The digital revolution has brought in a major technological disruption in the food industry. With the aid of the internet of things (IoT), food processing, suppliers, as well as retailers, are discovering a window of opportunities for operation and financial growth in their business.
Almost 90% of companies are now investing in IoT solutions and Big data analytics. Using the digital analysis platform, technology can assist in viable, profitable growth for the entire supply chain.
This kind of technology can provide insight into equipment performance and real-time inventory tracking. Products such as QubeMatics developed by MSQube Technology Solutions Pvt. Ltd., not only help identify inefficiencies within the production but also provide actionable insights in real-time.
Currently, global food loss is estimated at 1.3 billion tons every year. Lack of temperature control in the supply chain was a major hindrance.
The industry found the solution in using sensor technology to trace temperature reading throughout the supply chain and consequently driving food safety alongside shortening retail shrink. IoT technology can be used to store product data and automate food quality reporting.
In the year 2011, the Food Safety Modernization Act put into place by the Food and Drug Administration of the United States, has created a catalyst for global change in the food industry.
In India, despite its huge population, produces hefty food to feed all the citizens of the country. But food wastage has constantly created sand in the situation of the gear. However, technological advances ushered in an era where we can avoid loss of food worth over $1.3 billion every year.
As per industry study, 5 to 16% of the 400 million metric tonnes of perishables India produces every year are wasted even before it reaches the end consumer.
The intended technology solution should not just monitor produce during storage, transportation, and eventual sale, but also provide valuable data on the performance of critical equipment that is part of the supply chain, benefiting every participant in the value chain
Now, let’s have a quick walk-through of how an IoT-based solution can help prevent wastage and upgrade efficiency in the food industry. To start with, let us grasp the last mile first, the retail stores.
The modern retail chains refrigerate foods like meat, milk, and butter, and frozen or fresh vegetables drive a major part of their revenue. For some top stores, the figure can be as high as 40%. Some retailers suggest that there are usually 3 minor refrigeration related issues and one major fault every month, this accounts for 25% wastage of perishable food.
The internet of things IoT is a powerful technology that can connect the supply chain to real-time analytics, creating countless opportunities for food industries. Companies can reap the benefits by searching and resolving inefficiencies in the supply chain and exceeding food safety regulations. These, in turn, lead to providing more transparency to customers and garnering improved customer satisfaction.
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