Food and beverage innovation is a key driver in helping companies deliver on strategic goals by getting the right products to market with speed and establishing significant competitive differentiation
Successful food and beverage innovation is essential in helping companies achieve sustainable growth and profitability. In a recent survey, over 60% of food and beverage executives stated that product innovation or portfolio adjustments to ‘healthier’ trends will be the key drivers they turn to for revenue growth over the next three years.1 While executives acknowledge that achievement of strategic goals will be largely dependent on product innovation, many companies struggle with effectively delivering on innovation initiatives to meet those goals, with failure rates of new food and drinks products climbing as high as 70%-80%.
A number of challenges are echoed by food and beverage manufacturers:
- “It’s difficult to align innovation initiatives with constant changes in consumer demands and volatile economic conditions.”
- “In a highly competitive environment with an abundance of product choices, we struggle to create significant competitive differentiation.”
- “We face intense price competition through pressure from competitors and private-label brands.”
- “Our initiatives and strategy are impacted by fluctuating commodity prices of crops and raw materials.”
- “We need to adjust strategy and product development initiatives to meet increasing regulatory change.”
For many food and beverage manufacturers, more than 50% of current revenue comes from products that have been introduced into the product portfolio within the last 5 years,2 making swift and successful innovation even more crucial to the long-term strategy and success of the organization. Increasingly, companies are recognizing the importance of leveraging technology to transform the business.
Sopheon’s Accolade solution supports the entire innovation management and new product development lifecycle for consumer goods firms – from strategic planning and ideation through execution and portfolio optimization.
Sopheon’s extensive experience acquired from working with food and beverage organizations globally, including many of the leaders on the ‘Food Processing Top 100’ list, helps many companies improve innovation performance and achieve sustainable growth by bringing products to market with efficiency and success.
A number of leaders in food and beverage innovation, including PepsiCo., Wrigley, Heinz, Land O’Lakes, Hormel and J.M. Smuckers, use Sopheon’s Accolade solution to:
- Improve and automate all phases of new product development – including gated processes – from strategic planning to portfolio optimization, to increase speed to market.
- Improve idea and concept development and link the front end of innovation to strategy to help discover bigger, better ideas and identify growth opportunities within current categories.
- Leverage innovation processes across the organization globally to create alignment and support collaboration across business units and cross-functional teams.
- Empower decision-making and gain customer insights through analytics providing visibility to management.
- Achieve organic growth through new product development.
- Streamline the development of product packaging and labeling, and support compliance with regulatory requirements
What Customers Say
“Innovation is essential to our business success. Accolade will automate our product development process and assist us in setting project priorities. Its capabilities will help to ensure that the right new products get to market, and get there on time.”