Market dynamics are driving change, and we are evolving our business both to further support our customers, as well as to take advantage of new opportunities.
Our market and customers have been permanently changed by the disruption caused by online and mobile growth, and its impact on consumer behaviour. As a result we have been evolving the current ITAB business to better support customers in this new retail landscape, and to meet the expectations of all our key stakeholders.
We are continuing to evolve our offer to meet our customers changing needs, building on our existing strengths and creating new revenue stream for growth.
Where we have developed more strategic relationships with customers and address their new market challenges, we drive greater value both for them and for our business. One of our strategic priorities is to build on this success and expand our solution design approach to a wider range of customers where we have identified a current need. At the same time we are further reengineering our operational structure and processes to reflect changing demand, improving our production agility and flexibility.
Adapting to a changing market
In general, our market is no longer characterized by long-term roll-out programs with large volumes, but has been replaced by projects with smaller volumes and shorter lead-times. Over the years our manufacturing base has been developed around more traditional demand patterns, and as a result we have identified a number of opportunities to increase operational efficiency and consistency throughout the Group.
Our strategic vision is to develop a solution-based business model, building on the Group’s intrinsic knowledge base and its success in delivering innovative solutions.
Our ‘One ITAB’ Strategy is based on an in-depth understanding of current and future market demand, and the co-creation of our future direction as a Group, with input from our colleagues, customers and consumers from all over the world. It builds on current strengths and future opportunities, and it will provide everyone in our business with a clear direction and understanding of our strategic goals and desired business model.
Our new mission statement is as follows: “At ITAB we help customers turn consumer brand experience into physical reality with our know-how, solutions and ecosystem of partners.”
From brand experience to physical reality
Through the physical realisation of engaging, efficient and seamless environments, we are delivering measurable results for our customers in terms of the desired ‘consumer brand experience’; increased conversions and sales; improved operational efficiencies and service; reduced operational costs; and more efficient store project implementation. The intention is to update our offer in order to develop a more sustainable revenue model, creating new demand and selling more of our equipment and service portfolio to more customers. On the one hand, we will improve our traditional product and service supply; on the other hand, we will build on existing and new strategic customer relationships to satisfy the growing demand for outcome-based solutions. This combined approach will help us to grow our service-based revenues, and to smooth out the current demand peaks and troughs.
To complement our own know how and innovation competences, we are continuing to build our ecosystem of partners to help leverage greater value and outcomes for customers.
Although we aim to provide our customers with complete solutions and new market insight, we do not always need to make and do everything ourselves.
Finally, what defines ‘Retail’ is expanding. Consumers are looking for better experiences everywhere. There are new opportunities for us to deliver value. We have adopted an approach which not only enables us to expand the share of our existing markets, but also allows us to explore various new markets where we can add value. It is about doing what we have been good at, but better, whilst also exploring new emerging opportunities.
Listen to Andréas Elgaard CEO & President talking about ITABs new strategy.