Hakkoda unveils data solutions for retail & CPG sectors

Hakkoda has announced the launch of new data modernisation services aimed at companies within the retail and consumer packaged goods (CPG) sectors.

The initiative seeks to assist businesses in these industries in modernising their data practices, thereby enhancing inventory management, supply chain efficiency, and ultimately unlocking real-time consumer data.

The move comes in response to the evolving needs of companies operating in an increasingly digital marketplace. As noted by industry research, businesses within the consumer and retail sectors are progressively investing in data capabilities to gain a competitive advantage.

McKinsey & Company highlights the strides such companies are making, suggesting that those with advanced technological models often outperform traditional peers. Additionally, Hakkoda's own "2024 State of Data" report underscores the necessity of data centralisation, revealing that 66% of retail and CPG brands have not centralised their data on a primary platform, and merely 20% are currently monetising their data.

Stephen Barrett, Vice President of Retail and CPG at Hakkoda, discussed the strategic importance of modern data architecture. "Building a modern data architecture creates the foundation from which Retail and CPG organisations can gain a competitive edge with more sophisticated marketing capabilities, automated strategies for supply chain management, and faster and more accurate forecasting," he stated. "At Hakkoda, we understand the specific challenges in this industry and can help create tailored solutions to unlock data innovation."

Hakkoda's solutions aim to address various challenges specific to the retail and CPG sectors. The company will utilise a combination of sector-specific expertise and certifications within the Snowflake ecosystem. Central to this offering are solutions such as customer data platforms (CDPs), ERP analytics, data clean rooms, and data monetisation. These technologies and approaches are designed to provide businesses with quality and accessible data, aligning closely with Snowflake's partner ecosystem principles.

David Porter, Head of Partner Engineering at Sigma Computing, commented on the partnership and its potential benefits for clients. "At Sigma, we pride ourselves on going to market for our retail and CPG customers alongside organisations like Hakkoda who are experts and innovators who match our drive to make data more simple," he said. "We are excited to see Hakkoda expand their services to this new vertical, where we'll jointly support organisations to harness data to improve customer experiences."

The launch of these services highlights an increasing recognition of the transformative potential of data within the retail and CPG sectors. As businesses increasingly turn towards more sophisticated data solutions, Hakkoda's offerings aim to assist companies in staying competitive and effective in a rapidly changing business landscape. The focus on modern data practices underscores a broader industry trend towards the digitisation and monetisation of data assets, which continues to gain momentum as companies seek to enhance their operations and customer engagement strategies.