Centric Software urges cosmetic product lifecycle solutions to effectively meet sustainability demands
26 Aug 2022 --- As consumer appetite for environmentally sustainably sourced ingredients grows, the beauty industry is witnessing a shift toward investments to meet consumer demand while increasing profitability.
PersonalCareInsights speaks to Ludovic Wassermann, consultant at Centric Software, who advises US and European personal care brands and manufacturers on digitizing their end-to-end NPD processes.
“Now is the time for businesses to reevaluate how they operate and look for solutions such as product lifecycle management (PLM) software that will provide a foundation for success, enabling them to meet current challenges and future proof for what lies ahead,” he says.
Research found that consumers are becoming increasingly conscious of the ingredients in the products they use.Need for environmental sustainability
Digital platforms can help define environmental sustainability goals and reference them throughout the product development process, from sourcing to formula development and packaging to logistics.
“Data such as carbon footprint and recyclability scores can be retrieved in relation to each stage, while the software can also consolidate information regarding reporting for global reporting initiative, corporate social responsibility and similar outcomes,” Wassermann shares regarding the role of PLM software in product development.
“Forbidden ingredients and raw material origins are accounted for to ensure they meet regional requirements. When ingredient changes occur, PLM systems make it easy to communicate them instantly throughout the entire value chain. This means brands can be agile, respond to trends faster and source more efficiently and transparently.”
PLM platforms can also include retail planning functionalities such as assortment and merchandise planning, which allow brands to define portfolio criteria such as seasons per region, skin types, hair types, demographics and sustainability preferences.
“With a robust digital platform to manage ingredients and develop products from concept to consumer, brands can perfectly create a portfolio of products to fit market segments that desire environmentally conscious products.”
“Tracking ingredient sources at every stage on a centralized platform is key,” adds Wassermann.
Managing product lifecycles
Companies in the sector have been observed to explore intersections between product formulation, social justice and environmental responsibility meet – a space set to become increasingly competitive.
In this environment, product lifecycle management players like Centric Software provide cosmetics, beauty and personal care industry insights on how to best manage a product’s lifecycle from ideation and development to sales and even end-of-life.
Centric PLM is equipped with industry-led digital transformation solutions that enable all types and sizes of perfume, cosmetics and personal care companies to boost product innovation, improve supplier collaboration, optimize product development and develop and proof packaging while ensuring product quality and compliance.
Consumer demand for eco-solutions
When ingredient changes occur, PLM systems make it easy to communicate them instantly throughout the entire value chain.
Early this year, 36 cosmetics and personal care companies and professional associations joined forces to form the EcoBeautyScore Consortium, aiming to develop an industry-wide environmental impact assessment and scoring system for cosmetics products.
Major industry players such as Kao, L’Oréal Groupe, LVMH, Colgate-Palmolive, Coty, The Estée Lauder Companies, Shiseido and Unilever, among others, pledged to enable consumers to make sustainable choices with clear, transparent and comparable environmental impact information, based on a standard science-based methodology.
If brands want to capitalize on a growing consumer desire to be eco-friendly, they need a reliable and cost-effective source of sustainable ingredients.
To fill this demand, PLM drives an eco-friendly and ethical business model, streamlining production, reducing errors and ultimately saving time and money.
By Radhika Sikaria
