Future of the Food Industry
Consumers’ demand for healthy ingredients, complex flavor profiles, and environmentally sustainable offerings has greatly shaped the food industry over the past five years. As these food industry trends have strongly established themselves among consumers, we can expect many more such trends to dominate the coming years as well. Even though there are a variety of opportunities for food industry companies in the coming years, staying on top of changing customer needs, understanding millennial preferences, leveraging new packaging techniques, and employing key technology and acquisition strategies will all be vital for survival in this competitive market. Hence, food industry companies need to be more innovative and customer-centric to win a competitive edge in the marketplace.
Why is Supply Chain Risk Assessment Important for Business?
In business, a risk assessment process is defined as the method adopted to identify, monitor, and handle potential risks to minimize the negative impact they may have on an organization’s value chain. Moreover, an effective supply risk process acts as an instrumental tool for identifying and tackling risks while offering guidelines to prevent its future occurrence.
Benefits of a supply risk assessment process:
- Identify security vulnerabilities
- Justify spending
- Improve planning
- Boost productivity
- Help make budget choices
About the Client: The client is a global leader in the food industry. They employ nearly 17,000 people.
A leading player in the food industry was facing several challenges owing to their inefficient supply chain risk management strategies. Thus, the company’s supply chain management executives recognized the need to implement a supply chain risk assessment study. With SpendEdge’s supply risk assessment process, the client wanted to identify and prevent the losses occurring due to the risks in their supply chain. Additionally, they were looking at reducing the company’s risk profile by improving the efficiency of their overall supply chain operations and developing a risk assessment framework to identify and manage both short and long-term supply chain risks.
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SpendEdge’s supply chain risk assessment process offered actionable insights that helped the client to devise a robust risk management strategy. The risk assessment process enabled the food industry client to identify the significant risk factors in their external and internal supply chain networks. It included demand risk, operational risk, supply risk, economic crises, labor issues, and changes in government regulations. Moreover, with our supply chain risk assessment process, the food industry company was able to achieve breakthrough improvements in their overall supply chain performance. Furthermore, it offered relevant insights to better understand the market scenario, supplier negotiation strategies, industry standards, and expectations.
Our solution assisted the food industry client in measuring the impact of disruptions across the extended supply chain by focusing on services that were aligned with the organization’s core value drivers. Moreover, the solutions helped the food industry client in the development of a precise risk assessment framework and reduced the cost of maintaining supplier data, which in turn improved their overall supply chain efficiency.
Want to know how a supply chain risk assessment will yield better profits for your business? Get in touch today!