Three Ways Analytics is Disrupting the Food and Beverage Supply Chain
The food and beverage industry has always been competitive and is poised to remain a competitive one for many more years. Pressures arising due to changing consumer preferences, ingredient visibility, rising operational costs, production efficiency, and product quality form a complex operating environment for the entire industry as a whole. However, the modern supply chain depends on real-time data to operate efficiently. Survival in the food and beverage industry is not only about visibility and having the agility to capitalize on a rapidly changing market landscape. It’s more about the smart use of advanced analytics and new technologies to create a demand-driven end-to-end digital supply chain management system.
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This is why the food and beverage companies today are looking at embracing innovative technologies that help them optimize daily operations and hone profit margins. Admittedly, all of the analytic advancements can be exhaustive, but you can’t afford to be left behind hence we bring to you the top three ways in which advanced analytics and new technologies are transforming the supply chain in the food and beverage industry:
- Big data and supply chain analytics help enhance safety and quality across the global food value chain
- Blockchain technology can be leveraged to develop an invulnerable distribution ledger, that allows businesses to track assets at every stage of the supply chain, creating increased transparency and cost savings
- In a marketplace characterized by narrow profit margins, advanced supply chain analytics can help food and beverage companies to predict future demand and manage stocks efficiently
The client- a leading player in the food and beverage industry in the United Kingdom.
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Project Background and Solution Offered
Despite the inimitability of their product offerings, food and beverage companies still face challenges arising due to inefficient supply chain management. The challenges have been so severe that the food and beverage industry more than any other sector is in dire need of efficient inventory management solutions to help keep inventory controlled and shipments moving in a timely manner. Without careful supply chain management and inventory control, food and beverage companies risk spoilage, adulteration, or damaged products that can put consumers at risk and open their business to liability and violation of stringent food safety laws.
Facing the need to implement supply chain analytics a food and beverage industry player approached Quantzig to leverage its analytic expertise and gain control over its inventory to keep food distribution safe and efficient. Quantzig’s supply chain analytics solutions offered personalized recommendations to help the food and beverage industry player achieve their business goals. The analytics solution helped them solve several complex decisions with millions of decision variables, restrictions, and trade-offs. The enhanced supply chain analytics capability helped reveal previously unavailable insights into a slow-moving and obsolete inventory, generating about $8M within three months.
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Value Delivered to the Client
By leveraging supply chain analytics and implementing an end-to-end supply chain analysis the food and beverage industry player was better positioned to identify the key opportunities for bringing about improvements in profit margins and business growth. Supply chain analytics also enabled the food and beverage company to aggregate data to develop dashboards and gain actionable insights. This not only helped them optimize their supply chain operations but also enabled them to enhance operational efficiency by combining descriptive and predictive data sets to regulate the consequences of different choices of action.