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How CPGs Can Accelerate Speed-to-Market

Posted on 
December 2, 2019
12.2.19
Monday
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When a new product pops up on a store shelf for the first time, consumers don’t realize the time, cost, and challenges the company incurred to get it there. From product development and testing to manufacturing and packaging, there’s a lot that goes into the creation of a new product. What’s more, the companies don’t see the ROI on their work until their new products are available for purchase.

Speakers
Bringing together leaders in industry and technology to drive innovation.
Matthew Wright
Founder & CEO
About Matthew
Matthew Wright is the founder & CEO of Specright, the first cloud-based platform for Specification Management. Specright has been recognized as a Gartner Cool Vendor, received the Salesforce Innovation Award and was named one of the Top Places to Work by the OC Register and Built in LA. Wright is also a published author and his book, “The Evolution of Products and Packaging,”was named to the Amazon Hot New Release List for Industrial Relations Business and has a five star rating.

Prior to founding Specright, Wright spent more than 25 years in the packaging industry, holding leadership positions at International Paper, Temple Inland, and rightPAQ — a packaging company he co-founded. He has also been involved in leading multiple M&A deals in the packaging industry and sits on the Packaging Advisory Board at Cal-Poly San Luis Obispo.
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How CPGs Can Accelerate Speed-to-Market

When a new product pops up on a store shelf for the first time, consumers don’t realize the time, cost, and challenges the company incurred to get it there. From product development and testing to manufacturing and packaging, there’s a lot that goes into the creation of a new product. What’s more, the companies don’t see the ROI on their work until their new products are available for purchase.

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Blog

How CPGs Can Accelerate Speed-to-Market

When a new product pops up on a store shelf for the first time, consumers don’t realize the time, cost, and challenges the company incurred to get it there. From product development and testing to manufacturing and packaging, there’s a lot that goes into the creation of a new product. What’s more, the companies don’t see the ROI on their work until their new products are available for purchase.

Posted on 
December 2, 2019
12.2.2019
Monday
Laura Foti
SVP, Marketing & Investor Relations, Specright
RegisterRegister
Download Presentation

When a new product pops up on a store shelf for the first time, consumers don’t realize the time, cost, and challenges the company incurred to get it there. From product development and testing to manufacturing and packaging, there’s a lot that goes into the creation of a new product. What’s more, the companies don’t see the ROI on their work until their new products are available for purchase.

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When a new product pops up on a store shelf for the first time, consumers don’t realize the time, cost, and challenges the company incurred to get it there.From product development and testing to manufacturing and packaging, there’s a lot that goes into the creation of a new product. What’s more, the companies don’t see the ROI on their work until their new products are available for purchase.One way that consumer packaged goods (CPG) brands are remaining competitive is by reducing the time it takes to get products to market. Finding a faster route from concept to store shelf is helping CPG companies capture market share, remain relevant in their industry, and turn a profit by shrinking the product development cycle. This is even more critical given the rise of Direct to Consumer (D2C) brands that have started to erode the market share of existing CPGs.To do this, CPG companies are beginning to favor strategic systems like Specification Data Management™ (SDM™) that can drive efficiency at scale and speed up time to market without sacrificing quality.

Building a Product Development Strategy with SDM

CPG companies experience a number of challenges when trying to improve speed to market. To become successful, they must:

  • Develop the right product.
  • Price the product attractively.
  • Market the product via the right channels to the right audience.
  • Create the right promotion.
  • Promote the product at the right time.

It’s a process that can take many months or years per product and each component can impact the average time to market. With product development cycles increasingly measured by weeks and even days, existing systems used by large companies are falling short when it comes to rapid iteration and cross-company collaboration.To compete, companies are turning to their existing data to help streamline the process and remain competitive in the industry. Specification Data Management™ (SDM™) is the foundation upon which companies can build a 360-degree live view of their products, from initial development through the entire product lifecycle. This robust dataset of product and packaging specifications can help companies create competitive barriers, reduce costs, and deliver on marketing promises at scale.

Create Competitive Barriers

Leveraging the right data can help a company maintain its leading edge by making it harder for competitors to enter the market. For CPGs, this comes in the form of utilizing big data gathered over years or decades of experience in both developing products and engaging with loyal customers.Leveraging this combination of both consumer and product data packs a one-two punch. While consumer data can be used to drive insights into new offerings, CPG companies can use specification data to quickly iterate existing products - and all relevant information on how to make that product with their existing supply chain- to quickly bring it to market. For example, adding another flavor or fragrance to an existing product line is as easy as cloning an existing bill of materials and adjusting a few ingredients and formulas instead of starting from scratch.

Reduce Operating Costs

Specification Data Management can also help keep operating costs low by streamlining communication, identifying waste, and monitoring spending. When companies understand material usage across product lines or brands, they can better purchase raw materials and increase their margins or pass savings on to customers through lower prices. By cutting operating costs, companies can competitively price their products to increase market share and earn customer loyalty. This is extremely critical in the eCommerce era, as brands try to remain profitable while balancing product pricing with free shipping offers.

Improve Marketing Efforts

Companies that are in tune with their audience and products are better able to leverage this data to drive their marketing efforts. They can spend less time on guesswork and more time on adding value to their marketing strategy (e.g. identifying target segments, or monitoring product sales). As personalization and hyper-segmentation continue to increase, marketing teams that can manage the complexity of additional SKUs (and everything associated with new SKUs, such as artwork and labels) will be able to take advantage of new markets more quickly.

Specification Data Management Creates Efficiency at Scale

To remain competitive, CPG brands must translate their focus and expertise managing consumer data and insights to products and packaging. By using SDM software as the foundation and single source of truth for all packaging and product data, brands can accelerate communication and prevent critical information from falling through the cracks.Learn how Kira Labs uses SDM to increase their speed to market in this case study. Then, download our ebook to learn more about Specification Data Management and how it can transform the way you manage your business.

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/2"][grve_single_image image="31309"][/vc_column][vc_column width="1/2"][vc_custom_heading text="Learn how a spec-first approach is revolutionizing how things are made." google_fonts="font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal"][vc_custom_heading text="In The Evolution of Products and Packaging, Specright CEO Matthew Wright provides a first-hand account of the trends that ushered in an explosion of SKUs and an increase in supply chain complexity that plagues manufacturers, brands, and retailers still today.Over the course of Wright’s journey, the answer to this complexity seemed simple: to keep up, the professionals would need to embrace data to make better, smarter, more sustainable products and packaging. You’ll recognize stories of the common pitfalls organizations slip into when it comes to managing their most important data and get a glimpse into the future of how data can drive the answers to some of our most pressing supply chain challenges." font_container="tag:p|text_align:left" google_fonts="font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal"][grve_button button_text="GET YOUR COPY NOW" button_link="url:https%3A%2F%2Flp.specright.com%2Fbook|target:_blank"][/vc_column][/vc_row]

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About 
Laura Foti

Laura currently leads marketing and investor relations at Specright. Prior to Specright, she led advertising and analytics at GE Digital, GE’s Industrial Internet software business. Before that, she was a consultant at Deloitte Digital working in enterprise digital transformation, where she helped clients design and deploy eCommerce experiences, develop revenue-driving mobile apps, and reimagine their global digital marketing strategy. Laura was named to the Forbes 30 Under 30 list for marketing and advertising and Brand Innovators 40 Under 40 and 100 Women to Watch lists. She graduated from the S.I. Newhouse School of Public Communications at Syracuse University. She resides in Newport Beach, CA.

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