Twenty-five percent of consumer goods companies are currently exploring AI-led innovation.
Advanced technology is proving to be a difference maker among consumer goods companies, as evidenced by a recent study from Bain & Company. The research found that companies that significantly increased their technology investments over the past five years outperformed their peers regarding share price, revenue, and profit growth.
The study, which analyzed 80 consumer products companies, also revealed that 25% of consumer goods companies are currently exploring AI-led innovation, design, and modeling, while 50% are implementing or testing a next-generation, data-driven perfect sales execution.
“In many ways, this new wave of tech, aimed at delivering a competitive advantage in critical digital capabilities such as sales, marketing, and innovation, is the trickiest but the most important in predicting a consumer product company’s fate,” said Rajesh Narayan, a partner in Bain & Company’s consumer products and enterprise technology practices. “Leading companies will need to develop a digital roadmap, enhance existing technology capabilities, and modernize their core systems if they want a shot at thriving in this competitive landscape.”
