The data science and AI experts at Quantium are rolling out a new platform that places a range of advanced AI solutions at the fingertips of FMCG companies. This story was first published in Food & Drink Business 2020.
Australian data science and AI business Quantium has worked with FMCG clients for almost a decade to make sense of their supermarket shopping data. It places a premium on building practical AI solutions to improve operations and benefit a client’s bottom line.
In late 2019 Quantium launched a world-first AI insights platform. It automates an extensive range of analytic processes to proactively identify emerging trends in scan data and determines their causation, helping brand owners respond more quickly and effectively to changing consumer needs.
Quantium FMCG executive Karl Miklis says that the new platform replaces many functions, which were previously the domain of bespoke analysis conducted manually from spreadsheet-based data sets.
“The time savings are extraordinary. In moments, the platform can perform a series of work that might previously have taken a skilled analyst days or weeks to complete,” says Miklis.
The platform’s core range of analysis includes functions such as weekly sales performance and category range reviews, with marketing use-cases such as customer profiling slated for later release and more complex operations such as brand planning or measurement also in development.
It draws upon a data set that encompasses trillions of data points, and will continue to increase its intelligence and accuracy based on experience and new information.
Moving ahead of the market
Miklis says that the platform showed the potential of advanced technologies such as AI and robotics to enable brands to keep pace with a rapidly evolving mix of consumer expectations.
“The insights platform has been designed is to help our clients stay ahead of any industry developments that affect their brands.
“It allows them to focus on making the best possible decisions based on a powerful and instantaneous read of all available information,” he says.
“Our clients are operating in an environment which evolves at an incredible rate, where stock-outs and uncompetitive pricing present substantial risk to a brand’s performance.
“The delineation between segments and demographics, in terms of brand preference, is far more fluid than in the past, and FMCG analytics needs to move seamlessly in tandem with these changes.
“Most FMCG executives are highly sensitive to the consequences of being caught on the wrong side of modern consumer demands for highly individualised and convenient experiences. AI-powered data analytics helps them keep on top of these shifting dynamics.”
The enthusiasm of early adopters
SC Johnson is one of the clients selected by Quantium for early access to the platform.
According to SC Johnson national account manager Tania Hallal, the application of AI to leverage the company’s data assets had delivered time savings as well as surfacing new insights.
“The NPD benchmarking, in particular, is the kind of thing I didn’t have time to run each week.Having it surfaced to me in such an intuitive and relevant way really adds value,” says Hallal.
“It means my own time can be spent where it’s most effective. The AI does most of the leg work across the data, showing me where I may need to focus my attention, meaning that I can drill deep into the detail and translate those insights into action sooner.”
The functionality and convenience of the platform represents a huge leap forward, not just for clients like SC Johnson or for Quantium itself, but for the implementation of AI right across the FMCG sector.
Miklis sees this as just the beginning.Capabilities that were until recently the domain of a highly select group of data scientists are now accessible to brand managers.
“Our end goal with the platform, and with so much of our other work, is to make AI-powered decision making a natural part of FMCG’s everyday operating rhythm.
“The sheer volume of data we can harness to make business decisions would be otherwise be paralysing, without the power of AI to sort the signal from the noise and drive actionable business changes.
“It’s not enough to surface a universe of insights – clients need defined and actionable solutions, which is what this platform provides and ultimately, what our business is all about.”
