Currently, 70% of the water and 30% of the energy supply of the world goes to produce food. 30% of this food is lost or wasted (1.3Bn tonnes) and more than 400,000 deaths are caused annually from food-borne diseases.
Commercial drivers are important for the food industry in maintaining brand perception and sustainable revenues. Research shows that the average cost of a recall to a food company is $10M in direct costs, in addition to brand damage and lost sales. Recent statistics and surveys show that 55% of consumers would switch brands temporarily following a recall. While 15% of consumers say they would never purchase the recalled product again, and 21% of the consumers would avoid purchasing any brand made by the manufacturer of the recalled product.
Visibility for major food retailers and manufacturers across suppliers in the food supply chain is poor. A timely assessment of risk and effective management of the critical metrics is generally not possible. This arises from processes being dispersed across different organisations and largely paper based. Management of issues arising in the supply chain is therefore reactive. Costs of this can be significant. Up to 1.9 m tonnes of food is destroyed annually in the UK alone and more than half of this can be avoided.
The UK company has developed a solution to these problems and is focused on improving transparency and reliability in food supply chains. This will enable reduced waste and improved safety across the supply chain thus improving sustainability of food supplies.
The company's solution is a software that will provide security and transparency by enabling assurance that operational processes and documentation are being clearly and consistently implemented across the food supply chain. The software application enables manufacturers and suppliers to control the risk of a critical event arising which may seriously damage their reputation and viability as an operating company.
The company is looking for partners in the food supply chain to test and validate its software solution. The ideal partner can be a mid-sized food manufacturer, who are responsible for products with average complexity but high risk "ready to eat" foods such as sandwiches or desserts.
This UK company also offers its solution to bigger supermarket and restaurant chains, who are willing to be a development partner and benefit from the further development of the solution.
In both cases, commercial agreement with technical assistance is offered enabling them to access the full version of the software to be improved at the end of the test period.