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How is tech innovation disrupting the CPG Industry? | Turing.com Industry Insiders #1 - YouTube
Channel: Turing - Spin Up Your Engineering Dream Team
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Hi everyone.
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This is Vaibhav Srivastava.
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I lead Enterprise Sales at
Turing.com and I focus on
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CPG and technology customers.
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2020 was actually an inflection
point in the CPG industry.
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From all different parameters,
if you look at the year
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2020, you know, the CEO
or CFO of the organization
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must be having nightmares.
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You had demand side problems.
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You had supply side problems.
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So it's really hard for a CEO
to do projections for the market
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or investors, that how much they
would end up on the revenue side.
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So 2020 was really the inflection
point, but what stood out as one
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of the McKinsey reports pointed
out, that more absolute growth
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was achieved by CPG industry
in the last year alone than the
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period between 2016 and 2019.
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Now this is incredible, and
this tells us that something
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really incredible is happening
in the market about the
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technology innovation which came
together to service the market.
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New opportunities are
getting created by technology
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innovations, right?
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So you have the convergence
of artificial intelligence,
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blockchain, IOT, and cloud, to
actually provide just-in-time
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experience, a very personalized
experience, a very localized
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experience for the end customer.
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So essentially what it means is
that if as a CPG retailer or CPG
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organization you are not able
to serve different technology
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aspects within your business, you
are losing to your competition.
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The challenges could be
anywhere from hiring the right
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people to get the technology
innovation projects kicked off.
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Now, the way the current industry
is set up, it is set up with a
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very globalized set up in terms
of the way they do their business.
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So you would have a very
globalized supply chain
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for each CPG company.
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But at the time of hiring,
they are still very localized.
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It is because of the legal
challenges of having to
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do business or having to
hire from regions where
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you have a legal presence.
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So essentially what it means
is when a CPG company has to
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look out for AI engineers,
when they have to look for
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blockchain engineers, they're
very constrained to find the
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right talent at the right time.
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Now engineering talent
hiring has always been a hard
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problem for the CPG companies.
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They are always under threat from
the big techs of the world taking
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all the brightest of the talent.
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So number one, they
have the competition
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from the tech industry.
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The second challenge they
have is that they are
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very much constrained with
the local geography where
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they're hiring talent from.
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And the third is that talent
hiring is a very long and
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cumbersome process for them.
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So you're looking at three pronged
challenges for the CPG industry
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as where they're going to get
the innovation at top speed
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Turing is uniquely positioned
to help the CPG customers.
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And let me give you some
insights about what Turing
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is actually building.
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Turing has built an Intelligent
Cloud of a million plus developers
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who have been pre-vetted
on 100+ technology stacks.
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Now, what it means for the
customers is — you are not
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actually waiting for several weeks
to hire your top engineer and to
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get your project off the ground.
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Now, so many projects
haven't seen the light of
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day because they could never
find the right resources.
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Do you still want to wait for
eight or 10 weeks or 15 weeks
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relying on your service vendor
or you're hiring operations
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team to get you the talent?
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Or you would rather want to be
working with Turing and getting
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the engineer in the next week.
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So this is the difference we want
to bring with the CPG industry.
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One of the interesting stats that
stood out in recent studies was
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that 65% of the consumers switched
brand loyalty in the last year
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alone because of stock-outs.
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Now stock-outs is a problem
that could be solved with
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AI, blockchain, IOT, right?
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And if you don't have the
engineers who could help you get
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these projects kicked off on time,
the impact is quite incredible to
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the top line of the organization.
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So we at Turing coms as
partners to enable you
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to hire talent on demand.
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We enable you to have top quality
engineers from all over the world.
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You don't have to be constrained
with engineers in a particular
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geography because Turing's
Intelligent Vetting Engine
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is designed to be serving any
industry all over the world
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from developers available at
that particular point of time.
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If you are looking to change
the status quo of your hiring,
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if you're looking to change the
status quo of the way you go
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about your innovation business.
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Book a consultation call
with me down below the link
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is right there and I will be
happy to set up some time with
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you and take you through what
Turing is doing in this space.
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Thank you so much.
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