With supply chain disruption a regular part of the marketplace and consumers increasingly making choices based on how products are sourced and manufactured, trust is the new corporate currency. There’s more pressure than ever before on executive leaders to make responsible and sustainable choices across the value chain from the goods people consume to the components from which those goods are made.
Once relegated to the back office, disciplines such as product quality, regulatory compliance, and safety are now deeply embedded in C-suite and boardroom conversations. However, oftentimes the C-suite lacks visibility into those disciplines or is unaware of continued reliance on outdated, disconnected tools that can’t provide what modern organizations need to stay ahead.
Even before the COVID-19 pandemic, a vast majority of companies believed their business models would have to change, given the rates of digitalization at the time. COVID-19 accelerated that timeline, with estimates indicating that digital adoption must take place in months rather than years. As a result, digital transformation has become a top priority for boards of directors who are increasing pressure on senior management to develop a granular understanding of their company’s competitive opportunities and how digital transformation leverages them to deliver significant new sources of revenue.
What Technologies Enable Digital Transformation?
What is digital transformation? According to Veeva’s Frank Defesche, SVP & General Manager, Vault CRM, digital transformation is the planned and strategic journey that an organization takes using technology to gain a competitive advantage by increasing efficiency and productivity.
Digital transformation is sometimes referred to as digital disruption, in a nod to how digital technologies occasionally disrupt an industry. Think, for example, of how online shopping has disrupted the retail industry or how online content has disrupted the news business. In the former, this has provided executives at consumer products companies with direct experience with the benefits of digitalization of business processes, leading them to continue their journey inwardly and make large investments in digital elsewhere in their organizations.
The key to digital transformation is data, but it’s more than simply shifting data management from paper-based systems to digital ones. Although that’s the starting point for a digital transformation, that’s merely digital migration.
Instead, digital transformation involves taking that data and making it accessible to all stakeholders, no matter where in the world they may be located. It involves structuring that data to enable companies to extract value from it in a way that improves operations.
Specifically, in the areas of quality, regulatory, and safety - technologies helping to foster a digital transformation include cloud-based systems and software applications that gather data from a variety of sources and present it in a way that enables real-time collaboration and transparency to ensure product quality, operational agility, and regulatory compliance across the entire supply chain.
How Veeva is Partnering With Leading Consumer Products and Chemicals Companies in Digital Transformation
To put it plainly: Our software solutions are helping leaders across the consumer products & chemicals supply chain to stay accountable to their customers and their boards. As a proven technology partner with deep industry expertise and a modern cloud platform, we are helping some of the largest players in each segment of the supply chain get their products to market faster without compromising on quality or compliance expectations. By implementing our solutions, we are improving visibility at the C-Suite of the promises they’re making to their customers throughout the full product cycle. By maintaining transparency, a frictionless exchange of information, and a single source of truth, not only within our customer’s own four walls but throughout their ecosystem of suppliers and manufacturers, they are able to push their competitive advantage further and be agile to respond to today’s highly dynamic business environment.
Functionally, our customers choose us because of our ability to deploy enterprise solutions that handle the scale and complexity of the largest consumer products companies so that they can get products to market faster without compromising on quality or compliance.
For those in the C-Suite, however, we are helping them to achieve three things:
Advancing The Reputation of Their Company
We have seen first hand how the implementation of our solutions are setting new standards for entire industries making our partners the organization consumers prefer to buy from, employees are proud to work for, and regulatory bodies and partners enjoy working with. We can assist those companies in being bold and proactive, supporting ambitions, equipping teams, and driving results.
Leveraging Veeva’s platform and solutions allows our partners to safeguard their brands, driving consumer trust and transparency by delivering the high-quality, sustainable products they expect.
When it comes to staff, Veeva’s proven platform can aid in empowering and energizing employees—and attracting new ones—by inspiring pride for meaningful work through instituting a modern center of excellence (CoE) for compliance.
And when it comes to bringing new products to market, a partnership with Veeva can help foster ongoing trust and influence among local and global regulatory bodies, resulting in increased cooperation, accelerated outcomes, easier reporting, and fewer auditing cycles. This leads to better business outcomes overall.
Drive Better Outcomes for Their Business
Agility is critical when it comes to bringing safer, high-quality products to market in the face of rapidly changing market trends.
We bring to the table deep expertise in working with the largest, most-respected organizations in the world—in the most highly regulated industries—and building new capabilities into solutions that help to move the whole industry forward.
By making compliance a cornerstone of a digital transformation strategy, organizations are able to build trust throughout the product cycle and across the compliance spectrum. Veeva’s solutions eliminate legal and regulatory friction, accelerating speed to market.
By adopting a holistic, preventative approach to compliance, our partners are spending less time patching problems and more time focusing on customers and business opportunities. After implementing our systems, widespread gains in operational efficiency are achieved through dramatically cutting meeting times and consolidating documentation and processes into a unified, codified system with greater visibility.
Ultimately, these businesses are applying the time and cost savings they gain using Veeva’s solutions to drive curiosity, industry disruption, and innovative business strategies. This is helping them to stay ahead of their competitors.
Stay Ahead of Their Competition
At the end of the day, the ability to move faster than the competition—without compromising compliance—is critical to success.
The hands-on approach, proven solutions, and commitment to continuous innovation are key reasons why we’re becoming a key partner for digitalization in the consumer products and chemicals industries. Veeva’s unified platform and solutions deliver full traceability and operational efficiencies that let organizations move faster—and safer than their competitors. Companies can respond to market trends and consumer behaviors with greater agility and faster than other organizations, using practices that have been codified and proven in the most highly regulated industries.
Veeva’s custom, in-house approach to software implementation offers the opportunity to revisit and streamline your business processes with tried-and-true best practices Veeva has seen work for other organizations in their industries. And with a commitment to a continuous innovation cycle—three releases a year— our customers see our solutions as a continuously appreciating asset.
What’s Next For Leaders in the Consumer Products Value Chain?
Executives and boards of directors in every sector are thinking urgently about their industries' future shape and, more specifically, how their organizations need to reinvent to thrive in the digital future. A sound digital strategy that reaches into the organization to areas like quality, regulatory, and safety will enable executives organizations in the consumer products value chain to establish a single source of truth with a frictionless exchange of information.
Solutions like Veeva’s enable leaders to protect their brands, raise the industry bar, and advance their reputation among consumers, employees, global regulatory bodies, suppliers, and manufacturers. We are driving better business outcomes by making trust core to their digital transformation strategies. We help build and maintain a competitive lead in their industry through our commitment to continuous innovation and by shifting market share in your favor with the ability to respond to industry trends and consumer behaviors faster.
For more information on how Veeva can help your organization with its digital transformation strategy, reach out to one of our experts.