Calculate Your Traceability ROI
For many companies, the decision to implement a traceability solution can be a difficult one when there are so many more tangible areas in your business to which you could direct funds such as a new production line, facility expansion or additional staff. However, with a changing market place, additional certifications and more stringent food safety regulations, a solid one up and one down traceability solution is a necessity.
So, how much does a Traceability solution really cost?
Determining your ROI for any project can be a great driver to change. With this in mind, the Global Food Traceability Center (GFTC) has released a new Seafood Traceability Financial Tool to help you determine your organization’s traceability ROI. While the centre was focused on the seafood industry, this tool has merit for the food, meat, beverage and bakery industries as well.
It’s easy to use and should take about 30 minutes to complete. You will indicate some general information about your business such as annual revenue, status of traceability system and your goals. The tool will then prompt you through the various aspects of your business that may be impacted by implementing traceability. Some examples include new market opportunities, recalls, information management, scrap/waste and more.
A resulting cost / benefit summary based on your inputs is calculated helping you to identify to what extent you can anticipate a return on your investment. A sample summary page can be found at:
Click the link below to get started and find out your Traceability ROI.
Your return makes sense, so now what?
With so many options in the market place; standalone traceability solutions, custom traceability applications and 3rd party add-on solutions to standard off the shelf accounting programs, what should you do?
Many companies looking to replace their manual and often tedious traceability systems with more robust traceability solutions are looking for more than one up and one down traceability compliance.
When your traceability solution is one aspect of a fully integrated business management solution, a return on investment (ROI) is an anticipated reality.
Minotaur Software offers a full business management solution from traceability and beyond. We also offer our own Excel tool for calculating ROI. It can help you justify your return for traceability grant applications. If you are interested in learning about the business benefits of the Minotaur Solution please contact me at 1-800-668-1284 ext 103 or firstname.lastname@example.org.