A new survey sheds fresh light on the priorities, aspirations and role models of industry chiefs
Tesco, Asda and Procter & Gamble are the three companies most admired by the UK's top retail and manufacturing bosses. When asked which companies they would identify as having the strategies of world class efficiency, outstanding customer service and groundbreaking innovation, these three were named across the board.
An exclusive IGD survey quizzed the industry's top brass about where they position themselves, how they view the industry, how they prioritise their strategies, and which companies they most aspire to.
The study found that customer service was the top priority for nearly half of respondents. Second came groundbreaking innovation (29%), while world class efficiency (24%) came in third place.
It's not hard to see the importance these top firms place on treating customers well; only this week Tesco announced it was recruiting 17,000 new staff, particularly for the festive period to help take the strain from Christmas shopping.
Manufacturers named groundbreaking innovation as their top priority and the retailers named customer service. When asked what they thought best described the industry, 62% said world class efficiency, and 66% believed that people outside the industry perceived them in the same way.
And you don't have to look far to see examples of this world class efficiency. The multiple retailers' work with e-auctions, backhauling and factory gate pricing all help streamline the supply chain, while new store formats and own label ranges prove their commitment to innovation and put them streets ahead of most other countries.
However, all those surveyed by the IGD thought they were not always acknowledged for this effort and said outside the industry the area they were least recognised for was outstanding customer service.
However, the grocery industry also looks to the world of technology for inspiration.
When asked which company outside the industry they would aspire to, the top three named were Microsoft, Dyson and BMW Â all recognised for innovation.
IGD chief executive Joanne Denney will reveal the full results at this Tuesday's annual IGD convention, which brings together chairmen, chief executives and board directors from across the grocery sector.
Denney says: "This year, our convention is about winning strategies. According to strategy experts, companies should focus, and if they try to excel in too many areas, they won't excel in any."
She adds: "Service-focused companies pay special attention to recruitment, training and motivation. The battle for service is won on the front line, not at head office. So they decentralise and empower people to make decisions on the spot.Innovation-focused companies invest heavily in research and development. They like taking risks, revere creativity, and believe in multi-functional teams.
"Efficiency-focused companies believe in simplicity and reliability. They like to standardise and use low prices to drive rapid growth."
Turning to the companies most admired by the grocery industry's leaders, she adds: "Most of these companies have enjoyed long-term success. They prove the power of a winning strategy over short-term tactical manoeuvres.
"But in such a fast-changing world, there's no room for complacency. Whether it's increasing the success rate of product launches, improving the speed to market, raising the bar of customer service, cutting out waste through the chain or eliminating gaps on-shelf, there's a whole host of challenges ahead."
{{ANALYSIS }}
Tesco, Asda and Procter & Gamble are the three companies most admired by the UK's top retail and manufacturing bosses. When asked which companies they would identify as having the strategies of world class efficiency, outstanding customer service and groundbreaking innovation, these three were named across the board.
An exclusive IGD survey quizzed the industry's top brass about where they position themselves, how they view the industry, how they prioritise their strategies, and which companies they most aspire to.
The study found that customer service was the top priority for nearly half of respondents. Second came groundbreaking innovation (29%), while world class efficiency (24%) came in third place.
It's not hard to see the importance these top firms place on treating customers well; only this week Tesco announced it was recruiting 17,000 new staff, particularly for the festive period to help take the strain from Christmas shopping.
Manufacturers named groundbreaking innovation as their top priority and the retailers named customer service. When asked what they thought best described the industry, 62% said world class efficiency, and 66% believed that people outside the industry perceived them in the same way.
And you don't have to look far to see examples of this world class efficiency. The multiple retailers' work with e-auctions, backhauling and factory gate pricing all help streamline the supply chain, while new store formats and own label ranges prove their commitment to innovation and put them streets ahead of most other countries.
However, all those surveyed by the IGD thought they were not always acknowledged for this effort and said outside the industry the area they were least recognised for was outstanding customer service.
However, the grocery industry also looks to the world of technology for inspiration.
When asked which company outside the industry they would aspire to, the top three named were Microsoft, Dyson and BMW Â all recognised for innovation.
IGD chief executive Joanne Denney will reveal the full results at this Tuesday's annual IGD convention, which brings together chairmen, chief executives and board directors from across the grocery sector.
Denney says: "This year, our convention is about winning strategies. According to strategy experts, companies should focus, and if they try to excel in too many areas, they won't excel in any."
She adds: "Service-focused companies pay special attention to recruitment, training and motivation. The battle for service is won on the front line, not at head office. So they decentralise and empower people to make decisions on the spot.Innovation-focused companies invest heavily in research and development. They like taking risks, revere creativity, and believe in multi-functional teams.
"Efficiency-focused companies believe in simplicity and reliability. They like to standardise and use low prices to drive rapid growth."
Turning to the companies most admired by the grocery industry's leaders, she adds: "Most of these companies have enjoyed long-term success. They prove the power of a winning strategy over short-term tactical manoeuvres.
"But in such a fast-changing world, there's no room for complacency. Whether it's increasing the success rate of product launches, improving the speed to market, raising the bar of customer service, cutting out waste through the chain or eliminating gaps on-shelf, there's a whole host of challenges ahead."
{{ANALYSIS }}
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