Deal Or No Deal?

With the uncertainty of Brexit, minimum wage changes coming in and stock piling of goods, it's fair to say there are challenges (but also opportunities) facing all segments of the food and beverage (F&B) industry. In the high volume, low margin wholesale model, increases in operating costs cannot easily be absorbed and can result in increased costs in the food and drink supply chain. In response, F&B companies are reshaping their operations to respond to customer needs whilst clearly zeroing in on enhancing their efficiencies.

Distributors and retailers in the new and fast-growing protein market, in particular, have identified the need to respond rapidly to economic and macro-economic risks and as a result are implementing innovative smart technology to help manage their finances. As the saying goes - look after the pennies and they look after the pounds. Typically the wholesale/retail industry often cobble together disparate systems and therefore lack of visibility of their operations. When the pressure is on for executives to save costs and increase margins - it's not easy with antiquated spreadsheets or account packages that do not integrate well to say your CRM or inventory management platforms.

Here's a tip - getting visibility of your finances in real time is proven to improve decision making.

One of the key secret weapons to help food and beverage companies thrive (and not just survive) is using cloud based financials to establish truth points to protect profit margins. For companies dependent on trade with the EU especially, the main goal should be cutting back on costs while retaining employees and sales.

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