Even before the pandemic hit, consumer goods companies were dealing with more suppliers, faster product development cycles and more demanding consumers than ever before.

Combined with globalisation, and evolving technology and consumer trends, it’s becoming harder and harder for traditional sales and distribution channels to stay relevant.

With the pace of change having increased like never before during the pandemic, agility in a company’s ability to innovate and engage with customers directly is critical to remain competitive. To compete in the future, companies need a 360-degree, data-driven view of their operations and supply chains, as well as a deep understanding of their customers and what they want.

Right now, there’s uncertainty around business models, locations and even which products and services to provide. The key to success is focusing on five keys areas – connectivity, digital supply chain, intelligent manufacturing, smart workforce and channels to market.

1. Connectivity

More and more factories are moving beyond traditional automation to a fully connected and flexible plant, using a constant stream of data from connected operations to learn and adapt to new demands. To operate, smart factories need to maintain a constant connection between equipment on the floor and an IoT platform in the cloud. If the connection is broken or network security is breached, companies will experience service disruptions and unexpected downtime.

5G-enabled smart factories and intelligent automation – which can give companies more efficient use of materials, better product quality, improved safety, shorter workweeks for labour and reduced factory lead times – will become a cornerstone of success in this space.

2. Digital supply chain

Warehouses have a crucial role to play in maximising organisational efficiency, and in turn, revenue. They have perhaps the biggest role in the supply chain, and the management of the warehouse can have a significant impact on a company’s bottom line. Inventory visibility and management using technology that keeps them up to date on where products are is crucial, as today’s shopper wants visibility into the entire order fulfilment process – from accurate availability at purchase to tracking information during shipment.

Fulfilment visibility is now essential to compete and improve the bottom line. Digitally enabled transport logistics can help companies find cost-efficient delivery routes and get deliveries to their customers quickly.

Courtesty of Bizcommunity – read full article here.