Discover the secrets to building trust in the age of unprecedented supply chain disruption, changing consumer demands, and geopolitical shifts with Veeva’s latest report, Trust is the New Corporate Currency – Building Durable Relationships Across the Consumer Products Value Chain.
Veeva collaborated with industry leaders, analysts, academics, and customers to explore how consumer products organisations build trust using culture, innovation, and technology. Their goal is to help customers launch trusted products quickly without sacrificing quality or compliance.
Here are summaries from the report of the four key stakeholder groups, starting at home with your employees.
Purpose over paycheck: Building trust among employees
The modern workforce now faces a higher level of employee turnover than ever before. With younger generations prioritising different values, it’s critical to find fresh ways to attract and retain talent.
Building trust through innovative technology can make all the difference in creating loyal teams that are motivated by an organisation’s shared vision.
By taking advantage of cutting-edge solutions designed for greater efficiency and productivity, businesses stand better chances for long-term success despite today’s climate of “quiet quitting.”
An extension of yourself: Building trust with suppliers
In the midst of a global pandemic, we witnessed first-hand just how vital every link in our supply chains is. Our suppliers have become an integral part of organisations and their brands.
But with increased complexity comes a responsibility to ensure trust remains at all levels. Mutual transparency is key when it comes to collaboration: failure to alert each other of any changes or new developments can cause unwanted fallout that could severely damage businesses and reputations alike.
To form strong relationships with your supplier partners, aim for mutual co-innovation through shared intellectual property (IP) exchanges–essential steps towards building robust trust amongst stakeholders throughout the entire chain.
Informed and empowered: Building trust with consumers and customers
Consumers are now more empowered than ever to make their voices heard through product reviews and social media, profoundly impacting the success of products–or even companies.
To build trust among customers, businesses need not only to listen but take action when things go wrong by giving a swift response with factual information; educating consumers on safety precautions; offering quick refunds if necessary; and creating an open dialogue where constructive feedback can be shared freely.
A greater perspective: Building trust with broader society
Build trust, and your business will prosper. To stay ahead of the curve, organisations need to innovate thoughtfully with a focus on sustainability: reducing their environmental impact; actively reusing resources; and recycling materials whenever possible.
According to the United Nations, businesses in consumer products industries have an even greater responsibility for preserving our planet–one that should be taken seriously if they wish to remain relevant and build goodwill within wider society by treating employees, suppliers, and consumers fairly across all stages of production.
The rewards can be great when this is done right. Increased market share coupled with community invitation allows us as individuals and corporations alike to continue making positive impacts!
Establishing trust with stakeholders can be challenging, but data-driven technology can pave the way to success. Cloud-based systems boost productivity and stakeholder confidence, enhancing your market credibility.