The COVID-19 pandemic was one of the greatest trend accelerators of our lifetime. For many companies, initiatives or plans that were on the backburner suddenly got accelerated, forcing organizations to think and act differently in order to respond, adapt, and survive. In the next few episodes of Taking Stock, we’ll explore some of the recent consumer products trends that have gained importance as a result of the COVID-19 pandemic. This time, we dive into the trend of adopting a digital mindset.
Digital is ubiquitous in our day-to-day lifestyle, both at home and at work. It seems almost every task or process has some sort of digital component to it – perhaps more so following the COVID-19 pandemic, which forced all of us to turn to virtual ways of living, learning, and working.
This idea of existing in a digital world or incorporating digital aspects into our lives, however, is nothing new. Throughout the years, we’ve heard so many terms in the market related to this idea of “being digital.” Companies in every industry have some sort of initiatives tied to digital, and even teams dedicated to digital transformation or growth.
For consumer products companies, in particular, how do you define digital, and how does that definition differ from the other technology initiatives we’ve seen embarked upon over the years?
Digital transformation can mean a lot of different things for different companies, but it’s helpful to think about it as a mindset shift. Yes, a digital initiative includes the technology, but it also needs to focus on the people and the processes. Companies must consider, Why are we taking on this digital initiative? What are we trying to accomplish, and how are we going to accomplish it?
When companies begin adopting a digital mindset, it means they’re thinking about their end consumer, remaining agile in a rapidly evolving digital space, and embracing a “test and learn” mindset to support, drive, or transform their business objectives – both now and in the future.
Consumer Products Trends – Adopting a Digital Mindset: Taking Stock with Idoia H. + Hudson R.
In this episode of Taking Stock, I’m joined by colleagues Idoia Hidalgo and Hudson Rowland as they discuss their perspective on what “digital” means and some of the tactical steps that organizations can take to be successful as they consider their digital journey.
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In this podcast series, Clarkston Consulting Partner Steve Rosenstock sits down with experts and thought leaders from both within Clarkston and throughout its consumer product, retail, and life sciences client base, covering a range of topics from industry trends and consumer dynamics to organizational governance and business strategy. Steve provides you access into the passions of his guests and allows you to benefit from their stories, knowledge, and deep expertise.