It almost feels redundant to say consumer products businesses are undergoing disruption. The very nature of the industry demands a fluid and nimble mindset in order to survive and grow. Looking back on 2019, the consumer products industry continued to experience wave after wave of change and transformation. As we look forward to the new year, I’m sharing some of our most read insights for consumer products companies from 2019. As you’ll see, these insights reflect the most pressing challenges and opportunities facing the industry.
Meeting Evolving Consumer Expectations
Technological and commercial transformations across multiple aspects of the modern consumer’s daily life have created new expectations for brands. Whether it’s a focus on wellness, self-care, or sustainability or increasing demand for brands that deliver best-in-class products AND experiences, the new age of consumer demand is forcing consumer products and retail companies to rethink how they make, market, and sell.
Using Next-Gen Technology to Engage Consumers and Improve Operations
Artificial intelligence, next-gen networking, quantum computing – things that were barely on the radar just a few years ago are now front and center for consumer products companies. What began as simple applications and small use cases has evolved to transform all aspects of the business from marketing to supply chain to quality operations and beyond.
Artificial Intelligence – Uses in Food Quality and Regulatory Operations
How Will 5G Impact Marketing for Retailers?
Using a Supply Chain Digital Twin to Improve Logistics
Quantum Computing Applications for Supply Chain
Evolving Business Operations for Growth
Margin pressures, an increasingly fractured and growing competitive landscape, and countless business innovations are forcing consumer products companies to change and pursue new strategies and tactics for growth and consumer engagement. For some businesses, this means entering a new market with an existing product while others look to streamline internal operations to drive savings and new efficiencies.
Empowering Analytics and Data-Driven Decision Making
It goes without saying – any business in the consumer products industry must adopt analytics into their core business processes and decision-making structures. The power of analytics to better inform strategic decisions, improve operations, and understand and speak to consumer constituents can revitalize any existing consumer products business or jumpstart growth for a new entrant.
Understanding How to Build a Diverse and Inclusive Business
Gone are the days where diversity and inclusion were simply an issue for human resources to manage. Recent years have proven that a consumer products company’s approach to diversity and inclusion can drastically impact brand integrity, market presence, innovation, and much more. Effectively realizing these qualities in your business can’t happen overnight but the benefits are well-worth the journey for your people, your customers, and your business.
Facilitating Business Transformation that Lasts
As disruption continues in waves across the industry, established brands must be prepared to transform the strategies, processes, and capabilities that have become ingrained in their business. 2019 has proven that organizations able to effectively execute business transformation can not only survive but grow and thrive in an entirely new way. Making that leap starts with a focused leadership team aligned to an articulated “north star” pointing the business to its future state.
Meeting Regulatory Change and Uncertainty Effectively
Upheaval in international relations and increased focus by both consumers and regulators has exercised new demands for more robust approaches to quality and regulatory operations for consumer products businesses. More than ever before, the quality and regulatory capabilities for consumer products businesses are having far reaching implications to the business as a whole.
What to Expect from Clarkston Consulting in 2020
We’re looking forward to bringing more perspectives, insights, and case studies on the most pressing issues facing our consumer products clients and readers as we look forward to a new year and new decade. Contact us to share any topic that’s most pressing to you or your business that you’d like to hear more about. Subscribe to our insights to stay connected and get the latest on the issues facing the business straight to your inbox.