Jul 13, 2017

Big data "key to reducing food waste", says new report

Supply Chain
Big Data
Alex Brodie
2 min
Big data analytics can help organisations to alleviate food wastage from their supply chains
Rising costs of food wastage and legislation aimed at reducing the problem is motivating organizations to use big data in order to combat the issue...

Rising costs of food wastage and legislation aimed at reducing the problem is motivating organizations to use big data in order to combat the issue.

The inaccurate forecasting of increasing consumer demand, which can lead to huge piles of wasted food, can be alleviated by analyzing waste streams and determining an “optimum inventory level”, according to Quantzig.

The analytics and advisory firm said: “Big data analytics helps in addressing business problems, benchmarking performance metrics and thereby implementing best practices across the organisation, improving efficiency and driving profitability.”

Such is the problem of food wastage - the United Nations has reported that approximately one third of food produced worldwide is wasted - some nations, including Italy and France, have ordered food retailers to donate food rather than throw it away.

Quantzig, which has worked with hundreds of companies in the food and beverage industry, has outlined key processes to manufacturers and retailers that should be adopted to address this issue in the food supply chain:

Leveraging data analytics

The report states that data should be collated on stores and locations that generate the highest wastage levels, which increases costs to the companies and infringes upon legislation for dealing with food wastage.

This data can then be used to adjust supply accordingly to these locations. A constant monitoring and analysing of this data, adjusting for differing demands and seasonal trends, can improve a company's waste management issues.

Optimum inventory level

By analysing sales information, weather forecasts and seasonal trends, manufacturers can find an “optimum inventory level”, which they can then use to reduce the effects of food wastage.

Predictions of consumer demand at certain times can then be made and promotional plans and sales approaches can be structured around sell-by and expiration dates. Again, this is intended to cut down the food wastage and the knock-on environmental and cost issues that arise.

Quantzig said: "Big data is a catch-all phrase that includes structured and unstructured data that is obtained from a variety of internal as well as external sources captured in real time to identify trends and demand-supply patterns."

"Data-driven supply chain and sales analytics, and such support offered by Quantzig, can then be used to produce actionable insights that lead to a reduction in food wastage. This can be invaluable in helping businesses deal with legislation, cut costs and reduce any negative effects on the environment."

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Jul 30, 2021

The Ultimate Procurement & Supply Chain Event

Procurement
Supplychain
live
event
3 min
Take a look at our agenda for Procurement & Supply Chain Live, where innovation meets implementation, coming to you live from London

From September 28th-30th, network with C-level executives, gain insight from industry pioneers and walk away with actionable insights that accelerate your career. By the end of the week, we promise you’ll have the skills to solve the world’s most pressing supply chain and procurement challenges. 

The three-day show is an essential deep dive into the industry, with influential speakers sharing insights and strategies from their organisations, group roundtable discussions, and fireside chats. Whether you attend virtually or in person, you’ll strategise how to cope with global disruption, learn from industry leaders, and walk away with tips, tactics, and tangible connections. 

 

How to Attend

 

In a COVID-disrupted era, we know that the majority of people would rather avoid travelling for events─why take the risk, right? In response to the continued disruption, BizClik Media Group has decided that Procurement & Supply Chain LIVE will offer the best of both worlds through hybrid accessibility. 

That means you and your peers can attend the event in person or virtually ─ with no disadvantages for people who choose not to make the trip to the Tobacco Dock venue. 

 

In-Person

 

Procurement & Supply Chain LIVE will be held at the Tobacco Dock in London, an industry-leading venue that is renowned for delivering world-class events. For attendees’ peace of mind, the venue is working to the government-endorsed AEV All Secure Framework, alongside mia’s AIM Secure and ‘Good to Go’ accreditation, they will ensure that we achieve a COVID-secure environment to facilitate all of your networking needs. 

 

Virtually

 

Our physical venue is both historic and stunning, but it has no bearing on the information that you and your peers can gain from the event. You can still absorb it all, interact with other attendees, and enjoy the conference experience on your alternative, virtual platform. 

The platform will feature live feeds from all of the stages, as well as virtual networking areas. So, if you want to avoid travel, it’s not a problem! You can still get involved and enjoy the entire experience from the comfort of your own home. 


 

What’s on the agenda?

 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, Procurement & Supply Chain 2021 will expand your network, deliver insight, and enhance your organisation’s reach. 

Across the three-day event, a number of relevant topics and trends surrounding procurement and supply chain will be discussed. 

 

  • Tuesday 28 September - Digital supply chain
  • Procurement strategy (11:30 am)
  • Supply chain leaders forum (12:00 pm)
  • Women in supply chain (14:00 pm)
  • Procurement technology (14:30 pm) 
  • Wednesday 29 September - Procurement consulting
  • Sustainability (11:30 am) 
  • Supply chain management (12:00 pm) 
  • Digitalisation (14:00 pm)
  • Risk & Resilience (14:30 pm)
  • Thursday 30 September - APAC sessions (04:00 am)


 

Influential executives from around the world will give their insights and professional experiences surrounding these topics, allowing you and your company to leave with valuable information. 

The past year has shown how important supply chains are and the importance of managing them correctly. With increasing digitalisation across all industries, you won’t want to miss out on our great speakers and information surrounding this topic. Preparing your company for the future is key, and we are sure you will gain great insights at our three-day event. 

Order now to make the most of our early-bird offer. Ticket prices increase over 50% soon! For tickets and information, head over to our event site.

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