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IDEATE, COLLABORATE AND INNOVATE — ALL IN ONE SOFTWARE.




COLLABORATE ACROSS DEPARTMENTS AND ACROSS THE GLOBE WITH IDEATION COLLABORATION
SOFTWARE.

RECENT POSTS

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 * About Us
   * About Us
   * Confidentiality
   * Privacy Policy
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   * ESG Policy
 * Clients
   * Client Request
 * Product
   * Software, Technology & Automation
     * Innovation Management Software
       * Innovation Software Brochure
     * Innovation Technology Tools
     * Innovation Solutions Workflow
     * Technology Landscaping
     * Ideation Collaboration Software
     * Project Management
     * Robust Innovation Management Workflow
   * Technology Scouting
     * Technology Scouting Software
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     * Modern Approach to Technology Scouting
     * Crowdsourcing Innovation
     * Technology Scouting for Mobility Success Story
     * Technology Scouting Software Demo
   * Differentiators
     * Technology Scouting Software for Open Innovation
     * Social Sign-On Makes Innovation Participation Easy
     * Open Innovation With Intellectual Property Protection
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       Ezassi Innovation Leaders
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 * Contact Us

27 May


CPG INDUSTRY INNOVATION

by Hunter O'Donnell
in Food and Beverage Industry, Innovation, Innovation Software, Innovation
Solutions, Open Innovation, Technology Landscape, Technology Scouting
Comments

The CPG Industry aims to continuously reinvent itself as the online shopper
experience and the in-person retail customer both demand personalized,
convenient, in stock, economical, and exciting products. CPG embraces constant
change and ceaseless innovation to keep up with consumer demands while building
brands customers rely on in their daily lives. How do the major companies’
research and development teams build and manage a portfolio of innovative
products while ensuring long-term market success and consistent brand loyalty?
It’s a complex, interdepartmental system that is augmented with 3 tactics: the
advantage of open innovation, strategic supply chain forecasting, and tools for
enhanced collaboration across teams that bring new products to market.






UTILIZE OPEN INNOVATION FOR R&D




> HALF THE COMPANY’S IDEAS MUST COME FROM THE OUTSIDE



Open Innovation is a proactive strategy complementing your R&D department.
Certainly, your company is filled with great ideas and talented employees, but
external innovation working with rising entrepreneurs, patent-filing scientists,
and the creative consumer captures the power of a worldwide collaboration for
designing the best new products. The ‘Connect and Develop’ model embraced by
Alan G. Lafley, former CEO of Proctor & Gamble, set in motion a proud culture of
Open Innovation for P&G’s product development strategy. More recently this
deeply innovative company culture is best demonstrated in the P&G LifeLab, an
extended reality consumer experience of its varied brands in the metaverse.

P&G leads with a relentless pursuit of innovation, constantly reinventing the
consumer personal care experience by developing an innovation portfolio based
off new technologies, customer input, and emerging trends. They also look to
outside ideas in competitions like the P&G Ventures Innovation Challenge,
sharing the stage of ideation with promising startups.

Following the competition and battling over market share is not a viable
strategy. Innovation from within and in conjunction with strategic partnerships
is the key to long term consumer product relevance.

“P&G innovation is intended to create value by growing the size of the entire
market. Superior performing offerings drive market growth by attracting more
users, creating additional usage occasions, and bringing more spending into a
category. This creates sales growth that is typically more sustainable than
taking business from a competitor.”

– Marc Pritchard, P&G Chief Brand Officer video

 

Today, Technology Scouting is the most powerful tool to identify prime targets
for innovation and capitalize on opportunities outside of the company walls.






STUDY PAST TRENDS FOR FUTURE FORECASTING




> THE BEST PREDICTOR OF FUTURE BEHAVIOR IS PAST BEHAVIOR



Another opportunity in innovation is to look to CPG growth strategies for the
year based off the lessons learned from the last recession.  Metrics reanalyzed
from 2008 can provide an outlook for how consumer behavior may repeat if we find
a recession triggered in the coming year as some economists are predicting. The
report highlights key learnings from the Recession Proof Your Business series
which tracks trends in CPG spending during a recession. Companies that innovate
incrementally may find success in products which provide consumer comfort,
personal indulgence or self-care attributes, as well as items that aid home meal
preparation and foster preventative nutrition.  Additionally, with gas prices
rising and inflation a continued concern, cost conscious spenders will
ultimately navigate away from costlier convenience or luxury brands. CPG brands
that learn from the past can possibly find competitive leverage in the future. 

 

Using Technology Discovery through a Landscape or Horizon Scan, your company
will be better positioned to outperform the competition when it comes to
exceeding consumer expectations through exciting, beneficial, and innovative
products.






INNOVATION PORTFOLIO MANAGEMENT INTEGRATES STRATEGY, IDEATION, AND COLLABORATION
ACROSS RESOURCES




> IS INNOVATION ABOUT CREATIVITY, OR IS INNOVATION ABOUT PROCESS?



Jean-Christophe Flatin, President of Innovation, Science, Technology, and Mars
Edge at Mars, Inc. answers this question by underscoring that creativity and
process must work in unison; a company must foster ideation and invention within
a structured framework of collaborative resource allocation. Innovation must
also have a purpose and a measurable, achievable objective to mobilize across
departments to solve a specific consumer problem.

Start with Innovation Strategy to develop the most effective innovation
organization, processes, and infrastructure. Transformational improvements and
invention of new consumer products that drive profitability start with a clear
strategy of innovation portfolio management that relies on effective ideation,
technology discovery and collaboration across a system of enthusiastic problem
solvers.

Here are some important questions to ask your CPG Leaders who are responsible
for maintaining a strong innovation portfolio and innovative company culture:



What’s your Innovation Success Rate? Which products have proven to be worth the
investment of time and resources?



Which of your key technologies or products do you want to improve? Is this
solving a specific consumer need? How do you design a strategy of internal or
external innovation to make this happen?



Which of your technologies can you license, sell, or codevelop with strategic
partnerships? Do you have the resources to research, vet, and engage with these
advantageous partnerships?



Is there a technology out there that you want to acquire to help gain market
share over your competitors? How are you identifying these opportunities?



Interested in more? Check out another article about innovating in CPG.

Talk to Ezassi about your Innovation Portfolio and the benefits of our software
tools that manage the Innovation Ecosystem, driving your best innovations
forward.

Request a Demo
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LATEST POSTS

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 * What is Crowdsourcing for Innovation?
 * Innovations in Electric Vehicles and Energy Storage Materials
 * The Goal: Ignite Innovative Culture

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