Adapt change to survive the competition

September 20, 2019by Faber Infinite

Did you know, 18,500 employees lost their jobs at one of the leading FMCG organizations because they did not adapt to change? In this article, we will talk about How Adapt Change to Survive the Competition in Food Industry.

One of the international FMCG brands has now shut down by killing 18,500 jobs, its factories, and other assets. So, what went wrong with the organization?

The organization was a well-known brand for its junk food product range. But, as the popularity of the junk food faded more than a decade ago, the company that was established 84 years ago, struggled with increasing labor and commodity costs.

Transformation Journey to Survive

The first time the company filed for bankruptcy was in the year 2004. In the year 2009, the organization came out of bankruptcy. The organization also tried to adapt to the changing demands and needs of the market. They even hired new and private bakers but this lead to increased debts which further made it tough for them to invest in new equipment.

At the same time, their workforces were unionized and there was a demand for high labor cost. The organization had a net loss of around $1.1 Bn over the revenue of $2.5 Bn in the fiscal year 2012. And the next January, the organization filed bankruptcy again.

Hence, as you can see, any organization that operates in today’s era needs to be proactive and ready to adapt to the changes in the industry. Because in such a competitive era where your competition Is always striving to serve the market better, organizations need to build the culture of transformation and change for their sustainable development.

So, are you aware of what is happening around? Are you facing resistance to change from your employees? Contact us and we will help you sail smoothly on this journey of transformation.

by Faber Infinite

Faber Infinite is an International Business Management Consulting Organization offering consulting solutions and services for Increase Profitability in Business.

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