Grocery Manufacturers Association Announces Findings of CPG Industry ‘Big Data’ Research
Web-based application helps organizations separate Big Data hype from reality
WASHINGTON DC, April 22, 2013 — The Grocery Manufacturers Association(GMA) today announced the release of the 2013 report “Formula for Growth – (Innovation)Big Data & Analytics”, completed in collaboration with Deloitte Consulting, LLP (“Deloitte”). The report is the culmination of more than 10 months of broad-based industry research led by Deloitte and contains five specific conclusions and recommendations for how food, beverage and consumer packaged goods (CPG) companies can convert emerging forms of “big data” into useful analytics and insights to improve business results.
Available exclusively to GMA member companies, the web-based, interactive application also includes a profile of top emerging technological and digital innovations that will usher in vast quantities and new forms of data for the CPG manufacturing and retail industry.
“Working closely with Deloitte, the GMA Information Systems Committee set out to help demystify the potential big data opportunities for the CPG industry and to better understand how we can continue to improve our overall analytical maturity using both existing and emerging sources of big data,” said Andy Platt, vice president – enterprise analytics & insights, The J. M. Smucker Company and GMA Information Systems Committee chair. “The goal of the research is to provide CPG companies with real and practical opportunities for leveraging the growing variety of available data and to drive insights for more effective decision making, ultimately leading to top- and bottom-line growth.”
“It is hard to understate the importance of this report,” said Pamela G. Bailey, GMA president and chief executive officer. “Consumer packaged goods companies are focused on growth like never before and it is clear that big data is an important driver of innovation and business growth. Deloitte and the Information Systems Committee are to be commended for the insights they developed and the roadmap they have created for trading partners seeking to innovate and expand.”
As part of the study, Deloitte incorporated a broad view of opinions and perspectives from cross-functional teams within leading GMA member firms, prominent thought leaders from the finance, technology and innovation communities and notable academics and technology innovators.
“The research will assist CPG companies in understanding the broad set of capabilities and competencies required to improve their analytical IQ, with big data making that need even more urgent,” said Marcus Shingles, principal, Deloitte Consulting LLP and enterprise innovation and analytics practice leader for Deloitte’s consumer products sector. “The emphasis is on the need to think beyond data tools and techniques, and focus on analytical talent models, decision processes and cultural shifts. With the ‘new normal’ of rapid-pace technological and digital innovation, CPG companies will depend now more than ever on big data analytics to compete and grow.”
The five specific conclusions and recommendations identified in the research are:
Based in Washington, D.C., the Grocery Manufacturers Association is the voice of more than 300 leading food, beverage and consumer product companies that sustain and enhance the quality of life for hundreds of millions of people in the United States and around the globe. Founded in 1908, GMA is an active, vocal advocate for its member companies and a trusted source of information about the industry and the products consumers rely on and enjoy every day. The association and its member companies are committed to meeting the needs of consumers through product innovation, responsible business practices and effective public policy solutions developed through a genuine partnership with policymakers and other stakeholders. In keeping with its founding principles, GMA helps its members produce safe products through a strong and ongoing commitment to scientific research, testing and evaluation and to providing consumers with the products, tools and information they need to achieve a healthy diet and an active lifestyle. The food, beverage and consumer packaged goods industry in the United States generates sales of $2.1 trillion annually, employs 14 million workers and contributes $1 trillion in added value to the economy every year. For more information visit www.gmaonline.org.
About Deloitte’s Consumer Products Practice
Deloitte is a leading presence in the consumer products industry, providing audit, consulting, risk management, financial advisory and tax services to more than 80 percent of the Fortune 500 consumer
product companies. Delivering insights on the latest consumer product issues, effective practices, technology and operating procedures, Deloitte serves companies across multiple categories including food and beverage, apparel and footwear, personal care, and household products. For more information about Deloitte’s consumer products practice, visit: http://www.deloitte.com/us/consumerproducts.
As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.