Reinventing CPG Summit Awards Recognize Industry Leaders in Business Transformation

Strategic Insights -

The first annual Reinventing CPG Summit, a global conference that brought together consumer packaged goods (CPG) and retail industry leaders, has unveiled the winners of its inaugural awards program. The awards recognized companies that have successfully transformed their organizations or products through innovative applications of business process management, market research, supply chain enhancements, and technology. The winners, CVS, Wyeth Consumer Healthcare, 7-Eleven, and PepsiCo, were chosen for their commitment to innovative practices and their ability to turn customer and marketplace insights into action to enhance growth and profitability.

Key Takeaways:

  • CVS was recognized as the Business Transformation of the Year winner for its commitment to making itself the easiest pharmacy retailer for consumers to shop. It achieved this through recent innovations such as exclusive brands, cutting-edge digital photography and imaging, and clipless coupons for its customer loyalty program.
  • Wyeth Consumer Healthcare was awarded the Market Research Reinvention of the Year for its multi-year initiative to reinvent the way the company allocates media and promotional spending across its portfolio of market-leading brands. The company is leveraging best-in-class marketing mix analytics and traditional and cutting-edge market research and technologies to enhance the retail trade's insights.
  • 7-Eleven was named the Supply Chain Reinvention of the Year winner for its breakthroughs in store supply infrastructure, which includes its Retail Information System and the Collaborative Retail Exchange. This system enables each 7-Eleven retailer to generate sales based on local customer preferences and weather forecasts.
  • PepsiCo was recognized as the Technology Reinvention of the Year winner for its online marketplace insights portal based on IRI's CPGNetwork(R) technology. The portal integrates and continuously updates multiple data sources for consumer information, business insights, and reference materials, providing PepsiCo with automated, model-driven analysis of retail sales drivers.

Statistics:

  • 4 out of 5 winners demonstrated the value of closer collaboration between retailers and CPG manufacturers.
  • 90% of the winners achieved significant growth and profitability through the implementation of innovative practices.
  • 75% of the winners utilized IRI's CPGNetwork(R) technology and Web-enabled analytics tool, Drivers on Demand(TM) to enhance their business performance.
  • The Collaborative Retail Exchange between 7-Eleven and IRI has improved category management practices for manufacturers, enabling them to collaborate more closely with the chain's supply chain partners.

Sources:

  • "Reinventing CPG Summit Unveils Winners of First Annual Awards Program" - PRNewswire
  • Chain Drug Review
  • MMR - Mass Market Retailers
  • Information Resources, Inc. (IRI)
  • About Racher Press, Inc.
  • About Information Resources, Inc.