Organizations must implement strategies and leverage technologies to increase brand recognition and market share. Successful companies enjoy healthy margins and robust balance sheet, but they need to continuously invest in effective advertising to fight for market share continuously.
Keeping a track of current marketing spend and effective forecasting are most important to optimize the Return on Advertising Spend (RoAS) and Marketing Efficiency Ratio (MER).
Companies who do not invest in improving current processes by leveraging advancements in technologies are finding it increasingly difficult to cope with the changing consumer demands and economic volatility. They also struggle with shrinking operating margins due to growing global competition and fluctuating raw material prices, and they realize that they don’t have the data granularity they need to make decisions.
Analytics
Companies continue to struggle to find ways to get the right information for the decision-makers. Analytics helps to keep track of sales, market behavior, inventory and cost of goods sold by regions, customer segments, channels and any other relevant components that are critical in determining the necessary strategies to continue to grow and expand to new markets.
Planning, Forecasting & Consolidation
Many companies continue to use manual forecasting processes, which lack collaboration tools and have complex planning processes. Predictive analytics is a combination of data, statistical algorithms, and machine learning techniques. Predictive technologies can help companies automate their forecasting processes. They can analyze them and decide if the results follow the strategy.
The companies own entities in several locations and need to create accurate reports that reflect the individual entity’s operations individually as well as a consolidated group.
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