While previous waves of digitalization first focused on digitize routine processesfollowed by channels and supply chains, leaders are now focusing on a third wave of digital investments that enable differentiation.
New Bain & Company research of 80 consumer products companies found that those that increased their technology investments the most over the past five years were likely to enjoy higher stock price, revenue and profit growth than those that invested less. .
Along these lines, the consulting firm revealed that 25% of companies in the sector are experimenting with innovation and design modeling driven by artificial intelligence (AI), and 50% are implementing or testing perfect sales execution based on data last generation.
Marcial Rapela, partner and head of Bain & Company Chile, explained that “in many ways, this new wave of technology, aimed at offering a competitive advantage in critical digital capabilities such as sales, marketing and innovation, is the most complicated but the most important when predicting the fate of a consumer products company. “Leading companies will need to develop a digital roadmap, enhance existing technological capabilities and modernize their core systems if they are to have the opportunity to thrive in this competitive landscape.”
The study shows that leading companies spend 60% more of their revenue on consumers, customers and innovation than their lower-performing counterparts, and are using artificial intelligence for everything from price optimization to predictive management of revenue growth. revenue, increasing your competitive advantage.
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