Tracking performance (for SME companies in FMCG Sector)

In the UK, output in the Consumer Goods market is projected to amount to US$208.1bn in 2024, with a compound annual growth rate of 1.01% is expected (CAGR 2024–2029). While in India, being the fourth largest industry, FMCG is predicted to grow at a 14.9% CAGR to $220 billion by 2025, up from $167 billion in 2023. While the overall picture looks promising, there is quite a lot on the platter of FMCG SMEs while they execute business strategy for sustainable growth.

This use case highlights how the SMEs and enterprises in the FMCG sector can adopt sustainable performance management strategies so as to achieve optimum business performance and maximum returns using KPIwoven.

Growing awareness, easier access and changing lifestyles are significantly changing the landscape of FMCG sector. Having said this, the industry has been facing significant challenges such as:

1. Increasing consumer demand,
2. Low consumer spending power,
3. Increasing Logistic costs,
4. Rise in health concerns,
5. Government regulations,
6. Highly competitive market environment.

Tracking performance involves monitoring various Metrics and KPIs, to ensure growth and efficiency. Here’s a structured approach to tracking performance metrics which is very popular and majority of the companies are already doing it. Metrics are identified for:
1. Sales and Revenue
2. Financial Health
3. Operational Efficiency
4. Marketing and Branding
5. Regulatory and Compliance

KEY CHALLENGES:
While majority of the companies have already deployed various Business Intelligence (BI) Tools for analyzing and visualizing data, unfortunately, they keep focusing on (tactical) operational efficiencies only.
Following are the "MISSING BLOCKS":

1. Deploying appropriate tool for strategic decision-making (Performance Score / Balanced Scorecard)
2. Assigning action-items to the responsible (RACI technique) and tracking actionables vis-a-vis performance progress
3. Deploying appropriate Data collection and processing strategy
4. Designing business specific, Cause-and-effect model for business performance tracking
5. Customer feedback and its integration with operational processes
6. Impact analysis of new technology initiatives
7. Employee competencies well mapped to carryout relevant operational tasks effectively
8. Using Business Case Specific-AI for WHAT-IF analysis and Forecasting.

THE PRAGMATIC WAY:
KPIwoven makes it possible by effectively and securely addressing all above said missing blocks thereby bridging the functional silos and significantly improve "synergies". At an operational level, relevant metrics that are measured manually or automatically can be incorporated. KPIwoven supports qualitative as well as quantitative metrics.