Disruptive digital technologies such as blockchain, artificial intelligence, digital reality, and cloud technology will open a new era of productivity for consumer goods companies. These technologies not only improve internal process efficiency, drive innovation, help brand development, increase profitability, but also improve the consumer experience.
In order to fully exploit the potential of disruptive digital technology and maximize revenue, consumer goods companies can achieve digital transformation goals by understanding their digital maturity and the application of disruptive technologies.
Interestingly, in terms of digital maturity, respondents in the consumer goods industry gave moderate to low ratings compared to other consumer-oriented industries. Therefore, although the consumer goods industry has significantly improved digital maturity through production process automation, online shopping and digital transformation of the supply chain, consumer goods companies still have huge room for development in the field of digital transformation.
The blockchain enables secure management of shared ledgers, and transactions recorded on shared ledgers can be verified and stored on the network without any central authority intervention. Blockchains come in many different forms, including public open source networks and private blockchains that require explicit read and write access. The use of computer science and advanced mathematics (in the form of cryptographic hash functions) to mark blockchains not only helps to complete transactions, but also guarantees the integrity and anonymity of the blockchain.
Blockchain has a number of potential use cases in the consumer goods industry, particularly for tracking and monitoring product and information flows, services and financial flows. Figure 3 summarizes some of the potential use cases. According to the beneficiary groups of blockchain applications, the application of blockchain can be broadly divided into two categories: enterprise-centric and consumer-centric.
More innovative and bolder disruptive technologies are constantly transforming the way companies do business by improving operational efficiency and improving the consumer experience. In particular, disruptive technologies can have an exponential impact: application disruptive technologies can provide advantages and conditions, dramatically increase the output and efficiency of related processes, and create a multiplier effect.
It can be seen that the blockchain is a disruptive technology that has the potential to help consumer goods companies achieve or even lead digital transformation. The prospects in the consumer goods industry are limitless.