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How Tech can help your Food & Beverage business grow

The Food & Beverage sector is experiencing a major surge. The best performers are seeing strong demand and solid cash flows – and a real opportunity to scale up significantly in the coming months.

This can be a permanent change. If they do it right, Food & Beverage companies will see a consistent increase in market profile, profits, and company value.

But it won’t stick unless they get their IT right. If your Food & Beverage company is to grow and thrive, you need to improve IT, systems and digital strategies.

In our experience, there are 5 areas to focus on:

  1. Streamline processes.
    Often this means simply ensuring that existing ERP systems are fully exploited:
    a. Reduce time wasted on manual processes like rekeying and tinkering in Excel
    b. Rollout unused or underused features (you may already have paid for!)
    c. Retrain staff to ensure tech is properly used and processes followed
  2. Reduce product wastage – especially for perishables.
    But maintain quality and quick response to retail demand by:
    a. Improving demand forecasting and business intelligence
    b. Enabling intelligent trend analysis
    c. Efficiently controlling inventory, production, and warehousing processes
    d. Utilising AI and machine-learning where practical
  3. Take an agile approach to online direct-to-customer sales.
    Focus on flexibility and foresight:
    a. Look for simple, low-cost entry points, perhaps based on Amazon as well as your own website, with minimal capital outlay
    b. When cost-effective, integrate to ERP system to minimize rekeying and to provide accurate stock availability
    c. Create a roadmap for warehousing and delivery options as the online business grows
  4. Optimize promotions and ramp up marketing.
    Improve promotion ROI and establish brand with:
    a. Wider use of marketing tools like social media and an email database
    b. Better analysis tools to optimize planning, execution and analysis of promotions (investments in retail price reductions)
    c. Improved integration and sharing between tech and marketing
    d. Well-implemented CRM and data-driven marketing systems
  5. Seize new opportunities.
    Keep testing new products and new markets!
    a. Combine new and existing data to identify capacity and market demands
    b. Combine costs and sales forecasts to model ROI

Our Principals are often asked to help scale up companies in the food and beverage sector, they’ve got the commercial and tech experience to help your company grow. If you’d like to know more about what we do, or even if you just have questions about Food & Beverage and IT, get in touch!

Freeman Clarke is the largest and most experienced team of part-time (we call it “fractional”) CIOs and CTOs. We work exclusively with ambitious organizations and we frequently help our clients use IT to beat their competition. Contact Us and we’ll be in touch for an informal conversation.

Learning from Travelex

Due to a cyberattack, Travelex, the world’s largest foreign exchange bureau, has been paralyzed for weeks. The reputational and financial impact on the company and its senior leaders will be severe. New laws and regulations, like GDPR and NY Shield, mean that such breaches can no longer be swept under the carpet, and the business losses will be compounded by huge fines.

Travelex is a wake-up call to all businesses. In today’s cyber-risk environment, maintenance of your basic IT infrastructure and services is critical to remaining profitable and even staying alive. You may be concerned that if a giant like Travelex gets hacked, how can a mid-market company protect itself? It’s actually pretty straightforward.

When we engage with clients, we talk about “getting the basics right.” A fundamental part of that is making sure the IT infrastructure and services are fit-for-purpose and up to date. If the basics aren’t right, then there’s no hope of looking at ways to use technology to grow the business and get ahead of the competition.

To provide you with a head-start, here are your first nine priorities:

  1. Prioritize systems maintenance. All systems and services, particularly those that are connected to the outside world, must be kept up to date with the latest software patches. The IT team or your Service Provider must review and update systems in a regular, controlled manner.
  2. Review your backups. Many malware infections encrypt your data and hold it for ransom. Frequent backups mitigate the chance of you losing everything. A regular complete backup of data stored somewhere with no connection to your systems – what’s called an air-gap – will greatly limit the damage of an attack.
  3. Get a penetration test. Get a reputable security company to undertake an external penetration test of your systems and services. Resolve all the concerns raised in the results. Find your vulnerabilities and patch them before hackers find them for you!
  4. Get certified. Spend some money, usually less than $12k on earning the Cyber Essentials Plus certification. The process involves making your technology secure, and we’ve seen clients win new business after being certified.
  5. Lock down your data. Each individual in your business should only have access to the data they need to do their job. This minimizes the risk of data loss should they leave with it or accidentally click a malware link. Allowing employees wide-ranging access to data is asking for trouble.
  6. Invest in protection. Keep the bad guys out with well-configured firewalls, anti-spam email systems, malware detection software, and pro-active Day-0 protection systems.
  7. Get some insurance. Cyber insurance covers the losses resulting from a cyberattack. It can also aid with the management of the incident itself, particularly reputational damage and regulatory enforcement. Crime insurance covers the loss of money due to theft, fraud or dishonesty and includes theft of money by hackers. Add cyber insurance and crime insurance to your portfolio as separate policies, not just add-ons to existing business insurance.
  8. Train your staff. Your employees are the most vulnerable security point in your business. The more they know what to look for and what to do, the better your chances of avoiding an attack. Training is essential for all new staff, and it needs regular refreshing for the whole business – including you!
  9. Plan for the worst. Even with all the above nailed down, you still need to be ready for the worst. Sit down with your top team and discuss potential disasters and plan your way out of them. Who would be in charge? Who is authorised to make major decisions on the spot?

Will Travelex survive this attack? Who knows – the reputational and financial damage may be terminal. But by following these nine steps, you can avoid that fate for your own company.

For more information see our Knowledge Center about Cybersecurity.

Freeman Clarke is the UK’s largest and most experienced team of part-time (we call it “fractional”) IT leaders. We work exclusively with ambitious organizations, and we frequently help our clients use IT to beat their competition. Contact Us and we’ll be in touch for an informal conversation.

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Graeme Freeman
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You’ll now receive regular expert business insights.

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