Key Takeaways:
- Acumen launches a dedicated AI and data team to support consumer brands in the ongoing cost of living crisis.
- The new team aims to enhance brands’ pricing and promotional strategies amid challenging market conditions.
- Acumen’s growth enables investment in AI capabilities, expanding its influence across the Asia Pacific region.
Acumen’s Strategic Shift Towards AI
In response to the growing demand for advanced revenue management strategies, Acumen, a leading FMCG revenue management consultancy, announces the formation of a dedicated AI and data team. This strategic move aims to assist brands in staying competitive during the prolonged cost of living crisis.
Harnessing AI for Smarter Decision Making
Acumen’s new team will focus on integrating cutting-edge technologies into their SaaS solutions, Acumen Invest and Acumen Radar. The incorporation of Generative AI capabilities into these apps will empower clients to analyze critical commercial data effectively and convert insights into actionable strategies.
The Promotional Pressure in Retail
The retail landscape in 2023 witnessed brands driving sales through increased promotional activities to compensate for volume declines. This trend, expected to continue in 2024, has placed immense pressure on consumer brands to evaluate the effectiveness and ROI of their promotional expenditures.
Navigating a Challenging Market
Retail analyst Natalie Berg from NBK Retail observes, “The retail landscape has been fraught for both retailers and brands alike, with an increased reliance on promotions and discounting.” In this volatile environment, Acumen’s AI solutions will be pivotal in aiding brands to prepare for negotiations and maintain profit margins.
Acumen’s Expansion and Growth
The decision to invest in an AI team comes on the heels of Acumen’s strong commercial performance in the previous year. With a 30% year-on-year growth following double-digit growth in 2022, Acumen has expanded its reach, particularly in the Asia Pacific region, working across markets including Australia, New Zealand, and Japan.
AI Guru: A Game-Changer
A key innovation by Acumen’s AI team is the AI Guru, designed to provide users with direct answers through natural language. This feature will enable brands to make rapid and intelligent decisions on pricing, bolstering their competitive edge without compromising on profit margins.
Acumen’s Vision for the Future
Nick Ryan, Chief Commercial Officer and Co-Founder at Acumen, reflects on the company’s success and future prospects. “This success has enabled us to invest in a dedicated AI team to help our clients make the right pricing and promotions decisions while margins are increasingly under pressure,” he states.
About Acumen
Acumen offers consulting solutions and software for consumer goods brands, specializing in optimizing pricing, trade terms, promotions, and pack price architecture. The company’s solutions amalgamate business insights, providing clients with a comprehensive view across pricing, trade, and promotions data to address challenges like inflation, changing purchasing trends, and retailer negotiations.
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