Introduction
The Growing Significance of Trust in a Time of Transition
When it comes to products, there are more choices today than at any other time in our history. The entertainment we choose to watch and listen to. The gadgets we choose to make our lives easier. The toys we choose for our children. But in the ever-expanding world of consumer products—Consumer Packaged Goods, Food & Beverage, and associated Specialty Chemicals suppliers—there’s a special lens on choice.
What we choose to put in our bodies, on our bodies, and in our homes carries added implications—and often attracts more scrutiny—from consumers, regulatory bodies, and broader society.
And rightly so: products like foods, cosmetics, cleaning agents, and medications are critical in our daily lives and must meet the highest standards of quality and safety.
More than most, consumer products industries do not easily accommodate mistakes.
There are many factors that go into consumer products buying decisions, but in the digital era—and in a world of intense competition and first movers with fast followers—underlying each purchase is trust.
Trust is an intangible asset we trade on as a society to improve the lives of people and communities and keep our economies moving forward.
With consumer products, trust is encompassed by transparency, where and how ingredients or materials are sourced, environmental impact, and manufacturing standards. It is difficult to establish, harder to consistently maintain, very easy to lose, and hardest of all to regain.
At Veeva, our mission is to partner with and support our customers to help you bring trusted products to market faster without compromising quality or compliance. Over the past few years, success in this has been challenged in a time of transition: unprecedented supply chain disruption, geopolitical shifts, rapidly changing consumer demands, and more.
In this report, we hear from industry leaders, analysts, academics, and our customers about the growing importance of trust amidst today’s challenges and how consumer products organizations are building a new currency of trust through culture, innovation, and technology.
We hope you will enjoy reading these insights and that in these pages, you find ways to help your own organization build trust across your ecosystem.
Greg Harbin, General Manager, Consumer Products, Veeva Systems
Trust as Currency
Defining a New Metric in Consumer Products Industries
The Courage of Our Convictions
Investing in Organizational Trust
Purpose Over Paycheck
Building Trust Among Employees
An Extension of Yourself
Building Trust with Suppliers
Informed and Empowered
Building Trust with Consumers and Customers
A Greater Perspective
Building Trust with Broader Society
Technology as Trust Enabler
The Critical Role of Digital and IT
Conclusion
Transparency + Integrity = Trust
