Tackling the growing mountains of waste created as a consequence of poor supply chain practices is a top priority for the food industry. But what can businesses do to reduce waste?
While mitigating the causes of shrinkage is undoubtedly good for the environment, according to the Grocer, taking action to curb avoidable waste can unlock huge potential costs savings. In fact, a recent study from the UK’s leading FMCG magazine found that for every £1 spent on reducing waste, businesses enjoyed an average return of £14. Few businesses can afford to turn down such an impressive return on investment, but how should businesses prioritise their investment?
Time for a fresh approach
From poor stock rotation to ineffective ordering processes, a whole host of supply chain inefficiencies are to blame. However, given the level of volatility in consumer demand coupled with the short product shelf lives of fresh produce, in order to achieve real reductions in waste, businesses across the food industry must totally re-think the way they manage fresh products!
The right ingredients for success
Our “Recipe for eradicating waste” is designed to highlight the tools and processes business across the food industry must put in place to combat the sources of waste and develop more efficient operations. By following these simple steps, businesses will quickly realise the vast supply chain efficiencies that can be achieved through improving their approach to inventory management.
Download our simplified guide today and discover how you can optimise your inventory management processes by focusing on the following waste hot-spots:
- Keeping up with fluctuating daily demand patterns
- Determining the optimal level of buffer stock
- Identifying the “true” economic order quantity
- Optimise allocation for all fresh items