Consumers are demanding customers, no doubt you are well aware of that. The challenge for companies in the Consumer Products Industry is to satisfy those consumers. Or even better: to surprise them and get the maximum Customer Lifetime Value (CLV) out of the relationship. That requires top-level sport. Companies competing at the highest level respond intelligently to four trends in the Consumer Products industry.
Consumer demand is constantly changing. As a result, inventory management is crucial, and we see companies increasingly managing the balance between predictability and flexibility. They don't want to take too many risks with high inventory levels. However, they also want to be able to scale up quickly if demand suddenly increases. Current fluctuations in supply chain costs are making it difficult to do so. Demand Management with smart processes and technology is the answer to this trend.
Online shopping is "here to stay" and continues to grow. The Consumer Products Industry is responding to this trend with an omnichannel strategy. With this, they serve consumers who want to buy or communicate 24/7 at a time of their choice via a channel of their choice. The trick is to offer them the very best experience. Customer Experience is a noticeable trend.
Without a smoothly functioning supply chain, there are no satisfied customers and no maximum conversions. It's as simple as that. Therefore, companies are doing everything in their power to increase the flexibility of their supply chain. This is the only way they can respond to constantly changing conditions and customer demands. It starts with predicting risks. Process Mining is the technology of choice for this.
For the Consumer Products industry, people are a key strategic asset to deliver quality and be distinctive. To what extent do business objectives match the people you have on board? And who keeps the quality up when people leave? How do you serve each employee appropriately so that they continue to develop? Those questions are becoming more relevant now that a war for talent is going on. The answer lies in data-driven, strategic workforce planning and a well-streamlined Employee Experience.
Contact Jacques Scheutjens.