Food & Beverage Technology Trends That Industry Executives Cannot Ignore in 2023

Businesses across industries have struggled immensely since the COVID-19 outbreak. While many sectors have come out of the pandemic stronger, things haven’t been so easy in the world of food & beverages (F&B). A global pandemic can get back-breaking for an industry that has traditionally functioned on low profit margins. Add to that factors like frequent supply chain disruptions, energy crises, labour shortages and record inflation, and things automatically get pretty complex.

To ensure business continuity, maintain efficiency and profitability amidst such testing times, F&B executives are now increasingly looking at technology & automation solutions.

Let us look at some key technology trends that can help F&B decision-makers optimize team performance in the next few quarters and in the long run:

SUPPLY CHAIN AUTOMATION

If there’s one operational aspect that can literally make or break an F&B business, it is the supply chain. Since most manufacturers rely on multiple vendors & suppliers, a steady stream of goods & services becomes the key to ensuring smooth operations. Businesses are now investing heavily in tools & applications that can automate a big chunk of the supply chain management to optimize the overall function.

Ordering systems, for instance, significantly reduce dependence on in-house teams and automatically place & track orders to enable seamless production. In addition, executives are investing heavily in inventory management systems as they not only keep track of stocks but also prevent short supplies, food wastage and multiple ordering.

RELATED BLOG: Modern-day restaurants rely heavily on digital procurement systems to transform their P2P process – read this blog to know four ways an ordering system can help maximize efficiency & profits.

BIG DATA ANALYTICS

At a time when food manufacturers are facing operational challenges galore and dealing with cut-throat competition within the industry, data analytics can act as a much-needed support system. These solutions allow F&B manufacturers to leverage past and current data to forecast demand, pricing trends and consumer preferences – which, in turn, facilitates smarter and more informed decision-making.

Forward-thinking businesses end up utilizing valuable data points around consumer preferences to model, design, produce and price their products specifically to target their consumer base. This, coupled with customized marketing, can significantly boost sales and improve customer satisfaction to increase profitability.

FOOD SAFETY & COMPLIANCE TECHNOLOGY

Regardless of the business size & sector, F&B executives often end up spending immense time & effort in adhering to food safety regulations and ensuring compliance. Not only do these activities hamper overall efficiency, but also take the focus away from core business efforts. Going forward, F&B decision-makers are more likely to invest in sensors connected to the Internet of Things (IoT) that help manage inventory, monitor ingredients and facilitate delivery. In addition, businesses can also turn to dedicated tools & apps capable of digitally tracking food safety audits, thereby eliminating the need to store critical data in paper files.

MANUFACTURING ERPs & OTHER BACK-OFFICE AUTOMATION SOLUTIONS

While a big chunk of the F&B industry, especially restaurants, have embraced front-end technology, many companies continue to rely heavily on manual, people-based processes to carry out their back-office functions. As businesses continue to reel under an acute talent shortage, hiring & retaining qualified professionals is difficult and expensive.

RELATED CASE STUDY: Do you know that QX automated accounts payable for a leading wine & spirits producer, resulting in increased efficiency and cost savings of 60? Read the case study to know more!

Automated solutions like manufacturing ERPs can play a big role in reducing people dependency to carry out laborious & repetitive tasks and boost overall efficiency. Not just that, these solutions also help businesses eliminate additional costs that would go into hiring & retaining individuals for roles that can be easily replaced by technology.

Originally published Nov 17, 2022 05:11:04, updated Nov 08 2023

Topics: food & beverage, Process automation, technology