2017 was a busy and tumultuous year for the beverage alcohol industry, especially those who were affected by the wildfires in California. This year also brought many company mergers and consolidations, continuing an ongoing trend in the industry.
What’s clear as we head into 2018 is that technology and analytics are becoming even more important than ever, and it’s important for the beverage alcohol industry to adopt tools that will lead to improved efficiency, increased productivity, and more revenue. With that in mind (and since the holidays are on our minds), I created a holiday wish list for better business intelligence and analytics in the beverage alcohol industry.
1. Interactive dashboards for data visualization
It’s important for those within an enterprise to communicate, analyze, and visualize quantitative data. Data can be presented in so many different ways such as graphs, charts, indicators, and interactive maps. Users need to be able to create dashboards in a flexible and interactive manner so data can be understood by anyone. Those in the beverage alcohol industry would appreciate the ability to display data in a way that can be interpreted and understood by anyone, so everyone can be on the same page.
2. Mobile analytics and information delivery
Mobile technology has impacted the way business is conducted. Engagements are not limited to one physical location, and information can be accessed anywhere, anytime, and on any device. An ideal platform would allow busy salespeople to access various pieces of information at fast speed whether in or out of the office, resulting in increased productivity and efficiency. Furthermore, a mobile tool would help salespeople meet their goals and quotas.
3. Program management for revenue capture
Program management remains a challenge for those in the beverage alcohol industry. As programs increase in number and complexity, businesses spend more resources on program tracking and less time on generating revenue. An ideal solution tool would allow program tracking to be done faster and more efficiently. It would also allow those in the enterprise to automate program tracks, track all progress within the business, bring simplicity, and result in more revenue-generating opportunities.
4. Promotion tracking for sales optimization
Data analytics can help beverage alcohol organizations understand their consumers’ purchasing decisions and sales process. They can use KPI measurements to understand how they are meeting key objectives and goals. Furthermore, a solution tool can track promotions and pricing in order to strategize methods of increasing sales and revenue.
5. Marketing analytics and reporting
Marketing and social media strategies allow organizations to better understand their consumers and customers. With this information, businesses can create strategies to promote specific products, understand what isn’t selling, and strengthen future brand growth. Marketing information helps enterprises understand industry and product trends and offer opportunities to generate more sales and revenue.
6. Data analysis across the enterprise
Strong data, analytics, and information allows people to better understand their business. What businesses need is the ability to generate reports faster, track sales, better understand customers and products, and analyze information to make more informed decisions.
7. Self-service access to different users
The right people need to be able to access and understand the right information at the right time. Users need to filter information to analyze what they want to look for. Access to such data and information improves employee visibility, quicker analysis, increased productivity, and improved data-driven decision-making.
What does 2018 hold?
In the coming year, technology and the role of data analytics will continue to increase in this industry, as well as others. Businesses will need to adopt solutions to give them a leg up. With this list in mind, I hope you can exceed goals and metrics for the upcoming new year and achieve even greater success!