The competition has never been so fierce. In many vertical markets and regions, many of the old barriers no longer exist. Thanks to crowdfunding , investors, connected networks and global logistics, today it is easier than ever for a startup to become a main competitor in the market overnight. This means that you may be facing a wave of new competitors, coming to market with new features, targeting your company’s customer base, and threatening the stability of other brands.
However, it is not just about new competitors. You cannot allow your competition to advance or gain any advantage in the battle for a piece of the market and customer money. Technology is one of the best tools. It allows the competition to advance, but it also allows you to be able to achieve a strong position and to be able to place yourself in front of them.
Here are six essential systems to implement before the competition does:
1. Modern ERP solution developed for the food and beverage sector
Mature competing companies generally already have Enterprise resource planning (ERP) software. But they usually struggle with older versions with patches. If the competition, whether large or small companies, have a cutting-edge ERP solution with already concentrated functionalities necessary for formulas, seasonal planning, and predictive visibility of the necessary ingredients, among other characteristics, you run the risk of losing the market won with so much effort.
ERP solutions have made great strides in recent years as digital technology has been included in standard functionalities. When a competitor company invests in an ERP, it will not only have a solution for financial management. they will have an arsenal of functions for planning, forecasting, and analytical tools as well.
Currently, some ERP solutions specialize by vertical sector. The last mile functionalities are already included in the software. No more cumbersome modifications that can complicate future upgrades.
2. Management of Physical Assets and the Internet of Things (IoT)
The combination of a plant machinery life cycle management solution and IoT sensor technology gives the company a significant competitive advantage. These are powerful applications that help plants run without unexpected downtime. Embedded sensors monitor early warnings that require maintenance or service. The system then triggers an automatic response that, in the long term, extends the life cycle of the machinery. This novel technology will be a drastic benefit to the company that gets it up and running first.
IoT sensor technology gives the company a significant competitive advantage / Image: Depositphotos.com
3. Product Life Cycle Management
Customers today look forward to the frequent introduction of new products; they want more offers, more options, innovative combinations; new packaging and preparation methods. This means that new products need to be constantly researched and developed. A modern PLM solution helps streamline the process and get products to market faster.
4. Warehouse / Warehouse Management Solution
As the business grows, so do the challenges for managing inventory of ingredients and finished products. When you add additional refrigerator, refrigerator, and remote warehouse challenges, visibility becomes more difficult. A warehouse management software system provides mobility to assist with deliveries, cross-docking, slotting and product receipt to shorten times that hinder management. It is important to have a good solution to be more competitive and to be able to deliver more orders in less time and all in a timely manner.
5. Supply Chain Management
Modern food and beverage companies in general need to optimize complex supply chains and supplier networks that are often global. Full visibility of the location and status of transfers is essential for the on-time arrival of the ingredients required for the process. An advanced supply chain management system enables real-time adjustments. Companies that take advantage of this technology first will achieve higher profits and profitability.
6. Cloud Deployment
Cloud deployment often comes hand in hand with updating existing ERP software or adding new solutions. All the solutions mentioned above can be deployed in the cloud. But the benefits of cloud-based software are amazing. Cloud technology is fast to implement. It is agile and modern, it is always better to implement it before the competition does. All new technological innovations will now be launched in the cloud as they are developed. This means that companies with cloud technology will have a competitive advantage.
These are just 6 solutions that companies in the food and beverage sector should pay attention to. Staying modern and innovative requires always being vigilant about technological developments. The competition is increasingly demanding. All companies are constantly looking for ways to stand out from the rest. Be alert. Be prepared. Being proactive and investing in technology is the most effective way to stay ahead of the pack.
Source: entrepreneur
