EY urges FMCG firms to explore digital channels
As part of efforts to enhance customer experience and promote growth, Ernst and Young (EY) has charged fast moving consumer goods (FCMG) companies to explore digital channels. According to EY, the channels would help firms enhance revenues, optimize cost fostering collaboration and provides employees with the required tools to succeed.
Speaking at a Consumer Product and Retail Sector (CPI) breakfast meeting in Lagos, Director and Lead Digital Advisory Team, EY West Africa, Dapo Adewole, said there has been a rapid change in client behavior, which requires FCMG companies to explore digital platforms in meeting the needs of its customers.
In his presentation titled, ‘Prioritizing digitalization in today’s cost optimization and operational efficiency agenda’, Adewole said focus for digital adoption should be about using innovative technologies to improve the experience of the end customer.
“Companies that will tap and perhaps dictate the market for must leverage on digital trends such as social media, cloud, mobile, omni channel, big data analytics, API economy, blockchain, internet of things, virtual and augmented reality, 3D printing and cyber.”
According to him, omni channel, which provides a seamless and consistent shopping experience across different channels and devices, is seen as representing the largest opportunity for CPR.He said Omni Channel as a strategy recognises the opportunities of offline and online models. Inasmuch as the digital transformation has seen billion of consumers move online for convenience, a significant number of transactions still take place offline.
“Robotics process automation (RPA) is another trend that could prove pivotal for every business, particularly where it concerns cost optimisation and operational efficiencies. An estimated 85 per cent of a typical firm’s over 900 processes can be automated.To maximise the potential of digital Adewole said implementation must be tailored towards solving a real problem. Digital should aim to eat into traditional share of the market as well as create new revenue streams.