Food & Beverage Industry
The World’s Biggest Industry
The food and beverage industry is an essential part of the US economy. Between agriculture, manufacturing, retail, and food service, the sector makes up roughly 5% of the country’s GDP, 10% of employment, and sales exceed $1.4 trillion. According to a report by the US Committee for Economic Development, the food and beverage industry consists of close to 27,000 organizations and employs 1.5 million people. While the market has been more stable than other US manufacturing industries, it is not without challenges.
Consumers are expecting more variety, safety, and social responsibility from food and beverage companies. Known as conscious consumption, it encompasses personal health, sustainability, authenticity, organic production, animal welfare, ethical business practices, and more.
Supply Chain Risk
Economic and political uncertainty are making it harder to do business in more and more nations. Companies are finding themselves with fewer sourcing options. Economic adulteration, fraud, and incidents can occur without warning causing delays, hefty penalties, and permanent brand damage.
Top Line Growth
Food companies are under immense pressure to deliver organic, volume-based top-line growth – not just better bottom lines. This has led to a number of restructuring efforts from acquisitions to mergers. It's also opened the door for disruptive new brands and retail channels to enter the market.
How Does TraceGains Change the Game for the Food Industry?
Digitizes documents for data mining and trend analysis to drive continuous process improvement
Highlight risks by supplier, item, and geography, identifying the most critical threats to the business
Analyzes quality control and food safety data, for real-time plant floor insight to drive continuous improvement
Allows users to author, maintain, and publish raw material and finished goods specifications
Supply Chain Visibility
Provides 360-degree view of the health of your supply chain with all information centralized on a single platform
Business Processes Facilitated
Supplier & ingredient performance monitoring against KPI's, automatic scorecarding, material trends and variation and more
Solutions for the Food and Beverage Industry
With a single location for all supply chain information and documentation, teams can work smarter. R&D can quickly research suppliers and ingredients. The regulatory department can address claims, label issues, or any other compliance requirements upfront, eliminating downstream delays. Quality can pre-approve ingredients and suppliers and manage the process through approval, and procurement can negotiate price and shipping with suppliers and even recommend alternate suppliers if needed. Lastly, suppliers can make sure compliant ingredients seamlessly enter the supply chain with all required documentation.
The Food and Beverage Industry's Collaborative Network
On average, food and beverage companies find that 80% of their suppliers are already on TraceGains Network, allowing them to immediately connect and collaborate. Thousands of supplier locations are available for manufacturers and brand owners to source and qualify new vendors, procure ingredients, build and reformulate recipes, negotiate ingredient specifications, and automatically collect supporting documentation from a growing library.
Our Network is Always Growing
Items & Ingredients
Digitizing COAs and making them actionable has resulted in a 75 percent reduction of out-of-specification lots on the receiving dock. Since COAs are often analyzed even before the shipment arrives, Chelsea Milling can now reject shipments even before they’re received, saving the supplier reverse logistics charges and returns processing.
-Jack Kennedy, VP - General Manager, Chelsea Milling Company (Jiffy mixes)
Streamline Processes and Manage Suppliers Like a Pro