Latest GS1 strategy focuses on supply chain improvements
Latest GS1 strategy focuses on supply chain improvements
GS1 recently revealed a new Retail Grocery Initiative focused on addressing challenges in supply chain regulation. The plan is intended to bring global GS1 standards to the U.S. and unite suppliers, manufacturers, distributors, wholesalers, retailers, solution providers and industry associations under one system for labeling guidelines.
"The GS1 US Retail Grocery Initiative helps the industry address the issues impacting their businesses now and for many years ahead," Angela Fernandez, vice president of retail grocery and foodservice, GS1 US, said at the recent GS1 Connect conference. "Through a formal Initiative, members have the opportunity to provide their thought leadership and expertise to shape the future of the industry and to address a few critical industry issues to drive solutions faster, better and more efficiently, enabling broad industry adoption."
One of the main focuses of the initiative is increased collaboration between members of a supply chain. This collaborative effort is designed to help firms realize profit growth and the overall efficiency that improved label compliance can bring. A recent study by the Boston Consulting Group noted that B2B collaboration is a major untapped revenue source in the food industry, with potential for $21 billion in increased profits industry wide. Standardization around GS1 compliance would help firms realize that potential.
According to The GS1 US Retail Grocery Initiative website, increased end-to-end visibility and the tackling of inefficiencies within supply chains will be two of the primary goals of the project, with the benefit of GS1 support and expertise to guide companies to success.
The right labeling solutions can address supply chain risks and challenges while simplifying operations to help companies immediately realize lower cost, higher efficiency workflows that will only continue to rise in value over time.