Technology Vision 2017 for Consumer Goods

To meet changing customer demands and successfully navigate potential disruption, consumer goods companies will need to establish an ecosystem of partners across the end to end value chain. This reflects what has been achieved by small, more nimble challengers to the industry. Ecosystems provide consumer goods companies opportunities to develop new products and new services, and make it possible to get these to market faster.

Companies that are ready and willing to cede a degree of end-to-control over everything and, instead, embrace a more flexible and fluid approach to what they do, can more likely emerge as ecosystem leaders.

In a marketplace where companies must accelerate innovation to remain competitive, having the right skillsets when needed is critical. For consumer goods companies, the workforce can be broken down into two types, “core” run-state work and project-based work. While automation can augment capabilities for core workers, on-demand marketplaces offer talent pools well suited for project-based work.

Those companies that couple faster innovation in products with specialized talent sourced on-demand can enhance competitiveness.

The traditional four “P’s” of product, price, promotion and place, are shifting to the four “E’s” of experience, exchange, evangelism and everywhere. It’s all about the customer, providing products designed for their lives and engaging them in how they want to be engaged. However, doing so at scale, in other words, mass personalization, is no small feat.

But technology can make it possible. Those consumer goods companies that harness data and analytics to get closer to their customers and connect this to new manufacturing processes can get the advantage.

Trust. To stay relevant, consumer goods companies must build new levels of trust with their customers through greater transparency. First, as consumer data represents a source of huge potential for companies and consumers alike—transparency and security of information will be vital. In relation to the supply chain, consumer goods companies must provide transparency into sourcing and the integrity of inputs that go into their products.

A new bargain is being struck with the consumer. And those consumer goods companies that give customers visibility into their operations can win that very precious commodity: trust.