According to McKinsey & Company, packaging is a $900 billion, extremely competitive, fragmented industry poised for even further growth in upcoming years. To help your company gain market share and increase revenue, take a look at what some of the successful players are doing:
- Improving Operations
As cited in a McKinsey & company article, winning packaging solution companies improved operational performance with EBITDA margins expanding from 8.3% (2002-2007) to 10.3% (2013-2017). Certain operational enhancements that brought these companies success included:
- Utilizing advanced analytics for supply-chain forecasting
- Relying on information from sensors and devices to make decisions
- Using virtual-reality headsets and other devices to improve human-machine interactions
For example, IoT sensors on machines can detect when a breakdown is going to happen. This enables companies to be proactive with equipment maintenance and avoid downtime.
Digital printing also can be used to improve product tracking efficiency and quality control.
- Enhancing Products
Winning packaging solution companies also focused on improving their product offering. In particular, this meant:
- Incorporating sensors and other technologies to
give consumers what they want in packaging
- i.e., labels consumers can scan for more information about the products
- Using fewer and more sustainable materials
- Changing Company Culture
Further, winning packaging solution companies assessed their existing culture and honed in on ways to improve it. For example, this can include revamping a business model to focus on services and solutions over specific products. It also can make addressing sustainable and social issues at a company level.
Tips for Your Success
- Improve QoR
While success may look different for your company, it likely will be founded upon a similar platform: Enhancing Your Quality of Revenue (QoR). QoR is a multi-dimensional measurement of success that incorporates market and customer attractiveness, operations, products and business model. By working toward improving QoR, your company will be well-equipped for sustained value creation.
- Consider Adhesives
Adhesives play an important role in determining your operational efficiency, end-use packaging performance and overall sustainability. Talk with a Bostik expert about how our adhesives can help you achieve success and be a winning packaging solution company.