The consumer goods industry has traditionally been based on stability and consistency, but recent changes have made it one of the most difficult periods to navigate in decades. It is now facing significant challenges due to the changing consumer demands and market dynamics. In such a volatile environment, achieving profitable growth is key to success.
So, what sets successful companies apart in the consumer goods industry? A recent report by Deloitte highlights the specific actions that profitable growth companies are taking to navigate the current challenges successfully. They invest in direct-to-consumer platforms, product innovation, digital marketing, and analytics to keep up with the changing times. Additionally, they use this opportunity to try to grow market share through several means, including pricing differentiation and inorganic growth. They take creative approaches to transformation, pursuing vertical integration in some cases. They also improve their supply chains by enhancing data capture and transparency. Finally, they place more emphasis on delivering against environmental, social, and governance (ESG) goals, even though the economic environment could make it a continuing challenge.
One way for companies to improve productivity and consolidate costs in the consumer goods industry is by investing in language training for their employees. As consumer goods companies are expanding their operations globally, they need to communicate with a diverse customer base that speaks different languages. By providing language training to employees, companies can improve communication with customers and suppliers, which can lead to better business outcomes.
Productivity and efficiency are two words that all businesses want to hear and aim to achieve. You can’t have a successful business without them. Fast moving consumer goods companies strive for such an outcome. In the current climate where business is constantly evolving, being productive and efficient with time is vital.
By improving productivity, your company can:
Language training can help companies in the consumer goods industry improve productivity and consolidate costs while achieving profitable growth. By investing in language training, companies can adapt to the changing demands of consumers and differentiate themselves from their competitors.
By providing language training to employees, companies can improve their ability to communicate effectively with customers, suppliers, and other stakeholders in different parts of the world. This can help companies to develop stronger relationships with customers, increase sales, and expand their global reach.
With the help of language training, employees can communicate more effectively with suppliers and stakeholders from different parts of the world. This can help companies streamline their operations, reduce errors and delays in the supply chain, leading to cost savings and improved productivity. For example, a company that provides language training to its customer service representatives can better handle enquiries and complaints from non-native speakers, reducing the time and cost required to resolve issues.
Finally, language training can help companies deliver against environmental, social, and governance (ESG) goals.
The benefits seen from language training can help a fast moving consumer goods company to cut its costs:
Greater efficiency means greater profitability. The less time wasted, the more money a business will make. Employees understand their role and work on tasks with confidence.
A productive workforce equals a business that is operating at its peak performance. There is no wasted time, few errors and employees with high levels of morale.
Alongside efficiency and productivity, it is essential to remember the importance of planning if you wish to consolidate your costs in the consumer goods industry. You can improve your workplace processes by designing them to fit around employees' strengths. If you plan your time and your employees, little room is left for error and more time is created for productive outcomes.
Language training can be a valuable tool for companies in the consumer goods industry to improve productivity and consolidate costs. By investing in language training, companies can improve their ability to communicate effectively with customers, suppliers, and other stakeholders and develop stronger relationships with them. This, in turn, can help companies to achieve profitable growth and navigate the challenges of the changing consumer goods industry successfully.
If you want your company to stay one step ahead by providing your employees with the best training, check out our guide, ‘Intercultural Communication and Language: A Guide to What Consumer Goods Companies Need to Know’.
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