Manufacturers are spending a significant portion of their budgets on trade promotions that aren’t effective. Research from Consumer Goods Technology suggests that there is only a 50/50 chance that any given trade promotion will be successful. Most companies surveyed by CGT figure that their trade promotions are effective less than half of the time – likely because many appear to be missing out on innovative trade management technology opportunities. According to the POI, only 21 percent of consumer goods manufacturers are truly satisfied with their ability to manage promotions.
You have the data to make smarter decisions… but it’s sliced off across departments, systems and files so that you can’t easily access the insights you need to make your promotions successful. Manufacturers have a hurdle to jump: align internal data sources using a centralized trade management application.
There’s a term for all of this incredible streamlining and efficient unity— data harmonization. Data harmonization refers to the process of aligning your data from various formats, and transforming it into one cohesive data set.
Imagine all your company’s trade promotion data is consolidated so that you can see outliers, trends and cause and effect across data sets. Imagine how straightforward it would be to improve your business’s strategies, plan promotions, execute new marketing campaigns, and boost sales.
The benefits of data harmonization:
- Provides a single frame of reference for the organization.
- Allows your company to identify and pursue new opportunities more easily.
- Reveals each department’s separate activities and its impact to the company’s bottom line.
- Informs confident decision-making.
- Reduces time spent analyzing data,
- Maintains data a single, reliable data bank, so it’s quicker to access, filter and analyze.
- Enables a more intelligent and efficient organization.
Maybe harmonizing all the data from your organization seems like an impossible task, but the reality is probably much more manageable than you think. Once you’ve combined your data sources, you can then measure, analyze, plan and optimize your trade dollars. With an action plan, you can implement data harmonization and achieve transparency, starting with some critical incremental steps, to gradually see positive effects for your company.