From supply chain efficiency to brand perception, from production to pricing, and from product innovation to expanding the customer base, consumer products companies face a long list of challenges. In an age of automation, digitalization and globalization, the obstacles multiply as consumers are more informed and empowered, and competitors are racing to adopt the newest technologies.
Organic growth is declining throughout the industry, and rare opportunities to grow and thrive lie in adopting smart value creation strategies to better accommodate changing consumer behaviors and transforming operations to lower costs and bring innovations.
On the consumer facing side, the traditional marketplace is facing several challenges including channel disruption on a dramatic scale and growing e-commerce penetration, which have offered consumers a multitude of purchasing channels and product choices. Brick and mortar stores are no longer the market dominators, and consumer brands are having to restructure their go-to-market and direct-to-consumer strategies.
With the strengthening presence of e-commerce, increased globalization and a strong trend for outsourcing, products are no longer locally owned, and with rapidly evolving technology, automation has become a major force driving productivity.
The best ways to increase production and operation efficiencies, balance between automation and outsourcing, and outsourcing production properly are key concerns for consumer product companies to address.
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