Navigating Consumer Products to Emerge Stronger Digitally
Navigating Consumer Products to Emerge Stronger Digitally
Industry Impact of COVID-19
COVID-19 has created a huge impact on a global scale that led to an unprecedented worldwide economic disruption.
As there is a continuous shift in consumer behavior, the impact of COVID-19 to consumer product companies will continue to vary. Certain products have a significantly high demand that took off due to the panic-buying behavior of consumers. While demand skyrocketed for some products, some products went down low, wherein they are faced with little to no demand at all. In the case of food service companies who are supplying company cafeterias and restaurants, where they would need to repurpose production and shift to where demand is surging.
With the current situation, manufacturers need to constantly assess and measure the shift of consumer behavior. It is important to put into mind the workforce constraints, address supply chain disruptions, and production capacity issues to ensure business continuity in uncertain times. The next few weeks, months, and years will be critical for businesses as they make a move in adjusting their plans and strategies. Any forecasts of business models done in the past might not work in the current situation. Business owners are finding ways to make sure that despite the uncertainty, there is a way to stabilize their operations and have profitable growth.
ITG to Help Enable
1. Accelerate Supply Chain Visibility
2. Quickly Onboard Temporary Workforce
3. Stay in touch with Employees, Customers, and Suppliers
4. Prevent Shelf Out-of-stocks with Early Demand Signals
5. Accelerate Post-crisis Recovery with Supply Chain Planning
6. Accelerate eCommerce Initiatives
1. Accelerate Supply Chain Visibility
- Due to the government-mandated road shutdowns, there is a disruption in multiple points in the supply chain because of restrictions and transportation delays
- Business disruptions (such as supplier shut down) must be tracked regardless of whether there is a pandemic or there is none
- Strained consumer demands for services and goods
2. Quickly Onboard Temporary Workforce
- Companies are adopting the flexible workforce mix to ensure business continuity despite the shutdowns and demand disruption while controlling cost
- Organization-wide visibility to ensure that external and service providers are managed effectively
- There is a priority in finding skilled workers with highly-valued expertise
- Business owners must provide tools and platforms to their remote workforce to ensure productivity
3. Stay in touch with Employees, Customers, and Suppliers
- Employees are shifting to a work from home set up for the first time leaving a big challenge to maintain business continuity
- Organizations must continually update policies in response to COVD-19 to ensure the safety of both employees and customers while meeting their needs
4. Prevent Shelf Out-of-stocks with Early Demand Signals
- The situation has affected companies globally wherein there is a sudden spike in demand due to panic buying and stock-out situations
- Companies who fail to see insights regarding buying behavior will not get the balance in supply.
5. Accelerate Post-crisis Recovery with Supply Chain Planning
- It is important to start planning on the key initiatives on how the company will get back to its feet as the crisis is already taking a toll on the global economy
- With proactive developments and plans, you have the opportunity to recover and be resilient in times of crisis
- As businesses start to get back to their feet and get back into normal operations, they must start planning on how to deal with constrained demands and supply shortages
- A dynamic planning tool is needed to take off and recover from the crisis
6. Accelerate eCommerce Initiatives
- The threat of COVID-19 on a global scale has forced government officials to impose social distancing and travel restrictions wherein businesses such as restaurants, the non-essential retail store were forced to close. It is still uncertain when this crisis will come to an end.
- Due to the unpredictable consumer behavior, there are challenges in the supply chain such as spikes of demand and out of stocks in some. These situations are even harder to manage with lesser employees working on the field due to the risk of infection.
- Consumers are starting to embrace digital channels wherein they are looking for a direct to consumer (D2C) options to guarantee the fulfillment of orders.
- Due to the government-mandated road shutdowns, there is a disruption in multiple points in the supply chain because of restrictions and transportation delays
- Business disruptions (such as supplier shut down) must be tracked regardless of whether there is a pandemic or there is none
- Strained consumer demands for services and goods
- Companies are adopting the flexible workforce mix to ensure business continuity despite the shutdowns and demand disruption while controlling cost
- Organization-wide visibility to ensure that external and service providers are managed effectively
- There is a priority in finding skilled workers with highly-valued expertise
- Business owners must provide tools and platforms to their remote workforce to ensure productivity
- Employees are shifting to a work from home set up for the first time leaving a big challenge to maintain business continuity
- Organizations must continually update policies in response to COVD-19 to ensure the safety of both employees and customers while meeting their needs
- The situation has affected companies globally wherein there is a sudden spike in demand due to panic buying and stock-out situations
- Companies who fail to see insights regarding buying behavior will not get the balance in supply.
- It is important to start planning on the key initiatives on how the company will get back to its feet as the crisis is already taking a toll on the global economy
- With proactive developments and plans, you have the opportunity to recover and be resilient in times of crisis
- As businesses start to get back to their feet and get back into normal operations, they must start planning on how to deal with constrained demands and supply shortages
- A dynamic planning tool is needed to take off and recover from the crisis
- The threat of COVID-19 on a global scale has forced government officials to impose social distancing and travel restrictions wherein businesses such as restaurants, the non-essential retail store were forced to close. It is still uncertain when this crisis will come to an end.
- Due to the unpredictable consumer behavior, there are challenges in the supply chain such as spikes of demand and out of stocks in some. These situations are even harder to manage with lesser employees working on the field due to the risk of infection.
- Consumers are starting to embrace digital channels wherein they are looking for a direct to consumer (D2C) options to guarantee the fulfillment of orders.