How the cloud can revolutionise business financial management
Are you a CFO looking to move your business to the cloud? Here's a few pointers to think about and steps to make it a reality.
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Minimise waste to reduce costs and risk, and accelerate compliance.
There's one key ingredient you might be missing—the right business solution.
The food and beverage industry has additional challenges of managing perishable products and navigating strict regulations, not to mention the ever-present danger of recalls and contamination. At times, it can seem overwhelming—that's where you need a business management solution that's built for your industry and its specific needs.
Keeping up with stringent and changing regulations, especially the Food Safety Modernisation Act (FSMA), can be a headache for many food and beverage businesses no element of the FSMA will have more impact than the “One Step Forward and One Step Back” traceability requirements. You need to invest in efficient and accurate tracking along your supply chain in order to comply, but this can be costly and time-consuming to implement.
According to a study by Ernst & Young prepared for the Grocery Manufacturers Association, 81% of food and beverage businesses see the financial risk from recalls as significant to catastrophic.
Making sure you're prepared for possible recalls isn't just important—it's imperative. So you'll need to invest either time or money in the right technology and in updating your systems and business processes.
At the same time, customers expect consistency even as supply, demand, and the marketplace itself change. It's challenging to stay in control, keep costs down, and retain flexibility for reacting to these changes, but you can overcome it with the right solution.
Thanks to a wider awareness about the impact of waste on the environment, consumers expect food and beverage businesses to become more accountable for their supply chain and operations.
To meet these demands, you'll need more access to real-time data and the ability to transform your company into a more flexible operation. Only then can you
please customers and avoid lost sales.
Waste—both of perishable goods and in terms of process by-products—can be an economic, environmental, and social issue. The right solution will help you gain greater insight into your supply chain, including inventory tracking and product profitability. It will also help you remain accountable to consumers, and protect the environment while remaining lean and efficient.
Recording the identity of any lot-controlled ingredient is essential if you want to meet industry and government regulations for warranties and quality assurance.
The right solution also enables you to assign inventory to meet specific customer needs. What's more, effective scanning and bar-coding will help you track your materials and products.
The right solution should be easy to configure, and it should help you meet the requirements of regulatory bodies. It should also gather and present business data automatically and in the right
way, so you can reduce administrative overheads and help your business meet its obligations.
You can prepare for possible recalls with a business management solution that gives you total visibility of your operations, comprehensive lot tracking, and detailed, accurate data at any time. If the worst happens, you’ll be able to determine the scope of the recall and prevent contaminated foods from entering the supply chain.
Caroline Russell, CEO
BOH Tea, Malaysia
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