During the second quarter of 2015, IFF’s Vision 2020 strategy was announced. Building on the powerful foundation of our prior strategy, Vision 2020 focuses on building differentiation, accelerating profitable growth, and increasing shareholder value.
Pillar 1: Innovating Firsts
True to our legacy of pioneering firsts, we will strengthen our position by driving differentiation in priority R&D platforms. This includes a sharp focus on key initiatives that are grounded in consumer insights, such as, modulation, proteins and textures for flavors, new molecules and digital scents for fragrances, and delivery systems and naturals across both businesses.
Pillar 2: Win Where We Compete
Our goal is to achieve a #1 or #2 market position in key markets and categories, and with specific customers. This includes increasing market share in North America, as well as growing our presence in the Middle East and Africa – among the fastest –growing regions in the world.The categories of Home Care and Fine Fragrances are big opportunities and we are targeting specific customers for future growth.
Pillar 3: Become Our Customers' Partner of Choice
We will attain “commercial excellence” by further providing our customers with in-depth, local consumer understanding, industry-leading innovation, outstanding service and the highest quality products.
By doing so, we aim to become an essential partner that will ultimately lead to incremental business opportunities for our customers and for IFF.
Pillar 4: Strengthen and Expand the Portfolio
We will actively pursue value-creation through partnerships, collaborations, and acquisitions both within our industry and through adjacencies. These opportunities will allow us to tap into areas of expertise beyond the walls of IFF, leading to additional growth.
The three enablers to our Vision 2020 strategy include:
Talent and Organization - with investment in our people, R&D and our Commercial organization.
Continuous Improvement - with a relentless focus on finding efficiencies and streamlining processes to reinvest in the business.
Sustainability - strengthening sustainable practices and becoming the leader within our industry.