Product Development Suite
The Speed of Innovation
According to Forrester, the speed of innovation is one of the most profound and disruptive forces in human history. Companies that master automation will dominate their industries. Forbes takes it a step further, stating the speed of innovation has become the "essence of survival."
How are CPG companies performing in the high-stakes game of innovation? Not great. A McKinsey study reveals 75% of new CPG products fail within the first four years. And it isn't only big-name brands failing. Smaller, seemingly more agile brands fail at the same rate. While the industry debates product failure rates, everyone agrees it's too high.
Complicating the too-high new product failure rate is another issue. CPG companies fail slowly at product development. R&D teams report it takes six months to a year and, in some cases, longer for new products to reach the market. And this isn't only a new product issue. These teams spend half their time reformulating products, which also takes too long.
What's Slowing Down Product Development for CPG Brands?
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.
TraceGains Networked Product Development Suite Brings it All Together
One of the biggest mistakes food, beverage, and dietary supplements companies make is accepting inefficient product development or putting it on hold altogether. A static product portfolio will never outperform a competitor's proactive one. Because your competition is making progress, standing still or going slowly in NPD and R&D portfolio management isn't an option.
TraceGains Networked Product Development Suite orchestrates product development from concept through production, accelerating research, recipe iteration, claims verification, and change management. TraceGains eliminates internal and external silos, replacing them with a networked platform that connects teams, automates business processes, and standardizes and digitizes supply chain and product documentation. Networked means teams no longer have to seek out suppliers for ingredient or material information because it's already available at their fingertips.
A robust sourcing directory for items, packaging, and service providers with advanced search criteria like country of origin, organic, non-GMO, kosher, and more delivers precise sourcing fast. With TraceGains, teams go from manual processes to automated results by digitizing and streamlining product development and turning supply chains into a data-powered strategic assets and engines for growth. When this happens, businesses can respond quickly to market, customer, and supply chain shifts and drive better, faster innovation.
With TraceGains Networked Product Development Suite teams:
- Gain a unified view of products, data, and processes across the business and throughout the supply chain, no matter how complex or dispersed.
- Get instant access to more than two million supplier-provided documents to accelerate formula and recipe development.
- Achieve more informed, cost-effective ingredient and material research choices, and significantly reduce product development timelines.
- Reach cost, nutrition, allergen, and claims product criteria faster by digitally modelling recipe variants with real ingredient and supplier data.
- Automate version control with roll-back capabilities to instantly find current and past formulas, recipes, and product details.
- Centralize product management with all documentation, recipe variants, and information exchange digitally tracked for a complete audit trail.
TraceGains Connects Departments and Suppliers So Teams Can Work Smarter
Solve Your Product Development and Supply Chain Challenges with TraceGains
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, raw materials, and more. Manufacturers and brand owners can procure 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
Workflows and alerts allow teams to conduct real-time tasks alongside automated steps to increase speed, eliminate errors, and vastly improve product outcome reliability and quality.
TraceGains turns formulas, specifications, compliance documentation, and other product information into digital records that are easy to create, change and manage. With everything tracked, teams gain automatic version control and a complete audit trail TraceGains extracts the data, and transforms it into configurable dashboards and reports that allow everyone in the organization to spot issues and track progress at a glance.
Supply Chain Transparency
With TraceGains, teams leave behind static tools like shared drives, emails, databases, and of course, paper, and every stakeholder has access to detailed information on each material's origin and status. It's this complete supply chain transparency that underpins a networked approach to product development. Pass information back and forth from PLM or ERP systems or handle it all within TraceGains without the cost and complexity of a full-blown PLM solution.
Research, Labels, and Claims
Research regulatory information like allergens, thresholds, international jurisdiction limitations, safety alerts, associated science citations for health claims, and more. Comparing final products against labels and claims is an automatic process that allows teams to share details with the appropriate manufacturing systems, stakeholders, and co-manufacturers in realtime. In addition, teams can bulk-compare recipes to determine which ones contain the ingredients to meet a given claim.
"TraceGains unifies our product development program across multiple departments. With a single location for teams to create and manage formulations and specs, and collaborate with suppliers, we have the visibility we need to innovate faster, accelerate time to market, and maintain our commitment to quality."
-Tom Dubinski, VP of Quality Systems, Arizona Nutritional Supplements
Plug In. Go Faster.
Ready to upgrade your New Product Development process?