Almost half of all suppliers commonly rely on legacy approaches to manage communications with buyers in the food and beverage industry, according to new data from TraceGains.
“This new research underscores the urgent need for suppliers to update their operations,” says Paul Bradley, senior director, product marketing, TraceGains. “With increasing regulatory pressures and shifting consumer demands, widely used, outdated methods are putting companies at risk. Embracing digital solutions should no longer solely be seen as a competitive advantage; it’s required for staying ahead and meeting compliance, sustainability, and market demands.”
Key takeaways:
● Nearly half (48%) still use manual spreadsheets to manage day-to-day tasks, processes, and document exchanges.
● Over two-thirds (71%) admit that outdated processes sometimes or often create issues in their day-to-day work.
● The biggest issue is time consuming tasks (60%), followed by data entry errors (39%) and miscommunication (32%).
● Of those familiar with technology, two-thirds (65%) cite “keeping up with regulatory changes” as the top motivator for modernizing internal software.
● Other contributing factors include faster responsiveness to consumer preferences (58%), better agility to manage supply chain disruptions (42%), and ability to adopt tech advancements like artificial intelligence (AI) (33%).
● Further, almost half (44%) of suppliers cite evolving consumer behavior including a preference for sustainable products and increased demand for online delivery has had a significant or moderate impact on business operations.
● When it comes to decision-making, nearly 89% of suppliers believe alignment with corporate sustainability goals is a crucial consideration, with over half (53%) rating this alignment as very important.
