Sustaining the growth and steady profitability, achieving cost efficiencies, deciding on the right product mix in production, aligning processes with strategic goals, cutting all-round costs, minimizing unsold stock in the markets, realizing faster sale-to-cash cycles, adapting to the growing power of mass retailers, and maintaining a positive public image are some of the challenges growing businesses in this industry face.
In the beverages business that includes alcoholic & nonalcoholic beverages, waters, liquids, agricultural and nutraceutical products, managing declining public image in the area of nutrition & health, is another strong challenge.
Business Challenges:
- Understand changing customer preferences and do accurate demand forecasting - else this could result in a huge pile up of unsold stock at the retail shelves, payment default and sour relationships with the trade
- Monitor shelf life of products - else you will count unanticipated losses through unsold stock. Reduce sales-to-cash cycles - else, this will result in higher working capital and interest costs
- Reducing product development time lines - else the novelty value and in some cases, the first-mover advantage goes with the competitor
- Retain customers by foreseeing their needs and buying behavior - else they go with competition. Target logistics costs - else you could see red in your bottom line
- Comply with regulatory requirements with the power of technology - else you could be working harder
- Have clear visibility of receivables - else you will soon be chasing shadows and running for cover
Some of the ways of overcoming the challenges are:
- Reducing product development time lines
- Capturing customer buying behavior and preferences
- Reducing supply logistics time
- Reducing write offs by targeting sales before expiry
- Reducing wastage due to pilferages & damages
- Reducing distribution logistics costs
- By Comprehensive demand supply planning
- By improving efficiency of sales & marketing
- By effective planning and execution of demand fulfillment & execution,
- By complying with regulatory requirements
- Close follow up of receivables and improvement in credit management
How Does SpectraSoft Add Value
SpectraSoft offers solutions that help companies improve their product development, manufacturing and distribution process and hence improve their top and the bottom lines. The solutions also help companies comply with regulatory requirements and governmental regulations. |
