Technology-the ROI driver for Food and Beverages Industry
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Paradigm Shift from Incumbent to Insurgent in F&B Industry
Supermarkets across the world are mostly dependent on a cadre of global consumer packaged goods (CPG) companies, but their products are inferior in areas of corporate social responsibility. The necessity for re-engineered campaigns, as well as healthier, fresher, and more eco-friendly packaging-intensive products trump over the bygone era of fast, unhealthy foods.
Studies from recent researches show that 75 percent of the shoppers prefer branded goods, which reveal product information in-depth, exceeding the required level of what is to be printed. The same percentage of shoppers is willing to pay extra for those food brands with clean label ingredients. The re-invented way of grocery purchases provokes the more prominent players in the industry, and the same reason is encouraging the insurgence of new gen-x friendly companies.
Major Veterans grapple at the idea of multi-use packaging and supply chain transparency
The more prominent players in the food and beverage industry have coalesced with leading technological initiatives due to demand for clean packaging and supply chain visibility. Although these actions towards change are preliminary, they are taken to ensure a more sustained running of the company in the future. The insurgence of the smaller companies has made the significant corporations grappling with this twist of scenarios, creating a shift of force with opportunities for the startups to raid the market share and product spaces on shelves.
The age-old software and un-updated excel spreadsheets are the roots of problems
The wall between the woke-from-silence customer and industry giants is the fact that the integration of the business operations is lacking from a financial standpoint among veterans of the field. The inter-connections with enhanced technology between systems used to collect raw materials, create recipes, and manufacture the food products is utilized in the insurgent companies. The accumulated information from the systems are maintained, managed, and then printed on the product label, which would be a hefty task for the companies still dependent on excel spreadsheets.
Smart, faster, agile and aggressive insurgent companies have proven to the legacy enterprises that old technologies cannot handle the growing demand. The faster the companies accept the newer tech offerings, the better chance they have of surviving the future escalations.
Check this out: Top Food and Beverages Companies