Open innovation is not a new concept. Many industries over the last several years have initiatied successful partnerships to develop new, innovative products and services that build bottom line results for all value chain partners.
For the consumer packaged goods (CPG) industry, there has been an increasing interest in collaborative innovation, a strategy in which manufacturers and retailers partner to create compelling consumer product and service offerings. However, the industry has struggled with a limited ability to execute on partnerships in a market where manufacturers and retailers are often both customers and competitors.
While many CPG companies are claiming to collaboratively innovate, the right initiatives are not in place, and the right due diligence is often missing. The result: innovation that is not working to an organization’s full advantage.
Kalypso's Collaborative Innovation approach for CPG helps companies systemically deploy collaborative innovation built around four best practices:
- Developing a Strategy for Collaborative Innovation
- Conducting Collaborative Business Planning
- Getting Your House in Order
- Building Trusted Relationships
By working together, manufacturers and retailers can:
- Increase sales and profitability up to 15%-20%
- Develop better promotion vehicles
- Enhance in-store support
- Develop unique, value-added offerings
- Improve idea generation
- Incorporate shopper and consumer insight data to make better decisions
- Reduce rework
- Increase speed to market
For more information, download Kalypso's white paper: