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“We believe that technology can help us build trust with consumers by providing more transparency and traceability across our supply chain.”
Seamless Digital Solutions Powering Brands
Trust is an intangible asset we trade on as a society to improve the lives of people and communities and keep our economies moving forward. With consumer products, trust is encompassed by transparency, where and how ingredients or materials are sourced, environmental impact, and manufacturing standards.
At Veeva, our mission is to partner with and support our customers to help you bring trusted products to market faster without compromising quality or compliance. Over the past few years, success in this has been challenged in a time of transition: unprecedented supply chain disruption, geopolitical shifts, rapidly changing consumer demands, and more.
We hope you will enjoy reading these insights, and that in these resources you find ways to help your own organization build trust across your ecosystem.
– Greg Harbin, Consumer Products General Manager
What are the drivers of trust for each stakeholder—employee, supplier, consumer, and broader society? What are your priorities as a company, and how well do they match stakeholder expectations? Are you working to articulate the rationale as clearly as possible and communicate your commitment, key actions, and resources you have committed to earn the trust of each group? Have you thought about assigning responsibilities within the leadership team for your different stakeholders?
Are you monitoring developments in the external marketplace (and internal organization) that could likely cause direct impacts on trust? What could be likely negative (or positive) sentiments in the relevant communities, and what responses are in place?
It’s inevitable that trust will be broken and needs to be restored. Are you developing routines with responsibilities and action plans to restore trust in the event that something goes wrong?
Are you linking trust to performance metrics that drive your business? There’s no one equation that shows how valuable trust is for every company. You must develop and refine the equation for your setting. Use specific indices such as Net Promoter Scores (NPS) and track them over time and relative to competitors. Develop scores of employee engagement from internal surveys and link to relevant metrics from external sources such as Glassdoor to tie employee satisfaction to customer satisfaction.
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