- Optimizing assets and improving productivity were two things food and beverage industry leaders said they were hoping to do to help combat inflation and interest rate pressures.
- Using the right tools and technology and finding a strong financial partner may make it easier to attain those goals.
In the competitive food and beverage industry, operational efficiency is key to success. This includes streamlining processes, reducing waste, and enhancing customer satisfaction. Food and beverage industry leaders hoped to combat inflation and interest rate pressures by focusing on optimizing assets and improving productivity.
Below is a deeper look at how these companies might be able to make the most of their spending budgets when optimizing for more significant market share.
Streamlining Processes
Several departments within any food and beverage company could likely benefit from implementing systems that streamline processes.
- Payment processing: Companies should look for new tools that can help them process payments faster and more efficiently, all while reducing risk. PNC offers systems to help companies accept both traditional electronic payments and faster payment options in the digital field. Implementing something like a Real-Time Payments (RTP) system, for example, allows companies to send and receive payments 24 hours a day, 7 days a week, 365 days a year, all while reducing the risk of returns and providing complete visibility of payment status within minutes.
- Treasury management: New technologies can help support food and beverage companies in reducing disbursement risk and tightening control over payments. This, in turn, helps improve their spending management and can even streamline invoice processing.
- Closing and post-closing management: Without expert and streamlined management of the closing process, food and beverage companies may be leaving themselves open to delays in distributions and errors when dealing with shareholders, among other issues. Ensuring no loose ends regarding the administrative tasks required to close a deal is essential to getting deals done accurately and on time. The right technology and/or advisor can help.
Reducing Waste
The food and beverage business provides ample opportunity for waste within the processes necessary to get the job done and in the physical product itself. Luckily, there are several ways that industry leaders can reduce waste, particularly with new technologies.
- Staff training: Start with your staff. Food and beverage industry staffers who are adequately trained to store food, portion correctly, manage inventory, and utilize surplus ingredients can help achieve this goal by reducing food waste.
- Collaborate with suppliers: Don’t work in a silo. Communicate with your suppliers about the best ways to reduce waste regarding actual products and delivery.
- Invest in the right technology: New technologies allow food and beverage companies to monitor their waste levels more closely with the use of data tracking. This makes it easier than ever for leaders to identify areas where waste reduction can best be implemented.
Enhancing Customer Satisfaction
Data is everything when it comes to making customers happy. With the right data tools, food and beverage companies can track consumer preferences and tailor their offerings. This allows them to create more personalized marketing campaigns that speak directly to their consumer needs. They can also invest dollars in the areas of the business where customers specifically say they would like to see improvements.
There are plenty of ways for the food and beverage industry to optimize business operations, and doing so may help increase customer satisfaction, thereby enhancing the bottom line. A strong financial partner may be able to offer the necessary resources and advice to implement any operational improvements effectively. Check out PNC's online solutions for food, beverage and agribusiness, or consider reaching out to a PNC business representative today to start optimizing your business.
