In an exclusive Thursday webcast hosted by the editors of Packaging Digest, executives from leading industry firms shared their views on why innovation is crucial for business survival, and how companies can harness the power of innovation to gain benefit across the supply chain.
"Creating Effective Packaging: Factoring in Shelf Impact, Value and Sustainability"—presented by specialty chemicals and coatings firm Lubrizol Advanced Materials—gave participants insights on the importance of innovating in an increasingly competitive marketplace, and shared the importance of involving personnel all across the supply chain in innovation-related discussions.
Jay Gouliard, vp of global segment innovation for Avery Dennison Corp., told the webcast audience that innovation isn't merely a creative exercise, but an essential business practice.
"Innovation is critical to our growth, and it's critical to our existence in the marketplace," he said. "If we don't innovate, the probably that our companies will die is very high."
Gouliard advised that packaging industry professionals engage parties all across the supply chain—both internal staff, and outside partners—in innovation processes.
"Innovation is a community sport," he advised, adding that involving everyone in the innovation process helps improve the success rate and the likelihood of adding value throughout the supply chain.
Sergio Escuriet, global specialty packaging technical manager for Lubrizol, illustrated that by offering an integrated approach to innovation, individual components (such as coating) can more effectively support the overall goals of a package's design and improve its success. In addition to providing product protection, coatings can also act as adhesives, holding different packaging layers together; enhance the graphics and increase shelf impact; reduce overall cost; facilitate added features like tamper resistance and freshness indicators; boost a package's sustainability; and more. He added that coatings can help balance the often conflicting goals of improving performance and conserving costs, by increasing shelf appeal and extending the life of the product inside.