Consumer Packaged Goods (CPG) manufacturers face challenges to complete product development life cycles. Total visibility into the product development pipeline is crucial to schedule towards and meet launch dates. Today, the need for total visibility into execution activities has never been more important for strategic portfolio management to be successful.
Consumer goods companies are experiencing a radical transformation in their approach to product innovation. As the digital age opens up new opportunities and challenges, it is essential for executives in the consumer packaged goods (CPG) sector to understand, adapt to, and leverage the technological advancements that are shaping the industry.
In a competitive market, CPG executives are constantly seeking ways to optimize their innovation efforts and enable real-time decision-making. Interviewing customers about their desired outcomes plays a crucial role in the innovation development process. Focusing on the outcome becomes essential for research and development (R&D) groups as they strive to develop products that meet the evolving needs of their customers and the marketplace. Technology, such as AI-powered search capabilities, provides visibility into the performance of new products and helps organizations make informed decisions about which projects to launch.
"When we segment our portfolio, we look at different need states, demand spaces and consumer cohorts to make sure that we’re driving an innovation agenda that delivers around those
"
consumers.- Chris Mayson, Sr. Director of Global Commercialization at PepsiCo
