5 ways your consumer goods business can become more competitive
To achieve and maintain a competitive advantage, executives of Consumer Packaged Goods businesses (CPGs) must be ready and willing to adapt to today's rapidly changing marketplace. However, simply hiring more employees to sell more may not be the most economical option. Therefore, this blog will discuss five practices your CPG can readily implement to stay ahead of your competition.
Be aware of industry trends
First, it is essential to remain cognizant of current and emerging industry trends. The digital age has forever altered the way we live and do business, mostly for the better. With that said, the constant inundation of advertising means consumer preferences are changing faster than ever before. For example, the fashion industry once unveiled its newest trends every season. Today, fashion trends can change on a weekly basis.
In addition to quickly changing trends, the uncertainty of our times can lead to supply chain volatility. A natural disaster, water shortage, or a political crisis could cause a collapse in the global supply chain. The ability to carefully assess your supply chain in an objective, fact-based manner will minimize your exposure to this level of disruption. CPGs cannot afford to rely on outdated methods of analysis. A quality Business Intelligence (BI) solution will provide fact-based insight into changing industry trends and will offer the agility to respond to any potential disruption in your supply chain.
Create a company culture that embraces change
A culture that embraces change can easily adapt to shifting circumstances. Improving communication between departments will create companywide unity. Healthy, open communication enables everyone to come together to meet a challenge. Host social events such as holiday parties and picnics so your employees can mingle and begin to develop a sense of community. Fostering a company culture that allows your employees to feel part of a team will create a sense of trust and encourage sharing and growth. When challenges occur, they will work together to ensure they weather the storm. Unified teams become personally invested in each other's success.
Don’t work harder, work smarter
Working long into the night and depriving ourselves of sleep are the traditional hallmarks of a successful executive. However, we are learning that working long hours and getting little sleep actually negatively impacts our mood, memory, and ability to concentrate and problem solve. In fact, the Australian Insitute of Business says a healthy work-life balance is the key to success as it improves efficiency in work performance. Executives of competitive CPGs have found that allowing their technology to do what it was designed to do, churn through data, frees up their time to focus on more important tasks like moving their company forward.
Make data-driven decisions
Gut instinct alone won't allow you to obtain the competitive advantage in our data-driven world. Since gut instinct is colored by perspective, it is inherently biased. Data is impartial by its very nature. When executives rely on up-to-date data, the facts can be used to shape their perspective on their competition. Intuition is fine when the facts are in agreement. However, executives must know when the facts run counter to their intuition. Facts are reliable evidence of the most effective strategies to keep your company competitive.
Be one step ahead with Phocas
With access to an unbiased view of the truth, you can successfully meet any challenge such as a rapidly changing marketplace or an unplanned crisis. With a 360-degree view of your entire company, you can set growth targets, reduce costs and increase your profitability. According to 'The BI Survey' by BARC, as many as 84% of companies who have implemented BI report making better business decisions, and 41% report increased revenue. Phocas has consistently performed best-in-class in BARC's reviews. Phocas also has a proven track record working with CPGs such as Abcoe Distributors and Seasol to overcome challenges and focus on growth.
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