COVID-19 exacerbated pre-existing and systemic global challenges, revealing enormous flaws in how society treats its most vulnerable populations. Additionally, people continue to be worried about the planet.
Consumers are looking for holistic solutions, according to Accenture’s ongoing consumer research. It is clear individual company action is not enough. Only collective action will create the solutions needed at scale. Collaboration across the ecosystem and disruptive new business models are required.
New unifying vision for consumer industries
To help address these issues, the World Economic Forum and its consumer industries’ partners (including Accenture) and the Future of Consumption platform, have articulated a unifying vision. As part of their ongoing efforts to leverage the potential of consumer industries to effect lasting change, they focus on:
New technology as enabler
Companies have long been working individually on the complex and deeply rooted problems we are facing today. However, the collective action needed is a relatively new way of operating. Traditional barriers include concern about working with competitors or not controlling all aspects of a solution; lack of skills and capabilities to support collaboration; and existing and emerging laws (including anti-trust and privacy regulations). Developing the collaborative mindset and capabilities needed to effect these changes means breaking new ground in data sharing, governance and accountability.
Recent technology innovations are a critical enabler. Digital technologies can support significant change, facilitating an ecosystem approach, to integrate business outcomes with an expanded social and environmental impact.
Consumer industries' community goals
Create the future… together
CPG business leaders can get started by taking three bold steps:
Consumer industries have a unique opportunity to rebuild, better. Through collective action, they can help make the world a more humane, healthier and better place.