The recent 2019 POI (Promotion Optimisation Institute) event held in Toronto highlighted that when it comes to the fast pace of change, no corner of the world is left untouched. With its theme ‘Driving Profitable Growth North’, the summit highlighted that like its neighbouring US market, the Canadian CPG industry has to now bravely grasp the horns of volatile change to carve out a profitable future in a very different, tech-driven, consumer-dominated world.
Although Visualfabriq is a long-time sponsor and participant in POI events across Europe and the US, 2019 POI Toronto has been our first foray into the Great North.
“It was fantastic to visit Canada and start up inspiring conversations with their CPG leaders,” says Santiago Navarro, Visualfabriq’s Global Sales Manager. “There’s keen recognition that big changes are upon us, and an eagerness and openness to learn and understand how to master this.”
Across the world, in comparison to other industries, CPG companies have been slow to make transformative investments in new generation tech. Meanwhile, change has swept through consumer behaviours and retail environments. Today, discount chains, private labels and direct-to-consumer brands rise steadily while the traditional giants in developed markets wring their hands trying to figure out where the growth is going to come from.
Not surprisingly, the exciting talk at POI Toronto was all about strategic revenue growth management through harnessing the power of data and tech innovations such as AI and machine learning.
As an example of how solutions providers and CPG companies need to authentically partner to make the new journey, visualfabriq’s Vice-President of Customer Success in the USA, Rahi Khandelwal and our US client, Craig Eaton, Director of Revenue Growth Management at Ocean Spray co-led a session on Optimizing Data, Insights and Analytics for RGM and Mutual Growth.
Rahi says, “It was great that there was so much additional discussion during the networking opportunities where delegates showed their interest in having deeper conversations about AI and machine learning.”
Another highlight of the event was visualfabriq CEO and co-founder, Jaco Brussé’s presentation of a visionary ‘Lightening Talk’ that highlighted how agile, AI-driven, SaaS RGM solutions are already transforming traditional CPG companies into tomorrow’s industry leaders.
“Better ways already exist,” says Jaco. “We have clients across four continents currently planning, managing and optimising trade promotions where 80% of the work is automated; insights are instant; collaboration is enhanced and decision-making is sharper than it is has ever been before. This is how a CPG company achieves strategic, mature revenue growth management.“