SaaS based technology platform FieldAssist, which helps CPG companies with route-to-market capabilities, will leverage machine-learning algorithms to provide predictive insights for the consumer goods business. The company said it is integrating its sales and distribution platform with advanced data science capabilities to accomplish its purpose.
Today, thanks to the latest analytics and AI/ML capabilities, CPG businesses can gain accurate insights on futuristic sales within minutes. Retailers across geographies can forecast sales based on frequency, recency and value of purchases from short to mid term historical data. However, in the absence of technological capabilities, getting insights on how they can leverage the existing market potential and forecast future sales becomes very challenging.
“FieldAssist has built and upgraded its platform in a way that helps consumer brands expand both depth and width of distribution and sales simultaneously. The platform’ s smart ML algorithms can map demand in real-time and suggest high potential geographies that can deliver bigger ROIs besides offering real time insights to ramp up companies’ existing market potential,” the company said in a press release.
For CPG companies in saturated markets, insights on how they can leverage the existing market potential with precision and in minimal time is not possible without acquiring the technology smarts. Businesses need a complete 360° visibility on how they can elevate their capabilities to unlock the untapped market potential and grow their ROI.
“Data is the key not just to analyze market deviations but also to forecast the future with maximum precision. CPG companies need the ability to gain intelligent insights without having to manually dig deep into historical data. Our demand mapping, sales forecasting and personalized product recommendation tools, and several other intelligent capabilities on the FieldAssist platform can forecast sales figures across geographies and help salesmen with ready product recommendations personalized for existing retail channel partners and also for new retailers at area level,” said Paramdeep Singh Anand, CEO at FieldAssist.
“When top and mid management are exploring new geographies, say Hyderabad for instance, they should not have to start from scratch wasting months in time, head-hunting to build local teams who work on experience-backed knowledge and hunches. Available market data, including census, powered by business intelligence and analytics should deliver ready intelligence in real-time to help enforce strategies.” added Anand.