Renewing and creating new value for the Consumer Packaged Goods industry - #RethinkCPG
The Consumer Packaged Goods (CPG) industry is experiencing a significant shift in its functioning due to the advent of digital technologies. These new technologies have enabled the industry to enhance customer experiences by building deeper and more meaningful relationships with them. It has also allowed the industry to connect with customers faster, more efficiently, and offer personalized solutions.
These solutions have been made possible through the combination of enhanced business processes and the leveraging of digital solutions, including social media, mobile-based applications, and deeper data analysis. This has also played a significant part in the digitization of the entire value chain of the industry.
Further, the implementation of digital solutions has helped the industry renew some of its key focus areas. It has leveraged customer relationships to build long-term loyalty and has speeded-up the decision-making process through big data analysis to provide real-time insights.
Additionally, new technologies have enabled business processes to become more efficient. Specifically within manufacturing, logistics, and marketing, the CPG industry has witnessed heightened operational improvements. Also, the industry has been able to examine new markets, specifically emerging markets, for further growth opportunities.
In terms of business benefits, digital technologies have helped free up cash flow and improve bottom-lines due to increased operational efficiency. It has also helped in the undertaking of faster decision-making so as to enable companies further grow their market share.
Digital technology has dramatically enriched the CPG industry. It has led to significant progress for companies and will continue to do so going forward.