In a discussion session with our Group CEO stressed the importance of embedding innovation into our products and business models in achieving our Three-Year plan goal, which is to create the supply chain of the future and to help brands and retailers navigate the digital economy.
We're tapping into the collective wisdom of our 2,000 colleagues worldwide through our Online Design Forum and , our open innovation platform, where our community of innovators have already proposed and collaborated on some 500 ideas from innovative beauty and furniture products to improving the supply chain. Offline rapid prototyping sessions and idea jams create opportunities for our people to collaborate with experts within the companies getting to solutions.
Speed to market is critical to our business. One of the ways that allows us to move faster is by using virtual sampling as it significantly reduces the amount of time required to design, produce, handle and seek approvals for product samples. Product designers create collections of virtual samples for customers to review in a digital showroom. Beyond the benefits of time and efficiency, virtual sampling offers a more sustainable approach to traditional design and sampling methods.
Our company builds business strategies based on a macro overview of the economy and where we see it changing in the future. Our Research teams specialize in how retail and technology trends intersect and build collaborative communities of knowledge; while our Business Intelligence Department collects, analyses and interprets market data on global sourcing, supply chains, distribution, retail and technology, with a particular focus on business trends and developments in India, China and other Asian countries.
From planning to production, we're working with our manufacturers to boost agility and transparency in the supply chain by using RFID technology. Manufacturers can optimize their operations with the visibility provided through data tracking enabled by RFID tags. They can also quickly identify the source of quality issues and minimize downtime.
How is the sourcing landscape likely to shift in 2020, and what strategies can help retailers and brands to stay ahead.
