A report by Intermec by Honeywell shows that more than half (58 per cent) of suppliers surveyed in the fast moving consumer goods (FMCG) industry admit the amount of consumer data they can now collect exceeds their capability to process and act upon it, reducing their ability to compete in the marketplace.

This was just one of a number of significant challenges cited by 350 C-level executives and directors from across the globe, 63 per cent of whom believe their business is becoming more complicated and is impacting their ability to meet consumer and retailer demands.

The top areas of pressure faced by FMCG organisations were lower prices, introducing more new products, competition from private label/own brand products, analysing and leveraging customer data, and more frequent visits.

Pressure to deliver lower prices, increasing competition, retailer relations, and government regulations are also challenges.

In addition to overcoming these challenges is the need for suppliers to share more supply chain data with consumers. Globally, 57 per cent of companies say their consumers are placing them under pressure to show better traceability.

This demand is not echoed by retailers, with just 35 per cent of suppliers claiming they are put under much pressure from their retailers to improve traceability.

“These survey results are proof that businesses are experiencing more pressures than ever before from consumers, competitors, industry, and government,” said Lynn Huang, head of marketing and strategy, APAC at Honeywell Scanning and Mobility.

“Many businesses have reached a point where they are seeking new ways of dealing with these pressures and better competing in their industry. They are looking at how they can change their processes and upgrade their technology systems to increase efficiency and productivity, which will have the benefit of cutting costs and raising profits,” she said.