How Food And Beverage Manufacturers Can Optimize Their Idea-to-Cash Workflow With PLM
The food and beverage industry has never provided more options to consumers than now. That means there’s never been more competition for manufacturers. According to Research and Markets, the global value of the food and beverage (F&B ) industry reached a whopping $5.9 trillion in 2019. By current estimates, it will grow to more than $11 trillion by 2030.
There’s a lot of money to be made in the market, but this massive opportunity for F&B manufacturers is also a curse. The urgency to create new products and release them to market has reached a breakneck pace — even as food safety and labeling regulations tighten around the world, demanding greater care in sourcing, quality, and transparency.
Product lifecycle management (PLM) software is a lifeline for companies struggling to keep up with the speed of today’s market. By tracking a new food or beverage offering from the conception phase to the packaging, marketing and eventual retiring of the item off the shelves, a PLM system stores the entire product lifecycle in one location.
These platforms can help manufacturers meet compliance, create more transparency, and manage the massive amounts of data demanded by both consumers and regulators. It can even help streamline one of the biggest challenges for manufacturers: bringing new concepts to market
