Food safety compliance yields ingredients for growth and profit
Greater data visibility can ensure safety compliance and boost growth
Food safety, including regulatory changes that require compliance and new technology solutions, ranks as one of the top three “Key Growth Ingredients” cited in a recent report by GE Capital surveying CFOs in midsized food and beverage (F&B) companies. From growers and shippers to front-line retailers and every intermediary along the way, every player in the F&B industry maintains a responsibility to ensure that their products are procured, processed, distributed and sold in strict compliance with government, industry and vendor food safety regulations. As more types and greater volumes of information can be captured, tracked and managed for each product coming under these food safety requirements, regulatory compliance is requiring unprecedented data coordination, synchronization and integration that can only be accomplished with robust and often industry-specific technologies and processes.
In this landscape characterized by fierce competition, commodity pricing pressures and an increasing need to engage consumers at every level in every medium, market leaders in the F&B industry are also seeking to use the same technology tools and functionality required for compliance as a means to achieve a competitive advantage—providing their executives with critical visibility and actionable insights borne of more accurate and relevant data. In this way, food safety compliance requirements are laying the groundwork for business intelligence (BI) and business analytics that are enabling C- suite players to more effectively gain ground on the competition—improving efficiency, reducing costs, maximizing profit and improving brand loyalty.
So from a food safety perspective, the questions are two-fold: “What technologies are best suited to ensure regulatory compliance?” and “Which of these technologies can be seamlessly connected to all needed data types, applications and systems both to produce relevant and meaningful BI insights as well as highly-sought marketplace advantage?” Understanding the magnitude of data requirements to meet both compliance and competitive marketplace objectives underscores the value of seamless technology interoperability to a business’ bottom line.
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