One industry which is constantly under the scanner to be more transparent and accountable is the food and beverage sector. Growing preference for organic food and increased focus on hygiene are the two main factors which keep the players in this industry on their toes. This brings forward the importance of transparency in the supply chain process, which companies in the food service aim to achieve.
Supply chains in food & beverage industry
Typically, a food & beverage supply chain starts from the farm in which the raw product is produced and ends with the final consumers. Freight carriers, forward warehouses, distribution centers, and 3PLs are other components in this rather long and inter-connected chain of events. Undoubtedly it is a challenge to see to it that all the stakeholders involved in this, meet the demands of regulators, and make their work process open to the public.
The inherent complexity and fragmented nature of supply chains call for a highly sharp and structured platform which makes the task of tracking the business flow easy to capture and simple to understand. Bringing all the stakeholders on the same page is yet another task, that many players in the food service industry are trying to achieve.
Need to think beyond the traditional framework
For a transparent and seamless supply chain mechanism, it is essential that the right data be collected and put into use in the most intelligent manner possible. The traditional framework of data analysis is a rather restricted one, as it hardly goes beyond the peripheral analysis of operational data. Also, not being aligned with technology, it becomes rather difficult for traditional frameworks to quickly decipher large volumes of information. This gap in data processing makes it rather problematic to bring the element of transparency in the entire supply chain process, along with leaving minimal scope for innovation.
As industry experts, we believe that for any supply chain to be up-to-date and transparent, it is rather imperative that technology is aptly brought into play. It is in this context that data analytics, spend analysis and benchmarking need to work hand in hand. This way it becomes far easier to not only process huge volumes of data but also identify and predict potential problems which might evolve over a period of time.
A transparent supply chain is thus the result of optimal use of technology and converting the generated data into actionable strategies.
For a detailed understanding of spend analysis and supply chain management