Procurement Outlook
Food & Beverage ERP solution plays an important role in catering to customer needs and increase profitability in uncertain market conditions. The key benefits of implementing ERP solutions are regulatory compliance, product traceability, and quality control which helps in forecasting, planning, inventory management, and increasing efficiency in logistics.
An efficient ERP solution should provide the following functionalities:
· End-to-end management: The functionality helps in organizing data by ensuring data integrity, production management, and quality checks.
· Centralized database with real-time data reporting: Installing a centralized database can help the F&B company in recording institutional history, hence users can run reports and analyze production trends within the software solution
· Data Security: Implementing a solution with varied user permissions and authorization reduces the possibility of information breach
· Interactive UI: The main goal of procuring ERP solutions for the company is to simplify the processes. An interactive and easy to learn system will help the employees to use the solution effectively
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Demand Outlook
The global ERP solutions market size was estimated at USD 35.50 billion in 2019 and is projected to register an 8% CAGR during the forecast period. The food industry is expected to hold a market share of 10%-12% of the global market. North America is expected to witness the highest CAGR over the forecasted period owing to increased adoption of cloud-based solution, the key benefit of cloud-based solution over traditional on-premise software is lower cost without any substantial upfront expenditure in software and hardware.
Cost Drivers
The products involved in food and beverage industry are highly perishable in nature, hence mitigating factors arising due to inventory management is a major concern for the suppliers. A shift of consumer preferences towards a healthy diet and lifestyle has negatively aided the growth of the products with added preservatives.
Limited shelf life and foodborne pathogens have impacted inventory management. Implementation of Food ERP solutions in the manufacturing process can help in reducing spoilage, track expiration dates, and enable stock notifications in case of shortages. Streamlining the above process has proven to be cost-effective and increase profitability.
Check out the featured Addon Services offered with Food & Beverage ERP Solution Market Procurement Intelligence Report:
About us:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of the supply chain which helps in efficient procurement decisions.
Our services include (not limited to):
· Market Intelligence involving - market size and forecast, growth factors, and driving trends
· Price and Cost Intelligence - pricing models adopted for the category, the total cost of ownership
· Supplier Intelligence - rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
· Sourcing / Procurement Intelligence - best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best-suited countries for sourcing to minimize supply chain disruption
Our market/procurement Intelligence reports include in-depth and actionable insights that help clients in understanding the different aspects of the supply chain and take more effective decisions.
Find More information @ https://www.grandviewresearch.com/pipeline
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Grand View Research, Inc.
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Nowadays, every organization has to go through the procurement process.
Earlier, the conventional procurement process relied heavily on email, phone, and paper-based documents to communicate with requisitions and order management.
Here, we are going to demonstrate a graph where the procurement teams would like to see the greatest improvement in the process in the upcoming years.
Let us discuss 4 steps that could bring your procurement process to experience increased data accuracy and increased visibility.
New suppliers can get on board via web forms versus paper application where the data needs to be added manually.
Often unknowingly, employees may spend above their budget, send an order to the wrong supplier or distribute the cost to the wrong cost center or general record.
