The rising supply chain constraints, high production costs, and shifting customer demands are becoming key concerns among consumer packaged goods (CPG) companies.
A McKinsey study, however, shows that CPG companies that embrace digital transformation can bring new products to market 50% faster, at a third lower cost, and with double the return on investment.
To ensure digitally-enabled innovation produces sustainable results, companies and their leadership must pay attention to these four lessons:
– Redesign multiple end-to-end processes (not just use cases) and enable them digitally.
– Pilot projects can generate early wins, but sustainable transformation comes from full-scale transformation.
– Find the right development tools from a mix of off-the-shelf solutions, the ones you can build internally, and those that require partnering with vendors.
– Embrace flexibility to adapt to new technologies along the way.
What are you doing differently to stay ahead of the curve?