Challenges in Cosmetics Product Formulation
In personal care business, product innovation is crucial. Sales are becoming more sensitive to seasonal event – such as Christmas, valentine’s day, etc., and requires continuous product updates.
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.
To gain competitive advantage, Cosmetics companies need to be able to quickly respond to evolving customer needs and adapt to changing standards and regulations. Aggressive product innovation is the key to increased market share and consumer recognition.
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.
A Solution to Optimize Product 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.
Lascom ensures everyone involved in the product development process access to updated and accurate data and documentation through a customized user profile. Lascom’s PLM provides a “single version of the truth” for all raw material, ingredients and product specifications across all divisions, locations, business processes and countries.
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