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The consumer-packaged-goods (CPG) industry’s growth has been nothing short of exhilarating lately. The advent of pandemic observed economic uncertainty, global supply chain disruption, and radical change of consumer behaviour. Coupled with the pressures to drive innovation, transparency and sustainability while being adaptable, the CPG industry was ushered into reviewing drastic changes.
While technology has played a key role in the consumer goods industry’s growth, it will be truly disruptive in the coming times. Brands must find a balance between being innovative and adaptable, without changing too much of the core offerings, while remaining efficient and profitable.
Predict & Prepare for Shifts
As consumer habits change when it comes to product preferences, so do the ways they learn about new brands and products. To capture their fair share of this rapidly growing channel, CPG companies need to up their game with online retailers. They must work in close partnership with retailers to manage their online shelf space, run marketing campaigns, and in general expand the category online. Businesses must invest in tapping social media capabilities to keep pace with the digital consumer.
Although new-product innovation, company expansion beyond the bases, aggressive shaping of portfolios, building global scale along every part of value chain, including R & D, marketing and sales, procurement, manufacturing, and distribution, are all notably contributing to and allowing the big CPG industry players to boost their margins significantly, yet a major implication on the CPG industry’s profit formula is the shift to value.
Winning companies likely, would be those that understand the new consumers, create value-oriented products, and meet their needs. To thrive and survive, CPG companies need to move away from slow, outdated, and complex practices, and transform their business models.
CPG companies have experienced the urgency to digitize and transform their supply chain system, address evolving customer expectations, and create high quality, compliant and sustainability conscious products. They require strong trace-ability functionalities, data granularity to reduce
operational risk, handle margin pressure, brand consolidation, price sensitivity and properly respond to an adverse event with a targeted recall.
Fact remains, CPG companies will be required to continue to find efficiencies and improve infrastructure to stay competitive. Encountering structural shifts from both the demand and supply sides will be the destiny of CPG companies in coming decades.
We at ITRadiant have an end-to-end understanding of the supply chain, including predicting the production timing and costs, anomaly detection, or demand forecasting, etc. thereby being capable of helping your business to reconfigure it, to gain comprehensive assessment and enhanced visibility.
We assist your business to harness your global scale to reduce costs, push work to low-cost centres, and spread fixed costs over a broader business base. With AI, we can empower your users and sales associates with data that can help achieve great results in weeks instead of months. We help you monitor and orchestrate your efforts by building analytics watchtowers to keep a track of your business progress, gaps, and successes.
We can facilitate technology and data leveraging for you, to unlock more intelligent inventory management, intuitive pricing strategies, and newer ways to fulfilling guest experiences. Through data-driven decisions and better customer relationship building abilities, we can support you to surpass your competitors, add value and accelerate the growth of your business.