Food and Beverage
As the economy continues to slowly improve, a wave of significant change is moving through the food and beverage industry redefining how companies grow, operate, and manage risk. Rapidly advancing technology is driving much of the transformation, providing opportunities to explore new ways of doing business, and to better understand and engage with consumers. However, technology does not come without challenges, exposing companies to new areas of risk and vulnerability.
And, while technology is accelerating the rate of change, several other disruptive forces are contributing to the transformation. From tech-savvy millennials to aging boomers, the ways in which consumers gather information about what they want to purchase, the factors influencing their purchase decisions, and their loyalty to a brand or product are all up for grabs. On top of that, food and beverage executives are confronting the cost and impact of the many risk and regulatory issues that government and other regulatory bodies are putting into place.
The respondents to KPMG’s 2013 Food and Beverage Industry Outlook survey indicate the most significant impact is being made by engaging consumers through digital channels and social media. But the back office is also evolving, as almost two-thirds of survey respondents say they have adopted, or plan to adopt, cloud computing technologies into their business strategies and operations. Executives are also realizing the boundless potential offered by data and analytics in gaining customer insights and making better decisions.
This year’s survey confirms that the industry continues to make positive improvement, with most expecting continued increases in revenue, both this year and in the coming year. They acknowledge pricing pressures as potential growth barriers and consider volatile input costs and discounting prices as the most significant threats to profit margins.
Notably, food and beverage executives exhibit a
And, while technology is accelerating the rate of change, several other disruptive forces are contributing to the transformation. From tech-savvy millennials to aging boomers, the ways in which consumers gather information about what they want to purchase, the factors influencing their purchase decisions, and their loyalty to a brand or product are all up for grabs. On top of that, food and beverage executives are confronting the cost and impact of the many risk and regulatory issues that government and other regulatory bodies are putting into place.
The respondents to KPMG’s 2013 Food and Beverage Industry Outlook survey indicate the most significant impact is being made by engaging consumers through digital channels and social media. But the back office is also evolving, as almost two-thirds of survey respondents say they have adopted, or plan to adopt, cloud computing technologies into their business strategies and operations. Executives are also realizing the boundless potential offered by data and analytics in gaining customer insights and making better decisions.
This year’s survey confirms that the industry continues to make positive improvement, with most expecting continued increases in revenue, both this year and in the coming year. They acknowledge pricing pressures as potential growth barriers and consider volatile input costs and discounting prices as the most significant threats to profit margins.
Notably, food and beverage executives exhibit a