**London**: A recent survey reveals that 75% of UK food and drink leaders struggle to harness the power of data for strategic decisions, highlighting the necessity for brands to prioritise data accessibility and integration amidst an evolving landscape and economic pressures.
In the evolving landscape of the UK food and drink sector, a wealth of data is available, yet businesses face significant challenges in leveraging it effectively for strategic decision-making. A survey conducted by Appsbroker indicated that nearly 75% of senior leaders within the industry experience difficulties in extracting value from data, while 70% of respondents admitted to utilising only a limited subset of the data at their disposal. Additionally, many leaders grapple with managing their existing data environments.
Nick Whitfeld, a senior data and analytics partner at KPMG UK, has underscored the critical nature of embracing data as a strategic resource. He stated, “The winning brands and retailers of the future are the ones that get to grips with this resource – and those that don’t just aren’t going to survive.” In light of the current economic climate, brands and retailers must navigate strategic trade-offs effectively to sustain growth, making data analytics capabilities a fundamental asset.
Tracey Neis, senior director of insights at PepsiCo, highlighted the company’s focus on enhancing accessibility to Big Data across various functions within the organisation. She noted, “One of our key goals is to make Big Data more accessible to different parts of the business so that more colleagues and teams are empowered to make evidence-based decisions.”
Anu Dhillon, head of data consulting at Dunnhumby, emphasised that data readiness has transitioned from optional to essential. She remarked, “When retailers properly centralise and master their customer information, they unlock targeted marketing that genuinely resonates with their customers.” This sentiment is echoed by Whitfeld, who noted common pitfalls organisations face, such as data being compartmentalised into silos, poor data quality leading to downstream chaos, and a lack of inquisitiveness among leadership teams to engage with data meaningfully.
Technological advancements can alleviate some of these issues, particularly when addressing inefficiencies associated with outdated systems. Helen Merriott, SVP and CPG lead at Publicis Sapient, cited that many brands and retailers grapple with fragmented systems which hinder effective communication and a unified understanding of customer data.
Creating a robust data strategy requires cultural transformation within organisations. “It’s like renovating your house while you’re still living in it – you need to strengthen the foundations without disrupting daily operations,” Dhillon explained, stressing the importance of leadership in promoting a culture that values data-driven insights over instinct.
Further insight into practical implementations was provided by Mike Smith, UK sales director at Global Brands. He detailed the company’s strategy of fostering cross-functional teams to ensure efficient data sourcing and sharing, while also engaging with data to address queries rather than merely presenting it. “We try to embed data into our culture, to take away those gut-based decisions,” Smith commented.
HelloFresh has adopted a similar approach, with global vice president David Castro-Gavino explaining the organisation’s emphasis on data governance and strategic sharing among teams. A dedicated Data Alliance team has been instrumental in expediting insights, illustrating the speed of data access and its impact on enhancing customer experiences.
PepsiCo also exemplifies a nuanced understanding of data by distinguishing between ‘Big Data’ and ‘Thick Data.’ Neis explained that the integration of both types allows for comprehensive decision-making, noting a successful campaign that capitalised on collective consumer insights gathered through conversations: “When we held deeper conversations with consumers, they revealed there is a real longing for the lost connection moments in the pub.”
Whitfeld concludes that as the significance of data as a strategic asset continues to grow, it is paramount for leaders to begin this journey from the top, reinforcing that “for brands and retailers, with complex value chains that include all sorts of interdependencies, the ability to use data is going to be fundamental to strategic growth.”
Source: Noah Wire Services
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