Data Science in FMCG Industry
Like astronomy, machine learning, and artificial intelligence, data science is a field of study where we study, process, and analyze various types of structured, semi-structured & unstructured data to extract valuable insights.
In this article, we’ll talk about the FMCG industry and how it can leverage data science for growth.
Data professionals, who work with data science tools & technologies, are in great demand right now. Companies looking to double their revenue frequently hire data analysts, engineers, scientists, and BI analysts.
All the other industries than FMCG can also leverage data science tools to understand the market and create strategies for their business.
In our previous articles, we’ve explained the best use cases of data science in various industries. If you’re from any other industry than FMCG, you can browse through these articles to get a better understanding and scope of data science:
What is FMCG Industry?
FMCG is an acronym for Fast Moving Consumer Goods. All the items you use in your daily life, including oil, soap, flour, salt, toothpaste, bread, butter, jam, or any other type of edible items, fall into the category of FMCG.
FMCG companies either manufacture the goods or do product packaging and marketing. Rather than its fast movement in the market, the need for data science in FMCG industry is becoming necessary to optimize its operations and other processes.
How Data Science in FMCG Industry can be helpful?
According to Global CIO at Godrej Consumer Products Limited (GCPL), Subrata Dey, “In today’s disruptive and competitive market, all businesses have the challenge to grow their top line. With Godrej being no exception, the company is trying to ramp up its top line by leveraging data analytics in FMCG industry.
Companies like Godrej, Patanjali, ITC, Cadbury, and many more are optimizing their operations and cutting costs to generate more revenues.
If you’re confused about the scope of data science in different industries, you must read Which Industries Are Hiring Data Analysts?
You’re reading 5 Best Use Cases of Data Science in FMCG Industry.
Here are the 5 best use cases of data science in FMCG industry:
- Inventory management & optimization
- Market analytics & forecasting
- Supply chain management & optimization
- Products, prices, places, and promotions analytics
- Better customer support & satisfaction
Using data science in FMCG industry can help companies make data-based decisions. If you’re looking forward to pursuing your career as a data professional in any of the industries mentioned above, you can explore these amazing courses by Console Flare:
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