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.
"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
