According to recent surveys, nearly three-quarters of consumers rank transparency as one of the main factors they’ll consider when shopping for a product or choosing a new brand. At the same time, manufacturers are facing an unprecedented dilemma: expanding the supply chain to meet increased product demand or focusing on a simple and transparent end-to-end product journey. Luckily, thanks to new technologies such as blockchain, Non Fungible Tokens (NFTs), and the Metaverse, producers no longer have to choose between meeting the market demand and providing unparalleled levels of transparency.
Here is why introducing a radical transparency strategy into your company will give you a unique competitive edge and win over the hearts and minds of your consumers.
Originally introduced by Bridgewater Associates in the early 1990s, radical transparency refers to a company’s management ethos and framework that focuses on making available as much company data and information as possible to the public.
Radical transparency allows a company’s employees to make well-informed decisions based on immediately accessible company data and ensures that consumers make conscious choices when purchasing a product.
What’s more, when adopting a radical transparency mindset, industry leaders can make stakeholders and shareholders aware of the company’s mission, future goals, and performance.
In today’s fast-changing economic environment, consumers are looking to find companies willing to provide transparent data about a product’s sourcing, manufacturing, and distribution process. In turn, this makes it more important than ever for companies to switch to a radical transparency ethos.
However, in order to deliver such transparent, accurate, and up-to-date information to shareholders, companies must first collect and…