With significant advances in data collection and analytics solutions made by players like Quini, and the expanding capabilities of analytics technology providers like Tableau, Qlik, Sisense and others, here are some of our thoughts on the impact this progress will have on the wine industry over the next three to five years.
1- Embedded BI (Business Intelligence) will put analytics into the hands of people who have never explored data and make it a way of life across business functions.
2- IT (Information Technology) becomes the enabler, working with wine sensory and attitudinal data solution vendors like Quini to deliver out-of-the-box interactive dashboards, with near real-time, customizable analytics, right to the desk of the executive. For Marketing, Brand, Sales, R&D, Training, Finance, the C-Suite and other functions. This access will enable more accurate, faster decisions with data acquired and delivered at lower cost and faster than ever.
3- Traditional research and data acquisition methods will be increasingly replaced by data collection and analysis technology frameworks deployable directly by functional teams to support their particular business goals.
4- Data will be acquired and added to the organization’s data pool by multiple departments including training, marketing, R&D, sales, channels and media, wine clubs and other consumer touch points such as retail channel data acquisition deployments and special events.
5- Wine data quality and scope, combined with interactive analytics, will deliver answers to department and C-Suite questions, in real-time. Including product likability, competitive benchmarking, sensory feedback and new R&D opportunities, purchase intent, price sentiment, and product performance versus market perception.
6- New, rich data will enable the executive to instantly analyze and discover opportunities on a hyper-local, demographic-specific basis.
7- Data acquisition cycles will accelerate, collapsing waiting times from the traditional weekly, monthly, quarterly and annual data clusters, to near zero.
8- Accessible, low cost data acquisition and analytics solutions will level the playing field for wine companies of virtually any size.
9- Wine marketing and product development in medium and large organizations will become fully dependent on data and consumer insight.