5 Approaches for an FMCG Business to Enhance Revenues
An FMCG, CPG and OTC products companys’ sales are analogous to a reference, in that both sides must be balanced to preserve stability.
In this scenario, the volume and price are the factors that must be balanced in order to achieve the targeted sales goal.
Here are some of the approaches for an FMCG business to boost profitability and productivity.
Include Sales Force Automation in Sales Process
Implementing SANeForce FMCG SFA comprises of the Hyper-intelligent Dashboards & reports with up-to-date information stored, Geo-Tagging & Geo-Fencing Features, Order Management & Input Management and also Van Sales Management & Distribution Management System discover all of this and more with Location Intelligence technology.
"Revenue of FMCG sector reached Rs. 3.4 lakh crore (US$ 52.75 billion) in FY18 and is estimated to reach US$ 103.7 billion in 2020 while the Indian FMCG industry grew 9.4% in the January-March quarter of 2021" Source:IBEF
Maintain stable control over Inventory, stocks & deliverables. Avoid overstocking, Product wise reports, visibility of stock overall locations. Order captures & order summary. SKU analysis with profits with display projection.
New order on the go, optimized delivery routes, maximum coverage with fewer vehicles, increased cost-saving, on-time delivery, Summarize order details & plan future deliveries. Distributors will only work with you if your business has a well-established supply chain and inventory, as they will risk their reputation if they are unable to deliver a product to their customers.
Well-planned Sales plan
Building up the right customer list and adding up new on the go define benefits advantages, Leverage business relationships and customers to double up profitability & productivity. The reliability, approachability, and convenience of after-sale services, warranty claims, and possible refunds are the most critical backbones of any firm. A corporation must be easily accessible and respond quickly to all inquiries, particularly negative ones. Sustaining long-term supplier connections pays off handsomely.
Multiple systems, such as SFE, CRM, payroll software, legacy solutions such as SAP at the time of order from the distributor, and so on, may be used by a company. Only when all of the systems involved are fully linked can a strong sales automation solution perform at its optimum. Even while establishing a link, it is critical to keep track of the data held in each system as well as the expenses of integrating them all.
Users must be monitored according to their level of adaption. Any necessary enhancements must go through suitable change management processes, and subsequent upgrades must be sent out in a systematic manner.
To ensure a seamless process when systems and data interact, a comprehensive migration and integration strategy must be developed ahead of time. This will assure maximum use and efficacy of the new system, as well as a good return on capital.
In light of the growing digitization wave, technology will be at the forefront of the FMCG industry. There isn't a single industry that hasn't experienced the benefits of AI in its operations. The FMCG business has begun to reap the benefits of incorporating SANeForce Sales Force Automation into their operations.