Food and Beverage Manufacturers Evolve for the New Economy
Today's food companies need to focus on minimizing risk (by implementing HACCP) and preventing and responding to food safety incidents (through Food Safety Incident Management and Recall Management). Failing to adhere to these regulations can hinder consumer and shareholder confidence, erode your bottom line, and cause irreparable damage to brand equity.
A “New Economy” is emerging with constant and rapid changes in costs, demand trends, consumer preferences, customer needs, niche markets, safety and environmental regulations, and competitors (who often now include retail customers).
In this New Economy, F&B companies face three major challenges:
Innovating – while maintaining operational efficiency.
Achieving sustainability to differentiate and to comply with food safety and environmental regulations.
Improving supply chain responsiveness and collaboration in the face of volatility.
Adapting to this New Economy has forced companies to further streamline their operations for greater efficiencies and waste reduction in order to survive.