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How the F&B industry’s growth mindset is driving business success despite market pressures
FoodBev Media

FoodBev Media

18 October 2023

How the F&B industry’s growth mindset is driving business success despite market pressures

The food and beverage industry is widely recognised for its steely resilience and ability to quickly respond to new challenges and capitalise on market trends. After consecutive years of challenging market and economic conditions, the industry has needed to rely on this resilience and flexibility more than ever. Despite not having a 'normal' trading year since 2019, many F&B businesses are in a positive growth mindset and readily preparing for the future. Research by Aptean in its new 'Food and Beverage 2024 Trends and Outlook' report has found that 81% of the surveyed UK and Ireland food and beverage processors, manufacturers and distributors expect to generate more revenue in 2023 than the previous 12 months. Meanwhile, 84% expect to increase profit. With food inflation reaching over 19% earlier this year, it is no surprise that 39% of companies surveyed are concerned about rising inflation and material prices, and 32% are worried about higher operating costs. However, this positivity relating to financial performance, in the face of these economic pressures, is extremely encouraging for a food and beverage industry that has been tested significantly over recent years. The key to this has been the industry’s willingness to adapt quickly and embrace digital technology as the solution to overcome these challenges. Aptean found that 93% of companies surveyed are currently in the process of digital transformation – implementing and using technology to improve their operations and replace manual processes – and around one in five had completed projects that are already generating benefits. The benefits of implementing technology solutions – whether an enterprise resource planning system, a product lifecycle management system, or a business intelligence solution – are wide-ranging, from streamlining processes to improving the visibility of data across an entire organisation. As a result, the adoption of technology is on an upward trajectory as organisations discover how it can help them achieve their most important aims – maintaining a healthy bottom line and working towards their growth goals. To learn more about this and uncover some of the key findings from Aptean’s new Trends and Outlook Report, join us on 7 November as Aptean's value creation leader – food and beverage, Joris Kolff, looks at three key areas from our research:

  1. Businesses in a growth mindset despite economic conditions: With strong outcomes predicted for profit and revenue in 2023, businesses are positive about the future, with many investing in technology to overcome these challenges. We look at the technologies being utilised, how they are impacting businesses, and the key business areas that are benefiting from digital investment.

  2. The future focus areas for food and beverage businesses: What are the strategic priorities of businesses in 2024 and beyond? We look at the key focus areas and how businesses can achieve these goals with the help of industry-specific software solutions.

  3. How your business can remove growth and technology implementation barriers: Digital transformation initiatives are having a positive impact on businesses, but for many, there are barriers to implementing technology solutions which is stopping them from achieving their growth goals. We look at some of the key barriers, as highlighted by our surveyed respondents, and look at effective and achievable ways that you can overcome them to drive success within your business. Webinar:

  4. Webinar date: 7 November

  5. Pre-record date: 31 October

  6. Aptean speaker: Joris KolfSpeaker Biography: As value creation leader for food and beverage, Joris Kolff is responsible for helping to drive strategic conversations to ensure that Aptean is well positioned to support food and beverage companies in the EMEA region. Joris has years of experience in the food and beverage and ERP sectors, and his deep market knowledge makes him well-placed to understand the challenges that today’s industry faces, and how technology can help businesses to overcome them and drive growth. Register for the webinar here.

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