We first discussed this topic with Melanie Bartelme, Global Food Analyst at Mintel, on our CPG Innovation Podcast earlier this year.
COVID-19 has forced food and beverage companies to re-think the way they do business. Quarantine measures, stricter health regulations, and social distancing practices disrupted not only in-person establishments but global supply chains. This implored manufacturers to rethink their revenue streams and strategies for staying afloat.
Those that successfully managed to navigate the choppy waters of pandemic-era limitations had one thing in common: they pivoted to the needs of their customers quickly.
Technology gives you the ability to change course
Reimagining a product strategy for manufacturers in the food and beverage space requires smart solutions and tools. With these solutions, companies can innovate and improve, launching new products in response to market dynamics and expediting the process of implementing new efficiency models.
Which is why most major industries have invested heavily in digitizing their lifecycle management suite.
A McKinsey Global Institute study from 2020 showed that 85% of companies “accelerated the implementation of technologies that digitally-enabled employee interaction and collaboration.” The report also finds that more than a third of companies had connected their suppliers to digital PLM platforms to improve supply chain management.
Modern solutions, like a modern PLM platform, empower companies to respond quickly to unforeseen circumstances and new market conditions.
Becoming more agile with Trace One Devex PLM
Trace One Devex PLM can assist in embracing pivots as manufacturers iterate on new systems and processes during periods of transition. Streamlining and centralizing management of lifecycle management expedites delivery to market and breaks down silos that might hinder timelines, introduce misalignment, and cause miscommunication.
With the ability to consolidate, collect, and align user data, Trace One Devex PLM helps decision-makers rethink product lifecycle, from ideation to delivery. In an increasingly complicated world where flexibility is key to survival, Trace One Devex PLM can assist with creativity and deliver high-result products in even the most challenging of times.
Finding success
Adoption of lifecycle management solutions allows companies to streamline existing models while introducing new business practices to create greater efficiencies. With these optimizations, companies are capable of adjusting their approach in the face of disruptions.
A digital PLM tool creates possibilities for new strategic thinking, which is where Trace One’s Trace One Devex PLM enters the picture. Using Trace One Devex PLM can help companies shift strategies in response to marketplace disruptions. This type of agility is a necessity for long-term success.