Increasing Revenues and Profitability by Investing in The Right Technology

It’s no secret that technology can boost the productivity and profitability of food and beverage businesses, no matter their size, and that investing in the right technology can significantly reduce costs and help with staff retention. But what you might not know is what that ‘right technology’ looks like and how it can benefit you and your company.

Increasing revenues by breaking the cycle of operational inefficiency

Some food and beverage businesses get caught in a cycle of operational inefficiency because ‘that’s how it’s always been done’. These manual ways of working are prone to errors and inaccuracies, which can have a direct impact on revenues and profitability.

The solution is to have increased control and visibility via data driven systems.

What benefits are you looking for? And how can going digital help?

As a financial professional your main goal is likely to be increased revenue and profit and so it’s important for you to ensure that any investment in technology is going to guarantee that goal is achieved.

Here are key areas that food and beverage businesses can improve through incorporating the right technology, to manage product launches, where the results will be directly (and immediately) visible:

• Faster time to market without delays caused by project and operational inefficiencies
• Increased productivity and optimise resource, more projects can be managed with the same amount of people
• Immediately understand the impact of change to enable better and quicker decisions to be made
• Increased team morale by giving them the right technology to get the job done more easily
• Significant reduction in the time that teams spend on manual activities, freeing them to ‘add value’
• Easy access to data through powerful searching, which delivers instant reporting
• Better benchmarking of suppliers against SLAs.

So, what does the ‘right’ technology look like?

To answer this question, you need to know what your current and prospective technology is enabling. Is it:

• Allowing for centralisation and consistency?
• Does it have cross function collaboration (including supply chain partners)?
• Does it allow you to launch at pace and be agile?
• Does it provide teams with the correct information, at the right time to complete tasks?
• Is it removing data silos?
• Is it helping to simplify the complexity of product launch projects?
• Can it integrate with other business systems?
• Will it still be in place many years later, having recouped it’s costing multiple times?
• Does it give you a competitive advantage?

In summary, the right technology for a food and beverage business needs to solve the problems that are restricting your teams to drive increased revenues, improve productivity, and the ability to launch products as profitability as possible.

An example of using the right technology to remove operational inefficiencies

To use one of our case studies as an example, itsu were using emails for briefing and gathering feedback, which was a lengthy and unreliable process – especially for producing reports and managing the artwork development of a new product. 4Pack was able to streamline this collaborative process, removing the limitations of working manually, and lowering the risk of miscommunication.

Using the right technology to increase revenues

The right technology for food and beverage businesses will increase revenues by:

• Increase the speed with which you can launch your product without compromising accuracy
• Significantly lower the risk of recall, so that your profits are not impacted by human error
• Increase search capability, so that you’re not wasting time trawling for information or data
• Mitigate risk of error with a single source of version-controlled truth. Help your business to expand internationally, with divisions/regions/countries working on the same project with ease and efficiency.