Changing customer needs, safety, new regulations and the wide adoption of e-commerce are significantly reshaping the operations in food and beverage (F&B) industry today. Understanding millennial preferences and leveraging modern technologies is the key to win this dynamic, competitive marketplace. Customers are increasingly participating in their food supply chain right from choosing the ingredients to the way a product is packaged and served. Active consumer participation has resulted in F&B companies to implement technologies such as automation and IoT to track the source of materials to enhance food security. With the help of these smart technologies, manufacturers can generate granular data to support numerous processes from shop floor to the digital storefront.
Alongside convenience, customers are also inclined towards consuming the right ingredients—specifically food that is high on nutritional value. To better understand the nutritional value, researchers are leveraging technologies such as big data analytics to explore the consequences of certain foods and redefine the understanding of nutrition.
Similarly, with customers showing their preference for doorstep delivery, the demand for online delivery and subscription food services are on the rise. This has opened up new avenues for e-commerce in the F&B industry where companies need to focus on bringing together inventory management, customer service and production capabilities. In addition, F&B manufacturers are looking at automation as an important tool to enhance efficiency and boost production capacity. Amidst all these innovations, the F&B industry is trying to keep up with the regulatory needs and meet the varying customer requirements.
The success of companies that operate in the modern day F&B industry is largely driven by innovation and the implementation of state of the art technologies across multiple levels. In this edition of F&B Technology Review, we are featuring a list of leading players in the food and beverages market that can help companies stay ahead of the curve.