Chief executives at leading retail and consumer goods firms are increasingly working together to ensure they continue to thrive in turbulent times, a new report by The Consumer Goods Forum (CGF) and EY has found.
Launched ahead of the CGF Global Summit, which takes place in Kyoto this week, the report, Pursuit of harmony, working together in times of turmoil, outlines the stark realities facing businesses amid multiple global crises, including geopolitical conflict, increased energy prices, and the climate emergency.
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Calls To Action
The report brings together opinions from 17 consumer industry leaders, and highlights three overriding 'calls to action' for businesses working in the industry:
Recognise that you cannot do everything all at once. Several of the CEOs interviewed in the report highlighted the challenges in addressing multiple issues at the same time, summarising that challenges must be prioritised to ensure that progress can be made. Large challenges can be made more manageable by creating distinct and relatively autonomous workstreams, to sharpen organisational focus, the report states.
Focus on building resilience. Industry leaders interviewed for the report emphasised the importance of resilience in navigating disruption. Most businesses faced transformative changes during the pandemic, which, for many, established a strong foundation from which they could address future challenges.
Share for success. In order to tackle the business challenges of today, businesses require more cooperation than ever. Open and reciprocal sharing, in the form of coalitions and partnerships, can bring benefits to all.
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'Systemic Solutions'
“Weathering short-term challenges cannot distract leaders from delivering long-term value to their companies and to people and the planet," commented Wai-Chan Chan, managing director of The Consumer Goods Forum. "As the group of CEOs set out in this report, success depends not only on how leaders work in their companies but also how they work with others across the industry.
"No organisation can overcome the many challenges they face today alone. Systemic solutions can only be created through collective action and this ethos is core to how the CGF operates."
The full list of companies participating in the report included Kellogg Company, Ajinomoto, Metro AG, Essity, Kirin Holdings, China Mengniu Dairy Company Limited, Haleon plc, Group Éxito, Koninklijke Ahold Delhaize, A.S. Watson, L’Oréal, The Coca-Cola Company, FEMSA, Lipton Teas and Infusions, REWE Group, Mondelēz International, and Loblaw Companies Limited.
The full report can be downloaded here.
© 2023 European Supermarket Magazine – your source for the latest A-Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
