It was the year 2012 and Musthafa PC, CEO of the then-fledgling ID Fresh Foods, a manufacturer of ready-to-cook fresh food product like idli-dosa batter, had a big business problem on his hands. The ambitious young CEO had charted out an aggressive growth plan for his small company, but he found his plans blocked by leaky margins owing to a high percentage of wastage and returns of his perishable food products.
Musthafa and his team realized that the only way to reduce wastage was to better predict market demand and plan their production and distribution accordingly. The engineer-turned-entrepreneur knew that the solution lay in technology. He picked Bizom, a cloud-based tool for FMCG companies, to manage their sales and distribution. Musthafa worked with the Bizom team to configure a module that addressed his specific business needs.
The result was a van sale, or ready sale automation solution that provided ID instant, real-time visibility into into sales, inventory and returns – and consequently, accurate insights into market demand. The results of the digital transformation were apparent in a short time. ID was able to achieve 100% visibilty on orders and returns and optimize route planning for its van sales personnel. Bizom’s interactive dashboards and drill down custom reports helped the sales team study order patterns and forecast demand. Most importantly, wastage shrank from double digits to low single digits. These results helped ID write its now-legendary growth story, growing 10X in four years and expanding to several cities in India and Dubai.
ID’s results with Bizom are echoed in the growth trajectories of many of our 250+ customers. While these results are usually seen as an outcome of workflow automation, the truly transformational results are in fact driven by the real-time analytics and insights delivered by crunching data collected through automation.
For Bizom that job is done by ELL – Bizom’s proprietary analytics engine.
ELL processes the vast amounts of raw data captured in Bizom’s servers through its various automation tools and presents it to end users – sales managers, sales heads, field force personnel, CEOs – in the form of easy-to-understand insights, reports and dashboards.
As anyone who has taken data science 101 knows, the quality and usefulness of data and insights are universally measured on six criteria: accuracy, completeness, validity, consistency, relevance and timeliness.
While Bizom’s comprehensive and clean data capture capabilities ensures the first three, ELL makes the latter three possible by pulling relevant, real-time insights from the huge volumes of high-velocity data that hits Bizom’s servers every second. Here’s how digitization with Bizom delivers cascading, transformational benefits to consumer goods brands:
Organization Sales Transformation journey
1. Digitized Sales & Marketing:
Most tools allow organizations to build capability from pen & paper to digital data capture. This is then layered with basic next day/delayed reporting with being able to help you understand what you are doing and make your distribution visible to you. Almost all organizations do this steps with varying levels of internal adoption. Today, however, you need the below two steps to build capability in driving and scaling tremendously.
2. Assisted Selling
It’s not enough to simply tell your field force to make greater sales and to keep monitoring and pushing them. You need to truly assist them by helping them understand
- what to sell?
- where to sell?
- how to sell?
- how much to sell?
Bizom’s suggested orders are a good example of how ELL leverages AI and ML to generate insights that have a direct impact on a brand’s ability to sell.
What’s more, Bizom’s order predictions have shown a high degree of accuracy when compared with actual order values. Bizom’s predictions showed an R-squared, or R2, score of 0.92, which means that brands get accurate, valid predictions, every time.
3. Inspired selling:
So while “assisted” selling is an integral part of the sales transformation journey, what really helps define great organizations is the ability to move their salesmen, retailers and distributors from what is still a push-based sale to one that is pull based.
We call this the “Perfect Store”. A “Perfect Store” is one where:
- retailers order based on current stock position; it is neither overstocked nor understocked
- technology tells retailers when it’s time to order/replenish products
- stock replenishment is done on demand
- brands can communicate directly with retailers about schemes and promotions
- technology helps brands validate visibility of in-store promotions/shelf share
- loyalty points are intrinsically built into every transaction the retailer does
FMCG brands can build “Perfect Stores” through Bizom’s retailer app which allows retailers to order directly from brands, offering them complete, real-time visibility on market demand and order fulfillment in a matter of hours, not days or weeks.
If you’re curious about how Bizom can help transform your sales by leveraging the power of data analytics and insights, sign up for a free consultation here or call +91-9958003975.