Everything is changing in the CPG business—from what people buy, to how they buy it. A McKinsey study examined the success of new product launches and the findings were startling. Not only are CPG companies failing 75% of the time when bringing new products to market, but they’re also failing slowly. Some new products can take a year or more to launch. So what's slowing down new product development?
We operate in a 24-hour global economy where instant communication is a basic currency of doing business. Slow response times at critical stages are not an option for companies that want to compete. Employees don't have time to wait for a phone call or email when they need an immediate answer to move forward.
The global food supply chain has never been larger or more complex. Economic and health policy forces have led to a flood of documentation that's required at every step of the supply chain. Yesterday’s solutions – whether it’s spreadsheets, three-ring binders, or single-use portals – don’t work today.
Supply chain challenges are not confined to beyond the four walls of your business. In fact, they often begin there. With systems and departments that don't talk to each other, multiple data sets that don't align, and static tools like email and shared files that make it difficult to track status.
Getting products to market faster demands precision and speed at every stage of new product development. With a single location for all supply chain information and documentation, teams can bring new products to market faster.
R&D can quickly research suppliers and ingredients. The regulatory department can address claims, label issues, or any other compliance requirements up front, 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.
Powerful Sourcing Directory
Search for ingredients, products, and services based on country of origin, organic, non-GMO, kosher, and more from thousands of supplier locations and 300,000+ Ingredients/Items. Manufacturers and brand owners can procure new items or ingredients, build and reformulate recipes, and automatically collect supporting quality and regulatory documentation from an ever-growing document library.
Automated Workflows and Alerts
Automate business processes with workflows that monitor the new product development project and instantly alert team members when they're falling behind with clear direction on what action to take. Workflows alert key personnel at critical stages of new product development.
TraceGains digitizes documentation, extracts the data, and transforms it into configurable dashboards that allow everyone in the organization to spot issues and track progress at a glance.
"TraceGains excites me because our prime suppliers are there. I can say 'Hey R&D, if you want to shop for an ingredient, here's your catalog."
-Andi Gillett, Purchasing Manager, Kanpak, Inc
Ready to upgrade your New Product Development process?