A recent study by Capgemini revealed that having strong data maturity is helping 62% of consumer products and retail organizations become ‘data masters’ and achieve scale with their AI and analytics proofs of concept.
Indeed, it was reported that companies that can create, process, and leverage data proactively achieve their business objectives and drive innovation experience 30% higher operating profit margins than the industry average
Moreover, the study found out that, in the CPR sector, data masters are few, especially as CPR organizations lag behind the overall cross-industry average in several key aspects of data maturity. There are only 16% of consumer product (CP) organizations that qualify as data masters, while only 6% of retail organizations clear the benchmark.
Besides, it was also noted that CPR data masters enjoy 30% higher operating profit margins compared to the industry average. They achieve this by implementing better data hygiene or superior data management practices, including automating data collection, combining external data for analysis, and considering data quality from design.
By doing so, these data masters are able to spot gaps in their data and quickly make changes when required as they have full visibility of both consumers and operations.
Therefore, the report stated that CPR organizations need to modernize their data platforms, reinforce trust and empower data-driven decision-making in order to progress toward data mastery and drive a sustainable competitive edge.