By Petter Moree, Industry Principal, Pharma at OSIsoft
The food and beverage industry faces massive headwinds from shifting market dynamics. As consumer appetites for high-end options — such as organic foods and eco-friendly packaging — continue to grow, innovation in products, materials, and technologies allows these items to rapidly make their way from developmental concept to store shelves. While shoppers are engaging at record levels, and the potential to profit is greater than ever, manufacturers must rise to a new level of optimization to remain competitive.
Sourcing issues provide the most significant hurdle to the efficiency and flexibility necessary to meet those emerging trends. This is aggravated by consumers who, once locked onto a product, react poorly to price hikes or backorders that force them to purchase something different.