The need for traceability, quality, and compliance within the food and beverage industry has become increasingly important.
To remain competitive, food and beverage companies must leverage their ERP solutions to meet evolving market expectations and changing customer demands.
A recent Aberdeen study of over 100 F&B decision makers revealed that:
- Companies need to focus on quality and food safety to minimize potential risks
- Reducing waste and improving efficiency is critical for margin growth
- Utilizing real-time data can help companies keep up with increasing regulatory compliance
- Implementing real-time alerts for greater responsiveness can improve business agility
What is a best-in-class food and beverage company?
Best-in-class companies are defined by Aberdeen as the top 20% of companies based on their performance in four key business metrics that are critical to ERP effectiveness.
Compared to all others (the remaining 80%), best-in-class companies are:
- 16% more efficient in terms of on-time deliveries
- 18% more likely to have projects that follow internal schedule compliance procedures
- 2x more likely to see greater profitability over the past two years
- 3x more likely to see greater productivity over the past two years
Webinar: ERP for the Food and Beverage Industry
Discover how best-in-class companies leverage their ERP to efficiently run their food and beverage operations.
Achieving increased visibility
Best-in-class companies understand that having strong ERP can be instrumental across their organization.
For example, having greater visibility of their inventory levels across all locations is vital to achieving higher customer service satisfaction. Moreover, accessing data in a self-service capacity supports speed and time to data for decisions making.
Best-in-class companies are:
- 50% more likely to have the ability to monitor regulatory compliance
- 38% more likely to have real-time access to inventory of raw materials, WIP, parts and tools, and finished goods
- 25% more likely to have real-time visibility into status of all processes
Solving today’s business challenges
Faced with changing demands and disruptions to supply chains, today’s food and beverage companies are looking for ways to get the most out of their ERP solutions.
Best-in-class companies are:
- 40% more likely to have traceability of components and items throughout the purchasing, manufacturing, and sales processes
- 31% more likely to have manufacturing operations that are integrated and coordinated with product design
- 28% more likely to have the ability to do a mock or recall
- 13% more likely to have full visibility into quality data
Best-in-class food and beverage companies depend on a connected ERP as the backbone for operating their business within their own operations plus the extended enterprise with customer and suppliers. By focusing on improving traceability from supplier to customer, the quality of the product to minimize potential risks, and compliance with regulations, Best-in-class companies have built an ERP system that can produce long-term productivity and profitability through schedules that allow them to make on-time deliveries safely and efficiently.
To learn more, download our ERP for the Food and Beverage Industry infographic or watch our on-demand webinar How best-in-class companies leverage their ERP to run their F&B business.