What is consortium buying and how procurement teams can benefit from it
Consortium buying is when a group of companies work together to pool their capacities and jointly buy their services, products and ingredients. It’s as if you went into a store and the sales assistant offered you a special deal because you and your friend were buying the same product together.
This purchasing model is the secret sauce behind the most innovative and cost-effective CPG brands. Procurement teams are using the collaborative model to get ahead in the market. Let’s analyze how procurement teams can use it to their advantage.
Sourcing vs. strategic sourcing
Did you know that 29% of companies relying on traditional sourcing are more vulnerable to supply chain disruptions? This could change with strategic sourcing.
Think about what that means: nearly a third of companies could be caught flat-footed the next time a crisis hits, just like we saw during the global supply chain shocks of 2020. If you’re still using traditional sourcing methods in the highly competitive Consumer Packaged Goods (CPG) industry, you may be missing out on long-term savings, innovation, and —most crucially —supply chain resilience.
3 beverage industry innovative trends to look up
As the beverage industry continues to evolve, staying ahead of the trends is crucial for brands looking to innovate and capture the attention of modern consumers. In our e-book, “Innovative Beverages: From Ideation to Launch,” we explore the most significant trends shaping the market. It was based in a former webinar, presented by GrowinCo. and […]
AI-analysis in food manufacturing
Today, AI-analysis and data decision-making are reshaping food manufacturing industry: streamlining supply chains, reducing waste, and ensuring quality consistency. In 2019, Danone’s partnership with IBM to introduce an AI-driven supply chain solution marked a significant turning point in the food manufacturing industry.By using the power of data analysis and artificial intelligence (AI), Danone boosted its forecasting […]
Cost vs. Speed: Finding the Balance in Beverage Innovation
In the competitive beverage industry, companies are constantly seeking innovative ways to capture market share and meet evolving consumer demands. However, the challenge lies in balancing the speed of innovation with cost efficiency. Let’s see how beverage companies can strike this balance, providing insights from real-world cases and data-driven analysis. The Importance of Innovation in […]
R&D and Marketing Alignment for Better Product Development
In highly competitive scenarios like the CPG market, the success of new products centers not only on innovative research and development (R&D) but also on a deep understanding of consumer needs and market trends. Integrating marketing insights early in the product development phase can bridge the gap between R&D and marketing, resulting in products that […]
The Crucial Role of Innovation in the Food and Beverage Industry
In the fast-changing landscape of the food and beverage industry, the year 2024 is expected to be a pivotal one. Facing inflation, consumer fatigue over price hikes, and various market pressures, companies are finding the need for innovation more apparent than ever. On a recent article at FoodDive.com, Christopher Doering asks if more CPG companies […]
The Power of B2B Collaboration in the CPG Industry
We all know the Consumer Packaged Goods (CPG) industry is a dynamic and rapidly changing landscape. It’s marked by fierce competition, evolving consumer preferences, and the constant need for innovation. In this challenging environment, collaboration between companies has emerged as a key strategy for success. The Need for B2B Collaboration CPG companies operate in a […]
Chicago Venture Summit 2023: Envisioning the Future of Climate Tech
From October 4th to 6th, Chicago played host to an amazing event that resonated with innovation, sustainability, and boundless possibilities. The “Chicago Venture Summit 2023 Future-of-Climate-Tech” brought together a global community of over 800 startups, innovators, investors, and visionary leaders. The event was nothing short of a revelation. With attendees coming from over 10 countries, […]
Sustainable Packaging Innovations: An imperative for the CPG industry
The environmental impact of mass consumer products has been extensively documented for quite some time. The speed of communication has contributed to making sustainability a topic that has never been as important to consumers as it is today. The impact of human consumption on the planet has become a current concern of the population, and […]
