The Food and Beverage Industry has been at the forefront of the technology adoption curve for many years, from more advanced robotics on the manufacturing line to 3D printed alternatives to meat, innovation is embedded in the industry. With the growth of consumer interest around nutrition, environmental, social and corporate governance and overall food safety has growing significantly in the past 15 years, companies have been focused on delivering products to increasingly demanding consumers with transparency into their products as well as their operations.

The answer for corporations has often resulted in increased in implementation of technology but with new technology comes new food and beverage options, changes in how products are manufactured and produced, increased competition and even more questions…

Innova Identifies Top 10 Food and Beverage Trends to Accelerate Innovation in 2021

While the food and beverage industry’s top concern has been and continues to be pleasing the consumer and their ever-changing needs, the questions remain:

‘how can they remain competitive in this saturated fast paced industry?’

‘will consumers be willing to try products that are produced with the assistance of technology?’

‘how can we achieve the high industry standards and remain profitable?’

‘how can we make high quality food and beverages accessible to all communities?’

As illustrated by the graphic below, implementation and application of digital infrastructure is “extremely important” to food and beverage executives. Over 40% of respondents reported that Artificial Intelligence and IOT are extremely important, a bit less than ERP or mobile technologies but this could be due to perceived complications in AI adoption. The executives also shared that their top concerns were inventory management, food safety and manufacturing process/ assembly, each of which can be addressed through the application of Artificial Intelligence.

TOP tech with food and beverage Type and process According to the RSM Digital Transfcymation Survey for the food and beverage industry. middle market executives indicated a focus on digital has become an even higher priority than cuer befcye. What's hnpcvtant to them in terms Of digital type and how do these technologies help their business processes? The top five digital applications or technologies ranked "extremely important" include: _4é_Å_, I top? Artificial intelligence (43%) Mobile technologies (48%) 5 Internet Of Supply chain tracking and monitoring (40%) Executives also ranked "to a great extent" the ways digital addressed these business processes: 40% Inventory management 40% Food safety Manufacturing process/assembly Customer service center 33% 32% Supply chain/production control Warehouse management Harnessing the power of deitalcan be cornplex and requies cyganizatimal change mulagernent and expertise to create a vision and process custcm to the needs Of the enterprise. An outskie perspective may be need ed to help evaluate and consideratims. Engage cmsultants who have deep industry experience to ensure you're getting the best digital strategy gudance. Conta us to the the nvaCt Of dist* truwfcxrnatk:n Learn map with st growth effcrts THE POWER OF BEING UNDERSTOOD AUDIT TAX CONSULTING RSM
Source: RSM

“Complications of AI adoption aside, one fact is clear: F&B companies must invest in new innovations to cut costs, grow revenue, and stay current with consumer trends.”

CIO Pride

The mainstream media has focused its coverage on the most innovative science and technology in the industry but the real benefit is derived from the operational application of Artificial Intelligence. Maestro Artificial Intelligence allows corporations to focus on internal innovation while optimizing the value chain and providing significant benefit with unmatched speed to value. In one example, Maestro AI allows plants the opportunity to reduce waste, thus furthering Net-Zero goals, while also increasing production uptime and yield to get products on the shelves.

This level of digital technology has never been more important to F&B as they are constantly tackling razor thin margins and cost as leading decision makers. Many manufacturers and producers have to question, should we build or should we buy? Many times it may seem more practical to build, especially without centralized control centers and disparate systems, but the team at Elutions has found time and again, from clients who have learned the hard way, that partnering with an industry expert is the more cost effective way forward. The way forward lies in gaining a competitive advantage by partnering with a provider like Elutions, with years of experience working with and connecting to existing systems in order to provide speed to value for clients and a true Artificial Intelligence Platform in Maestro, rather than the big tech players, who merely offer tools.

Maestro AI is proven to optimize the value chain and allow clients more flexibility to innovate while maintaining operational excellence and a competitive edge. To learn more about Maestro AI and Elutions, contact us.

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