For Consumer Packaged Goods (CPG) there’s much to gain considering the high failure rate of product introductions (as high as 85% according to Nielsen). They were the first to adopt digital innovation starting with marketing and sales activities before moving into supply chain and operations. Consumers are presented with more choice in products and services customized for their specific preferences and channels for distributing them. eCommerce penetration is expected to rise from 10% to 40% in the next ten years if not sooner and data gathered from consumer activity will grow exponentially as will their concern in how companies use that data.
Customer focus turns into customer obsession. By using artificial intelligence to ask questions about patterns in data we uncover new ways to address unmet consumer needs and enhance their experience. Small teams use agile ways of working to bring ideas to the marketplace faster and experiment along every possible variable. What is needed in CPG is a focus on insights before ideas and create a balanced portfolio of different types of innovation from incremental to more radical and disruptive.