Digital Investments Drive Growth for Top Consumer Goods Companies
Leading companies were found to spend 60% more of their revenue on innovation, consumer, and customer services than their lower-performing counterparts, using AI technology to support everything from pricing optimization to predictive revenue growth management.
Gaps in talent and restrictions within the operating model can stifle digital transformation, so the top quartile of companies surveyed expanded their tech teams three times faster than the bottom quartile companies. Even among the leading companies, only half achieved 80% of their digital transformation project target, showing that outperforming through digital advantages can still be challenging.
Bain & Company suggests that companies focus on five key imperatives to take advantage of the new wave of digitalization. These include using AI to improve decision-making, establishing personalized two-way touchpoints, utilizing generative AI and digital twins to achieve hyper-efficiency and agility, creating a real-time transparent data river, and aligning foundations to scale quickly.