According to a study conducted by McKinsey & Company, research estimates disruptions lasting a month or longer are occurring every 3.7 years on average, costing consumer goods companies one-third of a year’s earnings every decade. To remain competitive, CPG companies must be more agile than ever in responding to shifting consumer behavior, quickly evolving macroeconomic conditions such as inflation, and supply chain constraints such as global shortages.
Few companies have adapted to the change better than Resideo, a $5+ billion business that puts people in charge of their home comfort, safety, security, and energy efficiency and is a top global distributor of security, fire, and low-voltage products.
Resideo’s Global IBP & Data Analytics Director, Gerard Couderc, says, “the key to success was embracing both top-down and bottom-up approaches to change management at the same time.”
What other lessons can be gleaned from Resideo’s transformation journey?