A unique set of circumstances is making consumer product innovation challenging:
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Life cycles are becoming increasingly compressed
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Digitally savvy and sophisticated consumers are demanding greener, more functional, more cost-effective and more personalized products
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CPG companies are expanding into new geographic markets, resulting in new consumer tastes to serve and increasing regulation
In an industry marked by tight margins, the cost burden of sub-optimal product development is significant. Equally critical are product and process innovations that reduce unit costs and increase operating efficiency. Your R&D function remains the primary engine for these types of innovation, and there are opportunities to recharge your engine by focusing on game-changing new product development. Transforming R&D in this way involves four imperatives: adopting a global/multi-local operating model; digitizing product lifecycle management; disaggregating R&D; and the continuous pursuit of operational excellence.
Read the latest insights to learn more:
How Consumer Packaged Goods Companies Can Transform R&D and Supercharge Innovation
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