Resetting the rules for consumer companies

In the wake of COVID-19 and the sudden changes it’s wrought, brands and retailers must operationalize agility the same way they’ve operationalized efficiency over the past 20 years.

At the same time, the pandemic has accelerated innovations—many already in plan—as companies around the world respond to the disruptions. These innovations are creating opportunities to shift the paradigm of the industry.

55% of consumer company executives are building agility to adapt faster to changes in demand.

The current climate is ushering in an era of “ands”: efficiency and agility; stellar digital customer experience and highly skilled frontline sales and service associates; sustainability and lower costs, among others.

To better understand the changes, challenges, and opportunities facing the industry, we conducted a survey of nearly 2,000 consumer products (CP), retail, agribusiness (Ag), and wholesale executives. They are leaders in supply chain, operations, customer engagement, and sustainability across 24 countries. In this report, we’ll focus on how companies are navigating this disruption, their priorities over the next 6 to 12 months, and the requirements for longer-term success.

Maintaining continuity while building resilience

The biggest challenge during COVID-19, cited by more than half of executives surveyed, has been the inability to maintain business continuity, followed by financial loss, and cybersecurity threats. In response, organizations are exploring new work models, reducing costs, and transitioning to a more secure and resilient infrastructure.

As the pandemic continues to surge in different parts of the world, lockdown measures are still being imposed. Businesses are operationalizing scaling measures they put in place last year to support healthy employees, safe customer interactions, and sustained workplace operations. Over 70% of consumer products companies, and over 80% of retailers, have taken these actions.

Consumer companies need to embrace multiple, sometimes competing, priorities simultaneously.

They are also establishing new processes and procedures to minimize operational disruption and keep things running if disruption occurs. And consumer companies are focusing on building IT resilience across the enterprise in response to a much more distributed IT landscape.

Achieving business goals: Top priorities for the next 6-12 months

Read the full report to understand where consumer companies are investing—and how your organization can gain a competitive advantage.