Challenges in cosmetics product innovation
To gain competitive advantage, Cosmetics companies need to be able to quickly respond to evolving customer needs and adapt to changing standards and regulations. The personal care and cosmetics products industry has several challenges which complicate the product development process. Aggressive product innovation is the key to increased market share and consumer recognition, though.
In attempt to achieve their business objectives, companies typically execute an innovation process that involves getting trends information, brainstorming ideas, formulating new product concepts, creating prototypes, testing them in the market and refining concepts with customer feedback, cost and margin analyzes or range optimization.
In personal care business, product innovation is crucial. Both formulas and packaging have to follow market trends. Revenues are becoming more sensitive to seasonal sales which require continuous product portfolio optimization and fine R&D management. Given that the current global economic crisis has put increased pressure on every aspect of the personal care business. The bottom line is that enhanced cost control can help to squeeze already razor thin margins and ultimately help companies that are feeling the pressures of product innovation to tread the increasingly slight line between profit and loss.
Each product innovation is composed of scores of ingredients, implying a precise management of raw materials. Product characteristics such as allergens and claims must be kept up to date and easily accessible in case of audit. Create Product Information File (PIF) and Material Safety Data Sheet (MSDS), and design packaging are part of daily operation processes and must be tackle carefully and efficiently to remain both safe and competitive.
Lascom Personal Care formulation module
Product innovation involves accurate personal care formulation.
Lascom Personal care formulation solution facilitates R&D professionals’ daily tasks providing tools to formulate new products from scratch or from an existing formula. It automatically calculates costs and risks, generates drugs facts, warnings, claims, etc. and manages impacts in case of a change.
Product innovation and going to new markets require personal care companies to take many things into account such as documentation, ingredients, labeling, supply, regulations or safety.
Cosmetics companies often maintain islands of product information spread across different departments and business units, with no overall visibility of product specifications in the company. Lascom ensures everyone involved in the product innovation process access to updated and accurate data and documentation through a customized profile regarding business roles. The Lascom suite provides a “single version of the truth” for all raw material, ingredients and product specifications across all divisions, locations, business processes, countries and languages.
Lascom Personal care formulation solution increases productivity and improve R&D Management through:
Access our guides and whitepapers for your industry :
- White Paper – How to Accelerate Product Innovation ?
- Collaboration as a Key to Success in Retail – White Paper
- Improve growth and margins with PLM – Infographic