The Dire Need For Traceability In The Food And Beverage Industry
By Mike Lorbiecki, IFS North America
In the U.S. alone, food recalls and foodborne illnesses bear an annual price tag of $77 billion, including discarded products, loss of revenue and healthcare costs. On top of this, the damage caused by a product recall to a company's reputation can be even more devastating and much harder to recover.
Consumers are becoming key drivers for change in the food and beverage industry. Their demand for socially responsible and ethical business operations is requiring businesses to provide greater visibility into the origins of their products. Added to this pressure are international safety regulations that must be complied with — which becomes increasingly difficult as supply chains become more global.
Food and beverage companies need to show they recognize both consumer demand and regulatory restrictions by providing full transparency into every stage of the supply chain. But is it possible to do this in a cost efficient way while maintaining high quality operations? Enter traceability.
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