One of the biggest mistakes food, beverage, and dietary supplements companies make is accepting slow 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 in NPD and R&D portfolio management isn't an option.
Read Our Big Book of NPD Secrets
We've curated the top secrets revealed by leading CPG brand, product, and innovation experts. TraceGains CEO Gary Nowacki connects with some of the brightest minds in food, beverage, and supplements innovation on his Conception to Consumption (CtoC) podcast. This ebook contains the best advice from these conversations.
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 is becoming the "essence of survival."
How are CPG companies doing at 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 anywhere from six months to a year and, in some cases, longer for new products to reach the market. And this isn't solely a new product development issue, these teams spend half their time reformulating existing products, which also takes too long.
So what's the answer? The answer lies in automating routine, redundant product development processes, digitizing recipe iteration and supply chain documentation, and connecting teams with suppliers over a networked platform.
"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
Food, Beverage & Supplements 2021 Innovation Trends
Food, beverage, and dietary supplements R&D and Innovation teams work hard to identify which super-food ingredient consumers will seek out this year or which flavor preferences will emerge. We've compiled a list of the top five macro trends shaping product innovation in the coming year and beyond in this blog.
Product development requires so much disparate data and information. It can quickly become overwhelming for teams to manage the research, materials, specifications, criteria, and regulatory requirements needed to explore variances and bring the best products to market. Check out our video to see how you can streamline and automate product development with a networked approach.
Accelerate Every Stage of New Product Development
The innovation experts at Mattson surveyed industry professionals to assess market outlook. Participants said retailers are eager to embrace new products, and while consumer expectations are more conservative, 39% anticipate an immediate demand. They all agree products launched today must be something new and different. It's not the time to extend product lines or flavors. Retailers are placing bets on unique and exciting new products. Read our eBook to learn more.
Fix the Top 10 New Product Development Problems
Shifting regulations, evolving preferences, and far-flung, disrupted supply chains have made it harder for companies to innovate. There are now more consumer-driven product criteria and compliance requirements to track globally than ever before. We've outlined the top 10 innovation challenges facing food, beverage, and supplements companies and how to solve them in this data sheet.
Solving the Product Data Challenge
Supply chain challenges don't only exist beyond the four walls of your business. They often begin there. Many companies still maintain islands of product information spanning divisions, departments, and various static tools, without a single view of product formulas, recipes, specifications, and other crucial information. This lack of visibility into necessary product information leads to higher costs, variable quality standards, and risk. Download our infographic to learn how to solve the product data challenge.
"TraceGains eliminates the back and forth with suppliers. Now we easily identify ingredients, connect with suppliers, and immediately get the information we need for formulation. It has saved us weeks to months of time during the product development process." - Sarah Hazaert, Supplier Quality Manager, Nature’s Way