Just like with many sectors today, the cosmetics industry is facing major challenges in the face of international regulatory requirements. The best way to overcome these challenges is to continue to innovate and maintain a high position in the fast-paced race to be the best.
Some of the challenges faced today include strong competition, short-lived product life cycles, increasing developmental costs- because they are subject to the economy too- changing customer expectations and rapid technology changes such as the new wave of digitalization which will be the new wave of innovation that companies need to get on.
Furthermore, the cosmetics industry is on the same calendar as the fashion industry. They need to have new seasons of products every few months. Their products need to be shown off and worn. They need to be marketed to their customers, who shouldn’t know what’s coming next. And all though these regulations impose limits on the industry, they know not to limit their challenges, and to instead, challenge their limits. Because no company wants to settle for what they already have. These challenges are opportunities for them to expand and reach new goals and markets.
In this dynamic and highly competitive sector, however, companies are required to put in place effective tools to remain competitive and innovative. With all the paperwork and communication that has to take place, there is no other way to get things done then with organisation and help from a tool that brings everything together.
With a PLM tool, these industries will be able to:
1) Dematerialize technical files and link documents together for fast, automatic updates,
2) Facilitate communication with suppliers through the supplier portal module.
3) Follow the different steps, the stakeholders and the fulfilment of European issues,
4) Streamline the process of creation and implementation of packaging
5) Optimise the cosmetic formulation of their products,
6) Manage allergens, and the current regulations
7) And Ensure the traceability of their products
The Lascom CPG PLM solution integrates Lascom around a repository of product-specific modules such as project management, formulation, supplier portal, etc. bringing a package offer, relevance, and cost, for the expectations of stakeholders.ith
With the Lascom CPG supplier portal, suppliers and manufacturers (or distributors) have a collaboration space that allows them to develop the specifications of each new product or raw material in order to stay ahead of the innovative and competitive race.