It’s no secret that companies lose money when new product launches don’t make their deadlines. What’s not as well known is that spending more money upfront on new product development, and sticking to a timeline, can save a company millions of dollars in profits in the long run. In short, the time spent on new products is worth more than money.
In the dietary supplement world, getting new products into the hands of consumers can be expensive, time-consuming, and fraught with wasted resources. Finding the best compliant ingredients, and the suppliers who can efficiently provide them can be half the battle. Throw into the mix political headwinds that are particularly hostile to imported goods, and supplement makers can quickly find themselves behind schedule, over budget, or both.
Regulators aren’t the only ones who need documented proof of compliance. Consumers want more information on what they’re buying, with increased demand for clean labels and verified claims.
All this turbulence puts more pressure on supplement manufacturers and brand owners, who must gather, manage, and store more documentation than ever before. Supplement makers could spend more money on staff. Or they could invest in a smarter, more efficient solution.
TraceGains has published “Supplement Industry Outlook,” a comprehensive eBook that takes a look at an industry that stands at a crossroads. Among other things, this eBook examines:
How tariffs complicate the supplement supply chain.
How transparency can combat lingering questions of consumer trust.
How dietary supplement companies can turn quality into a competitive advantage
How to best evaluate supply chain risk.
How TraceGains can lighten the documentation burden.
There is a Solution
User-friendly, integrated software can empower dietary supplement makers to promote transparency throughout the supply chain, allowing them to better manage risk by tracking information in real-time while enjoying a central location for documentation and data management. When an issue arises, suppliers and manufacturers can receive out-of-date alerts, out-of-spec, or only non-compliant materials. A robust compliance and quality management software solution allows manufacturers to manage risk better, improve label accuracy, and scorecard their suppliers.
Additionally, having software built on the foundation of an extensive network of buyers and sellers collaborating on new product development can accelerate time to market and supplier qualification processes.
Find out what challenges TraceGains can help address by downloading this free eBook today.