Which Business Tools Help Your CPG Enterprise Thrive?

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August 10, 2021

Business tools are essential: You probably use at least CRM, accounting, team-sharing, HR, or ERP software already.

The three business tools we discuss here can help you manage your CPG business in such a way that it thrives in today’s dynamic and shifting marketplace.

1 Data Analytics Software

Data recently knocked oil off its pedestal as the most valuable product. But data alone cannot make a business thrive. The success of data relies totally on the use you make of the information.

For this you need analytics software and an analyst who can make sense of it. Preferably one who can present findings to colleagues clearly, to enable buy-in from everyone.

How Can Data Analytics Software Benefit You as a Business Tool?

You will be able to:

  • Turn data into useful information quickly so you become an agile business.
  • Gather data from suppliers, retailers, customers, and the business itself, and make correlations to guide your plans.
  • Spot trends and changes in the profitability of each category you carry.
  • Forecast from real-time data to provide actionable insights that will leverage sales so you hit targets.
  • Show the effectiveness of your marketing and sales campaigns.

Having said that, so-called Business Intelligence demands “super” analytics software that is beyond the means of smaller companies. Emerging CPG companies therefore need to be gathering smaller amounts of carefully targeted data while they expand.

2 EDI (Electronic Document Interchange)

EDI is a mature software. Some CPG companies have used EDI for years in-house to avoid raising documents manually. Others have found themselves forced to use EDI because their trading partners do.

A better way of benefitting from EDI in 2021 is to outsource integration to a cloud SaaS partner who will link all areas of your business internally, and your whole supply chain externally.

SaaS outsourcing also means you can scale up as necessary and get software updates automatically.

Why is EDI an Essential Business Tool in 2021?

It connects your ecosystems, automatically processing and sharing documents (e.g. purchase orders, invoices, and shipment notices, etc.) in a standardized format between business partners. It’s therefore:

  • faster (digitally in seconds),
  • cheaper (no paperwork),
  • more accurate (no re-keying), and
  • safer (no posting or emails).

The transparency that EDI offers across your supply chain is essential in the current financial, regulatory, and political climate.

3 Social Media Business Tools

As e-commerce has increased, CPG companies have had to start operating in an omnichannel world, for both B2B and direct/digital to consumers (D2C).

If your CPG customers are online, you need social media business tools.

You may well have a Transport Management System (TMS) tool for your increased parcel deliveries. And a good TMS will be able to cope with multiple types of fulfillment, including buy-online-pickup-in-store (BOPIS) and ship-from-store.

But how will you reach out to your customers to know what they’re saying online about your brand? How will you track CPG digital trends?

Which Social Media Tools Will Your Business Need?

Social media tools come in two flavors and you need both to benefit most:

1 An app that creates, tracks, and manages online campaigns through your chosen channels (Facebook, Twitter, LinkedIn, YouTube, IG etc.) and gives you a dashboard where you can manage your social profiles in one place.

2 An app for monitoring social media in general to track online activity that affects the CPG market or your brand.

With All These Issues, Momentum CPG Can Help You

We consult with businesses large and small. If you’d like us to help you achieve sales growth in the CPG industry, contact us today for a consultation.

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