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  • Writer's pictureMeyrick Consulting

Think digitisation is going anywhere fast? Think again

This week I was reading a Vegan magazine (as you do) and came across an article on ‘greenwashing’. The writer was extremely sceptical about the claims some of the players in the food and drink industry were making. Consumers are asking pertinent questions of manufacturers and food businesses and expecting the right answers. Data is everywhere and the ability to call out a company becomes easier and easier.

People are not going to stand for unfounded marketing slogans

Therefore, to keep customers happy I believe businesses can maintain compliance through automated devices. This will help manage supply chains from the farmer or grower to the retailer. In addition, when big data sets are utilised new opportunities are always around.

Every business wants to reduce inefficiencies

They also gain further understanding and insights into just what their customers desire and need. The era of guesswork and hunches is over. It is no longer appropriate to say: ‘we have always done things this way.’ Even staple ingredients are battling taste changes and trends in consumption.

The pandemic certainly demonstrated the need to be fleet of foot and highly agile

It is not a smart move to be playing catch-up (or should that be ketchup?) Using the cloud does not make you a digital company. Readdressing the supply chain, procurement and creative development are key considerations. Digital technologies alongside the whole ‘Industry 4.0’ agenda can, and will have, a radical transformative effect on production in the field and factory as well as distribution and even marketing. Photo: Andras Vas

No decision should be made without accurate and detailed data sets

Some readers may be thinking they have enough data in which to drown. That is an issue of course and without a detailed strategy and true understanding of what data can achieve opportunities are lost. Without understanding the narrative of the data and what is happening within the interstices of that data it is almost impossible to improve operations.

What tends to happen to the unwary is the creation of data silos

If you fail to use data, all that you create is a data silo. Sometimes it can be completely inaccessible to different departments and therefore the opportunity for analytics and business intelligence is lost. If you recognise this then you will not be alone as almost 90% of businesses are not really taking advantage of the gold dust they have within their business.

Photo: Pietro Jeng

What effect does poor business intelligence have on a business?

Imagine not being able to gather insights into what the business is doing right now as well as historically.

  • How do you go about making appropriate changes without data to substantiate these decisions?

  • Do you rely on a guru or someone who has a track record for ‘getting it right’?

  • How will you create a clear product lifecycle that stands scrutiny?

  • How do you ensure that what you make is what people really want?

  • How do you ensure your approach to the ESG agenda makes your company investible by the increasingly Green Finance investors?

Companies must make the environment and the whole of ESG a priority

We need to be sustainable, diverse, inclusive and compliant. To maintain appropriate governance measures that are proactive rather than simply compliant will transform a company. With inflation on the rise and a shortage of resources caused by Brexit and the Suez Canal incident then compensating by adopting an ERP to achieve an average of 11% operating cost reduction, why wouldn’t you?

The food and ingredients industry is highly regulated

Compliance is up there, and digital transformation has moved apace in this field. There is so much data available and all of it and I mean all, must be safeguarded. Therefore, is cannot be left to chance. It is obvious that companies need highly educated and experienced staff to enhance the compliance, security, product development, sustainability and manage costs. Staff need to be highly educated in current developments and future trends and potential needs. Like everything else we are facing a shortage of qualified staff in certain key roles and sectors. Succession planning and the talent pipeline has never been more important. Should you need help with market mapping to help you decide what you might need and what options might be available then please do book a time on my Calendly link and we can chat informally about what the roadmap might look like for your business.

Photo: Edgar Castrejon

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