Food and beverage manufacturers need to take a fresh approach to how they do business. Why? Increasing consumer demand for greater product innovation and transparency, ever-increasing quality and compliance pressures, tighter profit margins, new channel opportunities, and a dynamic workforce are just some of the factors that are shifting market dynamics.
New Food Magazine hosted an Infor Webinar on how Product Lifecycle Management (PLM) can improve innovation.
During this webinar Keurig Dr Pepper provided a great customer case, where Bob Wimpfheimer told us how they needed a software solution that could help develop new products quickly, produce these products using the best possible formulas, and maintain full compliance with all regulatory requirements.
Additionally, the Webinar highlighted several areas where companies can find business evidence to justify their interest in PLM, here listed as questions:
And here they are:
1) Partner with suppliers
2) Sell it now
3) Sell it next year
4) Embrace channels and fulfillment
Life and shopping are transforming at unprecedented speed. We don’t know which shopping behaviors will stick and which will return to their pre-pandemic ways. But we do know that retailers must deal with excess inventory. While the pandemic is likely to further strain retailers/brands financially, successful companies will use a variety of tools to engage customers, entice them to shop, erase overstocks, and enrich relationships in the community. Just as COVID-19 mutates to survive, so will retailers.