Key Challenges
A CPG firm was faced with a problem – They wanted to develop the means to automatically identify all the key drivers that influence sales, establish causality analytics for each, while considering the landscape holistically, and make forecasts for sales with proven accuracy.
The Impact
90%
With over 90% accuracy of data outcomes, planners could use it pervasively to determine price change, chart promotions, and optimize the inventory.
Planners gained visibility into more than 5 causal relationships that impacted sales forecast.
The deep insights derived could feed into strategies outside of sales – like advertising and marketing.
The Solution
Built a What-if Calculator
Harvested holistic demand intelligence, transformed insights into forecasts and built informed business plans
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The solution allowed users to simply enter values against parameters - like proposed discount or mean temperature of the week - to determine its impact on expected sales data - with greater than 90% accuracy.
Identification of the key driver that influenced sales
Evaluated causal relationships between pricing and sales, promotions and sales, politics and sales, weather and sales, etc., enabling quick, informed business decisions.
Causality analytics:
Advanced causality analytics helped evaluate a broad set of variables - based on historical performance – to uncover each of its impact on future sales. The system incorporated algorithms that helped business users visualize cause-and-effect relationships of several parameters. For instance, category managers could explore price elasticity and determine the price point for sales promotions based on the threshold of pricing in the past. Similarly, business users could forecast the sales volume based on usage during summer and winter.
Smart automation:
The solution leveraged machine learning for statistical analysis of diverse and complex datasets. The entire repository of past and current data was leveraged to determine outcomes against every individual user request - accurately, and within seconds - without the intervention of a data scientist.
Flexible application:
The solution could be easily oriented to suit the requirements of a specific business user or group within the enterprise. The solution was hosted on Alteryx Analytics Gallery, an analytics cloud platform that delivered business intelligence on the go. The solution also incorporated self-service functionalities to help users visualize business outcomes based on their unique needs and market dynamics. Pre-built and easy to maneuver screens and interactive visuals made the user experience both convenient and intuitive.
WHITEPAPER
5Ps and Data Analytics – Decoded for Retail & CPG Enterprises
Learn how enterprises can harness big data, distill business insights, and convert business intelligence to develop the optimal mix of the 5 Ps.
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