After the challenges of a pandemic, global conflicts, impending recessions and staff shortages, not to mention the dreaded ‘B’ word (Brexit!), it has rarely been so difficult for food and drink businesses to succeed.
There are a few key areas that can aid success, as cited by the BFBI.
“The companies that succeed will be the ones that embrace the change[s].” Keeping agile, innovative and aware will be key in the coming months and years. “Invest in cutting-edge ways of thinking and doing business and, in some cases, take the necessary risks to get the job done.”
We all know technology is power in 2024, but success is specifically all about data and how it can be leveraged to improve the bottom line. “Food & beverage organisations need a modern technology foundation that helps make the business agile and efficient, within manufacturing and in new product development and introduction. Find a platform that gives you the ability to process and profit from your data.” Artificial intelligence (AI) is readily available now and machine learning (ML) can cut costs and drive efficiency. All are areas to explore.
You cannot improve what you cannot see. Keep your data up to date. Make sure you know what’s what. Don’t make presumptions. React to facts, figures, and real data.
Part of keeping on top of facts and figures is being up to the mark when it comes to consumer needs. “Consumer demand for traceability and transparency will continue to expand further up and down the supply chain. This demand will continue to improve food safety while keeping consumers better informed about what they are eating, how it’s produced and where it’s coming from.” There has been a huge development in increased consumer consciousness in recent years, where customers are demanding accountability, provenance and sustainability. And the desire for information is continuing to grow.
Sadly, it is predicted that the worker shortage will continue, accelerated by the pandemic and Brexit. Focusing more on technology and sourcing staff locally and investing in training will be the only short term way to fix the problem.
One positive side of all this is that the focus on sustainability will continue and “companies with a strong sustainability profile could also benefit financially by avoiding additional taxation.” This will increase investment and funding opportunities for those leading the way in sustainable production.
