5 Steps to Prepare for Digital Transformation
Real-Time Business Is Happening. Where Are You in that Journey?
We’ve reached a watershed moment in the digital era: Data is now the most valuable asset of some of the world’s largest brands. Consumer packaged goods (CPG) companies that don’t act on this new reality may be putting their growth plans at risk — because startups will act on it. By now, we’ve all seen the memes about how Uber became the largest taxi company in the world and Airbnb eclipsed the world’s largest hotel chains without owning taxis or property. Realistically speaking, CPG’s with brick-and-mortar retail-distribution foundations face the challenge of digitizing faster and better than the competition.
Today, the best way to connect with customers, generate revenue and increase market share at the same time is to become a digital enterprise. Consumers expect a fluid experience across all channels and interactions with a brand. They want to be able to use an online coupon they received via email to purchase a product in a physical location or online, and then return the product via UPS if not satisfied. Consumers are now the most important stakeholders, and they are expecting to be served within their present digital culture by the brands they buy.
In order to balance retail-intensive business models with new opportunities, consumer packaged goods companies need the ability to leverage real-time, in-memory information to make decisions and cater to individual customer needs. With ERP platforms like S/4HANA, that’s a reality. Next-generation business suites like this are designed for companies to run in a digital, networked world.
However, while transforming into a real-time business is not a “flip the switch” effort, it isn’t as complex as it’s been made out to be. There are five steps that can be taken toward development of optimized real- time systems, each of which will deliver real business impact along the way. Getting started on this journey by recognizing operational efficiencies, reducing time to market and building a foundation for trusted information and better analytical insights are the first steps.
This whitepaper explores five steps for consumer packaged goods organizations that can be taken toward development of optimized real- time systems, each of which will deliver real business impact along the way.