The Chief Executive Officer – Ulf Mark Schneider said that the product development at Nestle S.A. has accelerated to go parallel with emerging brands and their innovation. The CEO thinks the biggest surprise to everyone is the change that has occurred in the industry. Doesn’t matter if you are in the industry for quite some time or recently started, but the last three years have been a complete turn of events. Especially, in particular, the amount of innovation that has been brought to the market by small and mid-sized focused companies is something to think about for everyone.
This was discussed during the earnings call. For the company, the challenge is quite clear and has also done its research. Further, development is in progress based on what the industry demands. The company will be raising its level and meet the rate of innovation. This will aid it in launching products faster. This will also aid in learning on the fly that will eventually lead the company to work with versions such as 2.0, 3.0. For now, this is a plan to go and Nestle will have to see how things turn out as innovation and industry changes.