Laggard to Leader, What 176 Consumer Product Executives Are Doing With IoT Strategies

A Conversation with EJ Kenney, Global Head of Consumer Products for SAP

EJ Kenney has been heavily entrenched in the Consumer Products field for over 19 years and brings his knowledge and insights to today’s cast, as we take a deeper dive into the recent study released earlier this week: Global study of 176 consumer products companies reveals how the IoT helps unlock value

Show Notes:

“Consumer Products is SAP’s largest industry.”

“I cannot recall a time where we have seen more change in our industry, and in fact, we anticipate in the next 5 years, more change than we have seen in the past 50.”

“Consumers themselves have embraced technology has also torn down barriers to entry.”

“Some of the large multinational companies, some of the household brands are really faced with the difficult challenge about how to grow.”

“The business challenges they have and context they work today is vastly different than it was just a few years ago, and that’s part of the reason why companies are looking at technology as a way to provide unique consumer experiences and provide new ways to differentiate themselves, and new ways to drive efficiency to get costs down because there really is this the significant margin pressure.”

“The business has gotten more complex now than largely a market that was based on economies of scale and global brands.”

“Companies are really wrestling with how to leverage IoT strategies.”

Study covers 5 global markets & 176 consumer product executives

“This compression of time is so comprehensive and effects every business process in consumer products.”

“Companies really have to focus on simplifying their business, on being live, being real-time, and being highly agile.”

“IoT strategy touches all three of these dimensions; Simple, Live and Agile.”

“The time to act in this area is NOW.”

Leaders are:
1. Squarely focused on building the skills
2. Focused on establishing a platform
3. Approaching it with an end to end orientation

“The information and real-time signals that IoT technologies can provide can be much more meaningful than the individual signal itself.”

“If you can do almost anything with it, then you end up doing nothing with it. You have got to focus in!”

“The study will help companies identify where to start first”

Categorize it into 3 major buckets:
1. Speed – Response to demand is crucial
2. Products – Using IoT to improve the quality of their products
3. Costs & Efficiencies – Improving the management of raw materials is critical, and Transportation in terms of supply chain costs.

“Growth is more difficult now than ever”

“The source of new growth is going to be through consumer engagement getting a larger share of stomach, or larger share of wallet with your existing customers rather than necessarily relying on new ones.”

“What is the price of doing nothing?”

“If you don’t apply some of the IoT opportunities that are in front of you what type of competitive disadvantage are you going to be in?”

“The price of doing nothing in this category I think is going to be very high.”

“You don’t have to go it alone”

Check out the report NOW: Global study of 176 consumer products companies reveals how the IoT helps unlock value

Twitter: @SAP_CP
Website: Serve savvy consumers by delivering personalized experiences

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Do you want to be a star?

Hey, I'm Branden Moskwa. I'm determined to make a business grow. My only question is, will it be yours?

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