Competition and pricing continue to be top areas of concern for the Food and Beverage industries, and raw material costs persist as an ongoing worry. Yet, in spite of the challenges, the industry is optimistically predicting continued increases in sales, more product offerings and larger workforce through innovation.
Innovation is the new key word in FMCG. For many years, Food and Beverage companies increased growth and margins by improving efficiency in production processes. But now, productivity is not enough.
Brands compete for prime in-store real estate more than ever. For that reason, innovation, speed, accuracy and visual appeal are critical to achieve success. Indeed, innovation is an essential lever for competitiveness. Innovation is one of the best means to add value to products, to get in new market places and to best answer consumers’ needs and wants. To remain competitive, it is important for companies to evaluate their business models and offerings frequently and change it if needed.
The graphic below displays the advantages of innovation in the Food and Beverage market.
Lascom offers a robust and flexible formulation tool to innovate faster. It stimulates innovation and accelerates new products development. The product formulation tool is able to create new formula from scratch or from an existing formula – very useful in case of product ranges. R&D professionals can formulate a product and calculate costs and weight. They can also manage claims, allergens and ingredients in real time. It ensures the accuracy and consistency of specifications from the RFP to the shelves and all along the product lifecycle – including modification traceability.