• can you turn on a dime? digital transformation

Can You Turn On A Dime? Digital Transformation in the Consumer Goods Enterprise

One-quarter of the world's economy will be digital by 2020.1 And adopting digitally driven techniques and tools to improve the new product development process can have a significant impact on both top-line growth and bottom-line profit at consumer goods companies. It's time for the consumer goods enterprise to move to a digitalized product innovation process for true organizational transformation. Click here to download the infographic as a PDF.

can you turn on a dime? digital transformation in the consumer goods enterprise

Here's the text of the above infographic:

Transforming the Consumer Goods Enterprise with Digitalized Innovation

25% of the world’s economy will be digital by 2020.2

17% of CG companies have initiated DX for the R&D business function.3

34% of CG companies said New Product Development is a priority for Digital Transformation (DX).3

Trends and Pressures Driving the Need for DX Innovation

54% of companies struggle to align innovation and business strategy.4

New products will drive increasingly higher levels of industry growth; smaller manufacturers will steal 10 – 15 share points from traditional brands in next 5 years.1

MARKET DISRUPTORS3

New emerging technology considered critical for Digital Transformation:

  • 24% Internet of Things (IoT) tools
  • 41% AI/Machine-learning tools
  • 17% Robotics
  • 14% Augmented Reality/Virtual Reality tools

Growth Success via Digital Transformation

CG companies can achieve 75-85% success in new products hitting expected business.6

How to Pivot the Organization

61% of companies say the solution to reaching strategic goals is more collaboration across functions, paired with faster decision- making.5

50% of companies rate technology partners as their most important innovation collaborators.4

The Right End-To-End Solution Can Help

  • Collaboration with fewer silos
  • Access to shared data for actionable insights
  • Communication (globally and during M&A)
  • Visibility, agility and speed to outsmart competition

Key Technology Includes

  • Innovation frameworks
  • Scorecards
  • Dashboards
  • Portfolio management
  • Idea and concept portal

Sopheon partners with customers to provide complete Enterprise Innovation Management solutions including patented software, expertise, and best practices to achieve exceptional long-term revenue growth and profitability.

Sopheon’s Accolade® solution provides unique, fully-integrated coverage for the entire innovation management and new product development lifecycle, including strategic innovation planning, roadmapping, idea and concept development, process and project management, portfolio management and resource planning.

 

 

 

 

SOURCES

1IDC

2Accenture’s Digital Economic Value Index, 2016

3CGT

4PwC’s Innovation Benchmark Study 2017

5PwC Strategy&, Dealing with Market Disruption, 2016

6https://www.sopheon.com/innovation-project-management/
2019-05-30T10:33:58-06:00March 21st, 2018|

About the Author:

Brooke Boeser
Brooke is the Content Marketing Manager at Sopheon and is passionate about social media, content creation, digital marketing and innovation management.