The speed of business in the digital era puts increasing pressure on companies to maximize service capacity, minimize prices, enable product innovation, and continuously improve the customer experience. To find new growth opportunities, companies in the Consumer Products industry must improve demand planning precision, enable a responsive supply chain, and create innovative product introductions.
Digitally empowered consumers are disrupting the Consumer Products industry
Today’s consumers possess technology and social media tools that allow instant sharing and comparison of product, price and customer experience information across the globe. Buyers can research prospective purchases online, and quickly and easily compare price, quality and customer satisfaction across brands. A customer can choose from a variety of methods to place an order: online, through a distributor, or by phone and fax.
Growth opportunities for Consumer Product companies
In fact, the same technology and social media tools that give consumers the ability to find and share information is opening new growth opportunities for companies who manufacture, sell and distribute Consumer Products. Companies can track product demand in near real time, identify demand fluctuations, immediately share the latest demand information with production operations and suppliers, and use that information to inform product innovation.
Improved access to integrated demand, supply, and financial information allows firms to better analyze customer, product, market, and channel patterns and trends. Real-time feedback from engaged consumers translates to more accurate supply chain planning.
Consumer Product companies that leverage the latest digital technologies can achieve new levels of customer loyalty, realize higher margins and drive revenue. Learn how Consumer Product companies are finding growth opportunities by placing more emphasis on demand-driven activities, minimizing supply chain disruption, and deepening connections with consumers using the latest digital technologies by reading the itelligence industry insight white paper: