Case Study: External Data Helps Nomad Foods for Sustainable Business Growth
During digitalization, data analytics has become an essential part of every business to survive the competition in market. Especially for food and beverage companies, data analytics tools and services become vital to understand current trends and customers’ preferences for specific products.
Nomad Foods, Europe’s frozen food company has a footprint across 13 European markets and it boasts a portfolio including brands such as Bird’s Eye, Findus and Iglo. The food company was primarily leveraging conventional market research and trend listening to inform the product decisions. But, many of those insights the companies were providing were limited to a single domain dependent on opinions by analysts, rather than objective data sets.
They were using predictive analytics, but it was limited to on media spend as opposed to product forecasting. The company leaders realized that they needed to leverage more data faster to surface insights that would help them to remain innovative and competitive. Specifically, Nomad wanted to continually mine and monitor a multitude of multiple types of external data sources, identify early multimodal signals of dominant consumer trends, achieve consumer sentiment analysis in detail for specific products and guide decisions based on facts and evidence.
To fulfill these requirements, Nomad Foods adopted the Signals Analytics platform to connect multiple data sources. The advanced analytics platform by Signal Analytics has helped the food company to ingest and harmonize diverse unstructured data sets into a single dataset. Data sets included various types of sources including voice of the consumer, competitive analysis, market place analysis, and innovation, etc.
Signals Analytics’ patented Natural Language Processing (NLP) engine applied a configurable category-specific taxonomy that made the findings deriving from the platform relevant to the specific food product area being assessed.
Furthermore, the platform was able to apply sentiment analysis that provided a clarity of how consumers perceive particular variables like ingredients, benefits, and other product attributes.
Nick Steel, Growth Strategy & Insight Director, Nomad Foods stated, “Signals Analytics gives us the confidence to make the right business decisions by providing a 360-degree view of all the influences that may impact future demand from customer sentiment to market innovations.”
After combining and analyzing various data sources, Signals Analytics has helped Nomad Foods to identify relevant macro trends and relate to the market landscape and its own product portfolio. This process has provided new ways to manage the product development lifecycle and uncover new products to launch in the market. The Signals Analytics platform also has removed lot of guesswork around innovation by helping Nomad Foods to identify where to focus their efforts and investments.
About the results, Nick stated, “With Signals Analytics, we have fact-based insights, which let us know exactly where we should be investing our resources. As a result, we can be more effective because we know where to focus. No more living in a world of opinions, Signals Analytics takes the guesswork out of innovation.”
As companies now store and analyse so much of data, it only makes sense to analyse it all together and get insights that take the whole company ahead, rather than department wise. The companies that fail to do upgrade in their digital transformation efforts, might get left behind in the long run.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.