How consumer goods and consumer packaged goods companies can leverage end-to-end consumer-direct capabilities to build cross-channel sales and increase profits. This viewpoint paper shows how consumer goods and consumer packaged goods (CPG) companies can succeed by selling directly to consumers. Some of the world’s most innovative consumer-oriented organizations are now in the midst of answering this very question.

1. Channel Cannibalization—Not
As Relevant As You Think
Leveraging end-to-end consumer direct capabilities
to build cross-channel sales and profits
Viewpoint paper
your market reach.
Can consumer goods and consumer
packaged goods companies succeed by
selling directly to consumers? Some of the
world’s most innovative consumer-oriented
organizations are now asking and sometimes
answering this very question.

2. Table of contents
Light at the end of the tunnel......................................1
Cross-channel myths.................................................2
.
The struggle to connect. ............................................3
.
Direct sales realities..................................................4
The keys to going direct............................................5
.
Choosing the right direct sales partners.......................6
Boosting sales with cross-channel marketing ................7
Conclusion..............................................................8
About the authors.....................................................9

3. Many firms have long been reluctant to open
web-based consumer direct sales channels,
primarily due to concerns about cannibalizing
traditional channels and resistance from
retailers, wholesalers, and other partners.
To survive and succeed in today’s tough marketplace,
aggressive companies are starting to consider
alternative channels, and in a growing number
of cases, deploying direct-to-consumer sales and
distribution strategies. This move will provide an
opportunity to obtain customer purchase information
directly, rather than through traditional syndicated
data or other indirect sources, and will allow
manufacturers and others to get to know their
customers better.
This HP viewpoint paper examines the myths
and realities of channel cannibalization from the
perspective of Consumer Goods and Consumer
Packaged Goods (CPG) sellers. It also reviews the
opportunities, approaches, and key considerations of
any cross-channel, consumer-direct sales initiative.
Light at the end of the tunnel
Several powerful forces are shaping the current state
of consumer direct selling.
Starting in late 2007, a sharp recession hit nations
and economies worldwide and affected both retail
and alternative-channel sales. Slower growth in
the U.S. gross domestic product (GDP) and a weak
housing market presented continued challenges to
retailers and others through 2008. Lower consumer
discretionary spending impacted both retail and
direct sales, while higher fuel prices drove up the
cost of shipping and delivery. Those macroeconomic
trends compounded a general downward pressure on
margins in the retail sector.
Consumer spending continued to decline throughout
2009 in most sectors, and finally, in early 2010,
industry observers noted small but encouraging
improvements in retail and consumer sales.
Thompson Reuters reported that retail sales increased
by 2.9% in December 2009, with department store
sales up by 0.7%, apparel store sales up by 4.7%,
and discount sales up 5.3%.1 ShopperTrak reported
that retail sales for the 2009 holiday season increased
by 1.7%. During that same period, online direct-toconsumer sales grew by five percent, to $27 billion,
compared to the same period in 2008.2
As in the past, most national Consumer Packaged
Goods (CPG) firms continue to distribute through a
wide range of retail channels, often depending on
a few retail giants as their primary sales channel.
But in today’s tough economic environment, many of
those same retail giants have built their own “direct
channel” to the consumer.
In fact, many brands are increasingly challenged by
retailer-driven private label competition and by the
blurring of brands on the shelf.
In a 2009 report, Information Resources, Inc. (IRI)
predicted that retailers would continue to respond
to the worldwide economic downturn by increasing
the selection and promotion of private label store
brands. That same report noted that consumers now
view many private label brands as similar, or perhaps
even superior, to brand-named CPG products.3 By
introducing premium private label brands that create
value-based competition for national brands, retailers
are driving more consumer goods companies to the
direct-to-consumer model.
1 hompson Reuters—Reported by U.S. News, January 7, 2010:
T
http://www.usnews.com/money/personal-finance/
articles/2010/01/07/2010-discounting-forecast-retail-and-auto.html
2 hopperTrak, January 12, 2010: http://www.shoppertrak.com/
S
shoppertrak-predicts-18-percent-total-us-foot-traffic-rise-q1
3 RI, Private Label 2009: Game-Changing Economy Taking Private Label to
I
New Heights, September 2009
1

4. In November 2009, Brand Week magazine reported
on the growth of private label brands amid the
continuing worldwide economic downturn. Brand
Week cited statistics showing that private label brands
now account for more than a third of all U.S. shopping
cart purchases. The publication, however, also warned
of the threat private labels pose to both name brands, as
well as to the long-term interest of retailers themselves.4
Those trends pose a serious challenge to Consumer
Goods brands and companies.
In response, manufacturers have increasingly begun
to build direct and profitable sales channels to the
ultimate consumers of their products. As we will
explore in this viewpoint paper, direct channel sales
now show a clear growth rate, often exceeding the
growth rate in store sales.
To fully appreciate the promise of consumer direct
marketing, it may help to explore some long-held
misperceptions regarding this cross-channel strategy.
Cross-channel myths
Cannibalization can be a real threat in many crosschannel situations. But research and real-world
experience have shown that for many Consumer
Goods firms and product manufacturers concerns
about cannibalization may be somewhat overblown.
In some cases, selling directly to consumers may
allow companies to circumvent their traditional retail
channels. But in many situations, and when handled
adroitly, consumer direct sales may serve to augment
and even to enhance traditional retail sales.
That same survey showed that most manufacturers
shared the common concerns about threats to
their traditional retail channels. Many worried that
traditional dealer network members would decrease
their order volume once the manufacturer opened
the consumer-direct channel. In fact, less than 15% of
those surveyed reported that traditional retail partners
had reduced their orders after the manufacturer
opened a direct-to-consumer channel, while fully 20%
say their retail partners had actually increased order
volume after the shift.
Given the realities of today’s environment, which is
defined by tough competition and growing private
label shares, many savvy firms now view consumer
direct sales not as an option, but as a necessity.
That necessity is driven by powerful historic and
economic forces.
In the context of this paper, channel cannibalization is
defined as the devouring of one avenue for generating
sales—such as the traditional retail channel—in favor
of opening a direct sales and communication channel
between product manufacturers and the end consumer.
Cannibalization was a hot topic in the 1990s and
early 2000s when eCommerce was first introduced,
and companies thought that success in the new online
medium would come only at the expense of traditional
business and sales channels.
In the past, companies hoping to open online or other
direct sales channels have worried about the threat
of cannibalization. Many were rightfully concerned
about disrupting their traditional distribution channels,
or losing market share through a less-than-agile move
to Internet-based direct selling.
The biggest concern—that selling directly will damage
a brand’s return on investment by taking business
away from retail channel partners—is usually overstated. For a time, those concerns have resulted in mixed
success for some multiple-channel marketing efforts.
Both research findings and market experience have
dispelled many of the myths of channel cannibalization.
Maytag, for example, created a website to sell home
In a detailed 2009 survey of sales-oriented professionals appliances directly to consumers but later abandoned
that direct sales channel after complaints from dealers
at consumer product manufacturing companies, a
and retail outlets. Yet other product manufacturers—
leading research group found that most reported
including many who have historically sold through
overwhelmingly positive results after opening a
retail and catalog channels—have prospered by
direct-to-consumer online channel. Despite their
opening consumer direct sales channels.
previous concerns about channel conflicts, fully 77%
of direct-to-consumer online sellers reported overall
In mid-1998, Levi Strauss began selling Levi jeans and
beneficial effects of establishing direct relationships
other clothing products through the company’s own
with their consumers ... benefits that included higher
website. After complaints from traditional department
sales, better customer service, and more effective
stores and retail outlets, in 2000, Levi Strauss stopped
product development and marketing. Only 3% of those
selling directly to consumers and instead directed
surveyed said the negative aspects of direct-to-consumer
shoppers to local brick-and-mortar retailers.
sales outweighed those positive improvements.
4 Brand Week: Battling Brand Malpractice, Nov. 2, 2009
2

5. While CPG companies struggled with channel conflict, a
number have made an effort to forge direct-to-consumer
ties. Early consumer-direct efforts often centered on
niche products like Tab, Proctor Gamble’s reflect.com,
and the General Mills mycereal.com projects. Niche
products often do not justify the shelf space or slotting
fees of a traditional retail channel, and highly customized
offerings have too many iterations for a store to stock.
But CPG companies benefited from these early
consumer-direct efforts, in large part because they
provided valuable insight into consumer preferences
and new product opportunities.
But time and economics have led many top retailers
back to the consumer direct model, and Levi Strauss is
a prime example of that trend. Today, the Levi Strauss
website offers a convenient online shopping portal
where customers can view, compare, and purchase
Levi’s, Dockers, and other popular name brand
clothing. That same website also offers a store locator
that guides interested consumers to brick-and-mortar
retail outlets worldwide.
Many industry experts believe that, while retailers and
wholesalers naturally resist consumer direct selling by
Consumer Goods firms, direct sales can be a win/win
for all parties. In fact, cross-channel strategies now
often exert a positive influence on the traditional retail
store channel.
The struggle to connect
While progress has been made, CG firms often struggle
to connect directly with consumers. This disconnect
exists, at least in part, because retailers collect and own
the point of sale data needed to understand consumer
wants and habits. While Consumer Goods companies
can purchase syndicated data, retailers currently have
far stronger connections with consumers, and those
retailer-to-consumer bonds will only strengthen as
retailers increasingly capture today’s online and
tomorrow’s mobile buying relationships.
In this environment, Consumer Goods companies must
find an appropriate and balanced channel strategy.
That approach must enable continued growth through
their major retail channel partners, while at the same
time leveraging the direct channel to reach, understand,
and sell to the end customer. By offering selected
products or services on a consumer direct basis,
companies can simultaneously strengthen both their
brand and their key retail channel partner relationships.
In January 2010, the toymaker Mattel launched an
eCommerce website to offer all its popular brands
directly to consumers. Like many consumer goods
firms, this manufacturer generates almost half of its
overall revenue from three big retailers. But given
the competitive and economic realities of today’s
marketplace, Mattel recognized the value of extending
Consumer Goods companies are increasingly using
its channel coverage to include a robust and direct
the web to connect more directly with end consumers
eCommerce effort.
by offering coupons, recipes, lifestyle tips, and
Also in January 2010, Procter Gamble Co., the world’s product information online. Many companies are
largest maker of consumer products, announced the
also leveraging the emerging social media, online
launch of an eStore test site. PG said it would offer
consumer panels, virtual reality presentations, and
hundreds of popular consumer products directly to
other avenues to foster innovative new direct-toconsumers through the new website. Further blurring
consumer relationships.
the traditional lines of consumer sales, PG had
This challenging but rewarding strategy can work.
previously acquired and opened several retail outlet
But, to give this approach the best chance of success,
chains—including the 36-location The Art of Shaving
it must be supported by robust, end-to-end consumer
chain as well as dry cleaning stores and high-end
direct capabilities. The fact is few Consumer Goods or
hair-care salons.
CPG firms have the experience or resources to tackle
Within the last few years, Crocs, the maker of unique
this important channel alone.
and popular footwear, and fashion leader James Perse
Manufacturers who hope to succeed without risking
launched innovative new web-based channel strategies.
cannibalization should carefully consider a move to
Those and other forward-looking firms recognize that
direct-to-consumer sales, keeping in mind these questions:
both consumer preference and market realities now point
• Are we currently losing share to private label brands
to a cross-channel future. The global recession has
or to rival online competitors?
forced many retailers to close stores and to display a
smaller selection of manufacturer products in those
• Will consumers purchase our traditional retail
scaled-down locations. Consumer goods manufacturers
product in an online environment?
now realize they can use web-based direct channels
• How can we leverage direct marketing to strengthen
to build stronger consumer relations, to gain valuable
our established brands?
insight into consumer wants and behaviors, to improve
• What online infrastructure is needed to capture
new product and service development, and to drive
customer attention and sales and provide an
both online and off-line sales.
adequate return on investment?
3

6. • How can we deliver a consistent, positive direct
experience that will build consumer satisfaction
and loyalty?
Other Consumer Product and CPG firms are
collaborating with retailers to develop account-specific
merchandising strategies, shelf-ready packaging and
• To support a consumer direct channel, what changes other solutions. Still others—such as Nike and the
Mars candy company—now allow consumers to go
are needed to our supply chain and distribution
online to create customized product variations, which
network?
are then shipped directly to the consumer.
• What adjustments are needed to our internal
Also, as the recession eases, at least some consumers
processes and systems?
appear to be returning to long-trusted national brands.
• Do we have the IT, data, and business intelligence
capabilities needed to succeed in a consumer direct According to the Wall Street Journal, in early 2010, price
deflation in the food segment allowed brand-name food
marketing environment?
manufacturers to offer discounts, thus protecting market
• How can we leverage direct sales to support or
share and luring price-conscious consumers away from
enhance traditional retail marketing?
private labels. Other studies, however, show substantial
If not carefully mediated and fully resourced, a move
numbers of consumers are sticking with private label
to direct selling can devolve into internal chaos,
brands even as their economic situations improve.
confused customers, and lost sales. When supported
The Nielsen consumer research firm also predicts
by comprehensive consumer direct systems and
the continued rise in manufacturer direct-toinfrastructure, a cross-channel approach can open robust
consumer marketing.
new sales and brand management opportunities.
“Online price wars and the squeeze on in-store
assortment will fuel large and small manufacturers
Direct sales realities
to give consumers options to buy direct from
As we have seen, a strong case can be made for
manufacturers or from online services from the likes of
direct-to-consumer sales. In fact, the direct channel
Amazon, Drugstore.com, and Alice.com.”6
provided one of the few economic bright spots for
Direct-to-consumer marketing has also grown in
2009 and beyond.
other segments, including the sale of food and
In a report on U.S. consumer shopping habits, Retailer
agricultural items. According to the U.S. Department
Daily cited predictions of continued restrained retail
of Agriculture, from 1997 to 2007, direct-to-consumer
spending, growth in store brands, and an escalation
food marketing grew by 104.7%, while total
in assortment- and channel-based competition.
agricultural sales increased by only 47.6%.7
“Look for brands caught in the trap of greater store
Household products now account for a relatively small
brand focus and assortment optimization to forge
but growing percentage of online (and thus, direct to
alliances with key retailers, enter or step up efforts
consumer) sales. As reported by the Wall Street Journal,
as store brand suppliers, and/or explore direct-toin 2009, $10 billion worth of household products
consumer sales.”5
were sold direct to consumers via the Internet, up from
$4 billion in 2003, but a fraction of the estimated
When Unilever introduced its environmentally-sound
Small and Mighty liquid detergent in the United States, $361 billion in overall online sales for that year.8
for example, the company worked closely with
Of course, consumer-direct selling must be convenient
Walmart to create the market, build demand, and put
for the end-consumer. If buyers are forced to navigate
the product on the shelves. PG now offers special
multiple sites to fill their shopping “basket,” that can be
eSAVER values on the Kroger website, thus linking its
time consuming and frustrating. Like traditional retail
promotions to that retailer’s crucial loyalty and
stores—which aggregate multiple products and
database marketing programs.
categories in one brick-and-mortar location—
5 Retailer Daily, December 2009: http://www.retailerdaily.com/entry/
47512/consumers-cpg-value-2010/
6 ielsenWire, December 2009, Tom Pirovano, Director Industry Insights,
N
the Nielsen Company: http://blog.nielsen.com/nielsenwire/consumer/
innovation-creates-opportunities-for-cpg-growth/
7 .S. Department of Agriculture, USDA Agricultural Marketing Service,
U
2007 Census of Agriculture
8 Wall Street Journal, New Web Sales Option for Household Goods,
January, 2010
4

7. manufacturers must find an eCommerce model that
makes online shopping simple and enjoyable. The
advent of sites like Alice.com may be the next
important step toward creating a more convenient
online supermarket for packaged goods.
Companies need a comprehensive approach to succeed
in the consumer direct setting. In a 2009 report on
web-based customer loyalty, the Aberdeen Group
recommended best-in-class online customer loyalty
strategies based on a personalized eCommerce
framework that includes analytics-backed marketing,
merchandising, and post-purchase support.9
Other research shows that online sales can at times
complement and even enhance sales through brickand-mortar stores. In a Working Knowledge study
published by Harvard Business School, research
suggested that the relationship between these types
of retail operations is situational—at least in the short
term—beneficial for some, less so for others.
Consumer Goods companies can now build consumer
direct relationships to accomplish a number of
important goals.
• Leverage actual customer sales data (instead of
market research or panel interviews) to extend and
confirm their core consumer segmentation plans
• Study prior purchase behavior to improve
the effectiveness (and lower the cost) of new
product launches
• Seize the mobile commerce opportunity, by
leveraging more powerful mobile devices and faster,
broader Internet connections to forge more intimate
relationships with consumers
• Meet customer demand across multiple channels
of interaction
• Create a single view of the consumer, allowing
managers to build brand awareness, sales, and
cross-channel profits
The keys to going direct
To address a successful consumer direct initiative,
companies must deploy a blended strategy that combines
community building, direct product sales, and an affinity
with established retail channel partners. This sensible
approach reinforces the brand without threatening
customer loyalty from the retailers, or the risk of
becoming a commodity in the relevant category.
An effective consumer direct selling initiative must
address the full range of multichannel activities, from
marketing and sales support to order and payment
processing, fulfillment, distribution, and customer
service. Those end-to-end capabilities must span the
physical and information requirements of e-business,
contact center and demand response, fulfillment,
returns, logistics, and cash management activities. A
proven solution should also address security, hosting,
and technical management of cross-channel systems.
Given the complexity of multichannel marketing,
companies should seek a solution that integrates online,
retail, catalog, direct media, and other channels into a
single, seamless environment. Those cross-channel
systems should create a single view of the customer,
and must provide the direct data access executives’
need to make fast, informed business decisions.
9 berdeen Group, Online Customer Loyalty: Converting Occasional
A
Shoppers into a Loyal Consumer Base, September, 2009
5

8. The fundamental requirements of cross-channel and
consumer direct selling include:
• Order and payment processing—Cross-channel
order and payment processing must incorporate
proven solutions for order management, promotions
support and continuity processing, payment
processing authorization, and reverse payment
processing. To fully enable cross-channel operations,
those applications must be closely integrated to
existing ERP systems, and to back-office, order and
financial management systems.
• Fulfillment and distribution—Consumer direct
selling requires a mastery of fulfillment and
distribution systems, including warehousing
and inventory management; receiving, kitting,
pick/pack/ship; and manifest and distribution
optimization. Direct-to-consumer marketing also
requires expertise in value-added personalization,
letter shop operation, on-demand printing, and
returns processing.
• Cross-channel integration—A reliable channel
strategy must provide robust integration capabilities,
including merchandise and inventory data, pricing,
product content, customer data, shopping histories,
and other variables.
• Customer service and support—Customer service
may be the most important, and daunting, aspect of
consumer direct selling. When selling direct to the end
customer, companies must address all aspects of
cross-channel contact center operations (including
multilanguage capabilities), up-selling and crossselling, cancel and save services, and the delivery of
product information and support. Consumer direct firms
rely heavily on the performance of their back-office
services, program reporting, and analytics capabilities.
• eCommerce/mCommerce solutions—In today’s
dynamic consumer marketplace, companies that
hope to sell direct must have access to sophisticated
eBusiness solutions. They need flexible, scalable
eCommerce, mCommerce, and cross-channel
technologies and infrastructure. Those systems must
provide end-to-end solutions, from enterprise-level
system implementation and hosting, to business
intelligence, analytics, and in-store devices. They
should offer the flexibility to adapt to new features
and innovations, new portals and new emerging
social networks, rapid changes in promotional
programs, or regional growth and the launch
of new brands.
Ideally, a cross-channel, consumer direct strategy will
allow each organization to acquire these capabilities
as a comprehensive solution, or as separate services,
depending on their market and business requirements.
Choosing the right direct sales partners
To succeed in the consumer direct sales environment, a
growing number of Consumer Goods and CPG firms
are now partnering with allies capable of enabling a
proven, scalable channel strategy. A reliable consumer
direct partner will offer comprehensive outsourcing
and application solutions to handle the fundamentals
of marketing via multiple and diverse channels.
Those basics include maintaining visibility and
traceability for customer demand, managing a
cross-channel-oriented supply chain, planning for
volume growth and seasonal fluctuations, increasing
personalization, and launching consumer-oriented
promotional campaigns. Consumer direct selling creates
and uses large volumes of POS data and must be
supported by high-volume IT and Business Intelligence
systems, including demand signal repositories.
6

9. Consumer direct marketing requires targeted crossselling and up-selling. It depends on the rapid, errorfree movement of massive volumes of inventory from
warehouses directly to the consumer. It requires firms
to master the details of order management, logistics,
and payment services. To succeed, manufacturers must
also become experts at customer service, relationship
management, and problem resolution.
Boosting sales with cross-channel
marketing
HP has gained more than 30 years’ experience
delivering large, complex continuity programs for
direct-to-consumer companies across the country, and is
one of the nation’s largest zone-skippers and co-minglers.
To support those consumer direct capabilities, HP
manages two million square feet of warehouse space
through six global distribution facilities.
effective, innovative direct brand strategies to:
By opening multiple channels—including direct sales
pipelines to the buying public—companies can benefit
both themselves and their customers.
Direct sales channels reduce transportation expenses,
logistics, and the overall cost of goods sold.
Companies can deploy direct-to-consumer sales
Of course, while tackling these consumer direct
strategies to reduce both fixed and variable support
requirements, consumer-oriented firms cannot forget
costs, and to streamline IT requirements. Consumers
their traditional core activities: merchandising,
now often find buying direct to be more convenient
marketing, and product management.
and satisfying, perceptions that translate directly into
HP can assist in those efforts by providing comprehensive
higher customer spending.
direct-to-consumer cross-channel solutions. The company
In fact, for many Consumer Goods and CPG firms,
delivers customer relationship management services
opening a consumer direct channel is a unique
for more than 450 clients from 144 locations in 30
opportunity to build closer, more informed, and more
countries and 48 languages, and handles more
loyal relationships with the people who ultimately
than 65 million orders, ships nearly 50 million units,
purchase and use their products.
and manages over 20 million direct-from-consumer
inquiries each year.
In real-world implementations, companies have used
• Boost sales and profit by an average of up to 25%
• Leverage cross-selling and up-selling to improve topline growth up to 5%
• Counteract losses from private label brands
• Reduce fixed costs by 10% to 25%
• Increase shopper spending by up to 500%
• Reduce cost of goods sold up to 10%, while
reducing transport and logistics costs by up to 30%
• Gain a 360-degree view of their customers
• Lower IT support and capital costs by up to 25%
7

10. Conclusion
Consumer direct cross-channel marketing holds great
promise for consumer goods manufacturers.
But consumer-oriented firms have long worried about
cannibalization and the potential negative effects
direct sales might have on their traditional retail
sales relationships. In today’s challenging business
environment—which is defined by slower consumer
spending and mounting competition from retailer
private labels—a growing number of firms no longer
see consumer direct sales as just a possibility.
Astute firms now see it as a necessity.
Yet, while many now recognize the promise of directto-consumer marketing, few Consumer Goods firms
have the internal resources or expertise to launch a
multiple-, cross-channel effort. That is why many have
chosen to partner with allies with deep experience in
consumer-direct processes and marketing.
Going direct offers clear and compelling
advantages—and some very real challenges.
By adopting a comprehensive channel strategy,
companies can succeed by getting a lot closer
to their consumers.
8

11. About the authors
Dale K. Miyakawa
Dale Miyakawa is the U.S. leader of HP’s Retail Industry
Consulting and Solutioning practice. Miyakawa’s current
responsibilities include setting the retail consulting and
solutions strategy for HP Enterprise Services, building
thought leadership, consulting to clients, business
development, and practice management. He has more
than 25 years’ experience in the retail industry as a
practitioner and consultant across multiple retail
segments with significant experience involving mergers,
acquisitions, and consolidations. Miyakawa has
consulted to retailers on business transformation,
information technology strategy, systems integration,
program management, and outsourcing. Prior to
joining HP, he was a managing principal/partner with
IBM’s Business Consulting Services, Distribution Sector
national retail practice, and managed the Western
Region. Miyakawa holds an M.B.A. from the University
of Southern California, attended post-graduate studies
at the Claremont Graduate University—Peter F. Drucker
and Masatoshi Ito Graduate School of Management,
speaks at trade conferences and is quoted in a number
of trade publications.
Will Ruiz
Will Ruiz is the U.S. leader of HP’s Consumer Goods
Industry Consulting and Solutioning practice. He
has over 20 years of experience in the areas of new
product development, manufacturing operations and
strategy, IT strategy, and business process innovation.
His background includes a broad range of operations
and order fulfillment engagements in the consumer
packaged goods, wholesale distribution, quick service
restaurant, food retail and manufacturing industries.
Before joining HP (EDS), he was a principal with IBM’s
Business Innovation Services group. Previously, he
was a manager with Ernst Young’s Management
Consulting Performance Improvement practice
and a senior manufacturing engineer with Analog
Devices. Ruiz holds an M.B.A. (high honors), as
well as a master of science degree in manufacturing
engineering from Boston University and completed
the Strategy Value Creation Programme at the London
Business School.
9

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