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Internet of Things Consumer Products

Internet of Things Consumer Products

consumer products is a mature and relatively slow growing industry that occupies the middle ground in terms of technological innovation and thought leadership within the overall manufacturing industry perhaps unsurprisingly there’s no single unified definition for Internet of Things or IOT within this industry although there is broad agreement that it’s about collecting data and

insights from across the full breadth and depth of the business wherever it may operate the manifestation Berry’s for some companies IOT is about connecting with consumers and being able to influence their choices and gain insights from those choices for others it’s about connected products than the ability to either more efficiently service those products or sell wrapped services for still others it’s about efficient operations and the ability to improve demand forecasting and resulting service levels the impact of IOT on the consumer products industry is poised to be significant particularly in terms of how these businesses interact with their customers and

even more significantly their consumers and we expect it to become mainstream in this industry by about 2018 today most of the consumer products companies that IDC manufacturing insights speaks with generally rate themselves as neither particularly prepared nor completely unprepared for IOT almost all of them say they are exploring near-term use cases in such areas like the supply chain while attempting to build up the analytics capabilities to be ready for bigger and broader efforts with consumers the challenge is whether to invest in capabilities before mainstream IOT adoption and thus benefit from early adopter advantage or investing capabilities after mainstream IOT adoption the inability to articulate clear benefits at least today makes this a difficult strategic decision ask consumer products organizations get ready for IOT

they should consider the following opportunities first exploit big data and analytics to derive insights from the data tsunami we can’t state enough just how critical data management and ala dicks are to IOT enable solutions particularly in consumer products determine how you will turn data into information and insights as well as the possibility of monetize the data itself develop analytical resources and eliminate the analytics gap to move up the IOT adoption maturity curve keeping your options open to analytics as a service and

other new possibilities second transform business processes and create business value Lync IOT investments to your business needs whether those are for products or for processes don’t just patch IOT into an existing process look for transformative capabilities ways of doing things differently apply design thinking and

a test and learn approach and consider an Innovation Center to identify the best use cases of for your business this will also help you understand the utilization and value of many of these new systems and more accurately predict ROI third improve the customer experience time and time again consumer products companies tell us that the projects that are most likely to receive funding are those that are directly connected to how they serve their customers and their consumers in the case of the customer it’s about improving the working relationship in terms of new products trade promotion and

retail execution and in maximizing product value with new capabilities and services in the latter case it could be the use of sensor technologies to link to related product offerings in the store lastly and fourth engage with the consumer the holy grail for the CPG company is to find ways to more effectively and consistently engage with the consumer to increase brand loyalty and

purchase the two moments of truth for anyone products are the decision to buy it and then the decision to use it IOT capabilities could be deployed to enhance both of these moments either in terms of linking to personalized promotions in the store or online or to usage suggestions in the home the bottom line for the consumer products organization is that IOT is going to be disruptive in enabling them to engage in new and compelling ways with digitally savvy customers and consumers nothing will be the same again you

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