Specification Management is Transforming Retail

Posted by Annie Wissner on November 22, 2019 at 11:21 AM

Spec ManagementIt’s the dawn of a new era for retailers. Millennials and the emergent Generation Z are tech savvy, well informed, and eager to share their feelings about retail or product experiences with the simple click of the button.

On the other side, large retailers are focused on creating a more curated customer experience, smaller operations are tackling how to scale efficiently, and all of them would love to figure out the right balance between online and physical storefronts.

Based on research from Refrigerated and Frozen Foods, higher transportation and commodity costs are expected to keep driving prices higher. As a result, retailers are studying inflation aggressively to remain competitive in a changing environment.

That’s just the beginning. A report from Label Insight and the Food Marketing Institute (FMI) showed that 75 percent of consumers will switch to a brand that provides more in-depth product information, apart from what’s on the actual label. Less than 40 percent shoppers felt that way in 2016.

As brand owners, contract manufacturers, and suppliers grapple with multiple market pressures, it’s critical they cooperate more effectively to respond as quickly as possible. At our annual user conference, TGCon, we held a roundtable discussion with retail customers and suppliers to identify pain points and uncover prospects for progress.

A recurring issue that emerged was how unnecessarily difficult it could be to track and approve manufactured goods as they moved along the supply chain – all while ensuring the documentation was in order.

They’re not struggling anymore. With TraceGains, automatic alerts ensure required documentation is digitized and readily available, offering customers new insight into supplier performance and allowing them to secure more control of their supply chains.

TraceGains Specification Management can make a difference, making it feasible for supply chain partners to co-author specifications while automatically tracking all the data that’s exchanged. This presents a game-changing chance for retailers to streamline the way they do business and thrive in a progressively crowded market. 

Specification Management lets consumer-packaged goods companies draft and publish raw material and finished goods specifications to fast-track new product development. The system combines customer requirements, internal input and judgment, and practical supplier capabilities to provide a baseline for spec design. Data exchange is simplified and consolidated in a single location, with automated workflows and alerts available for internal and external stakeholder updates and approvals.

Find out how Specification Management can help drive your retail operation.

Tags: retail