The consumer goods and services industries will witness changes of a lifetime in next few years. The crucial force is responsible to bring this change is “Digitalization” which is already revolutionizing various other businesses. ITConnectUS strategies and policies see the major main drivers of success which consumer companies. The drivers are powered by digital and innovative technologies which the consumer goods and services industries leaders must use to transform their businesses for upcoming and beyond.
Digitization to understand and connect
On an average, customers have more than a million products globally which compromise loyalty and security. Connecting and integrating digital technologies into the business will help firms solve numerous problems.
Role of emerging technologies
The technologies going to be playing a key role in future impacting retail and CPG industries value chain ranges from digital traceability to robotics. For e.g. Digital Traceability will with
Other technologies include: Internet of Things (IoT), Machine Learning (ML), Artificial Intelligence (AI) and Virtual Reality (VR).
Testing new online and offline business models
Conquering an Omnichannel methodology is the key. Consumer and Good services industry leaders are also already tackling with digitally transformed business models like:
Most important capabilities to thrive the future
The merger of the digital and physical realms is developing from a wide range of corresponding services to a truly unified experience. The Digital Voice Assistant (DVA) device in its objective form feature is primary in this development, as it makes services easy to access.
Other important technologies include:
Stand-alone voice assistants – It is not yet as popular as embedded digital assistants but no one can deny it a future technology for e.g. stand-alone DVA device.
Autonomous vehicles Technology – Interest in this technology extends the experience to develop self-driving vehicles.
AR ⁄ VR technology augmentation – Consumers seeking more than just fun from virtual reality technologies. They are interested in practical, day-to-day life AR ⁄ VR applications beyond gaming.
Subscription-based video services – Consumers are looking for simplified, flexible and engaging unforgettable video experiences.
How we define a Digital Leader
Plan – While Consumer Goods and Services firms see opportunities, they yet to merge digital solutions with their corporate strategy.
Develop – Consumer Goods and Services companies use data analysis tools, but yet to go to utilizing digital technologies to design products and manage the supply chain.
Sell – CPGs are way ahead in digital marketing, but have yet to achieve consumer intimacy in selling service.
Manage – CPG companies have yet to begin building their digital infrastructure, talent and organization.
Taking a universal approach to operating model transformation vs. business model transformation
Getting started with brilliant basics – Be fast, agile and relevant in meeting consumers hopes and utilize emerging technologies like AI to drive product development.
Extend your reach – Go beyond process efficiency and transform into an agile industry that links into a wider ecosystem of skills and partners.
Grow beyond renovation to innovation – Unravel locked in value by exploring new business models.