programs to reduce bureaucracy and improve decision-making.
Big Data Job Status in Consumer Industry
There is an unprecedented increase in the number of jobs related to big data worldwide. In March 2022, the number of active jobs related to big data in the consumer industry increased 9.8% to 8,992 when compared to that in the previous month. There has been an increase of 24% in the number of active jobs since October 2021. There were 5,843 jobs that were posted in March 2022, up 26.8% over that in February 2022.
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