The compelling business case for smart, connected packaging is clear. The question is: what are the value threaders doing to realize it? We found three vital steps.
- They are building data driven feedback loops across the entire product lifecycle.
That’s what manufacturers of smart products, from Tesla to Peloton, do. Their data scientists, business analysts and research engineers’ pore over the data generated from customer experiences and product performance. They harness the insights from that data to make value-adding improvements across areas ranging from product development and production efficiency to more effective marketing.
Data feedback like this has not been often seen in many packaged goods businesses. But smart packaging means every product is–or could be–also now a smart product. Those that grasp this transformation are harnessing the opportunity by weaving digital threads throughout their product lifecycles to create value, upstream and downstream.
- Value threaders excel at how they capture, analyze and govern data.
Nearly every executive we surveyed (97%) agreed that data from smart, connected packaging could improve the evidence-based culture in their organization. But only 29% of them say their businesses are extensively applying analytics to that data. In contrast, 63% of value threaders apply analytics intensively to packaging data, with 83% of them having a clear governance structure in place for the packaging data they use for analytics and decision making.