CPG industry leaders strategize on embracing AI and ESG to redefine global risk management; leadership discussions mirror findings from TraceGains' ESG study
WESTMINSTER, Colo., Aug. 23, 2023 /PRNewswire/ -- TraceGains, the world's only networked ingredients marketplace, today announced findings from its annual Customer Executive Advisory Board (CEAB) Summit where captains of industry from across the CPG supply chain, including Grupo Bimbo, Hormel, MegaFood, OWS Foods, and 1800Flowers, convened to share opinions and strategies on pivotal topics like compliance, global horizon scanning, ingredient sourcing, and predictive analytics amidst current economic turbulence. The key takeaway illuminated the industry's unanimous priority: harnessing AI and technological advancements is critical to meeting dynamic business needs and aligning with the rising variety of Environmental, Social and Corporate Governance (ESG) concerns across the industry.
In a recent Forbes survey, 64% of businesses acknowledged the importance of AI at increasing overall productivity. Meanwhile, ESG topics have skyrocketed to prominence in an industry with an unwavering focus on progressive issues like sustainability. Not only was this emphasis echoed by CEAB members, it was also supported by insights from TraceGains' newly established ESG Advisory Group and data from their recent "State of ESG Compliance for the Food and Beverage Industry Report," which found that only 16% of brands are currently using technology solutions to filter for ESG partners.
"At our annual gathering, world-renowned brands bring forth their crucial supply chain concerns, and that valuable input fuels our thinking and product roadmap," says Gary Nowacki, Founder and CEO of TraceGains. "We've consistently pushed the envelope, and our customers frankly tell us where we're on track and where we're exploring something that isn't important to them. This year, we had strong support for our upcoming initiatives in ESG, internationalization to support the global supply chain, and continuing upgrades to our Horizon Scanning and Regulatory solutions."
TraceGains' breakthroughs in networked technology solutions for the CPG industry, including the patented PostOnce® and the recently launched TraceGains Gather™ marketplace solutions with free entry points for buyers and suppliers, illustrate its commitment to revolutionizing the industry.
"AI is deeply embedded in the DNA of TraceGains. We continually innovate practical applications using the latest technologies to meet our customers' requirements," states Greg Heartman, VP of Products at TraceGains. "We are particularly well positioned to unlock AI's potential by orchestrating industry-specific information in context and enriching it as necessary. Networked marketplaces provide this treasure trove of data, the required context, and the digital threads throughout the product life cycle necessary to uncover meaningful and actionable insights."
While today's "chat searches" provide intriguing directional information, the results lack the precision and specificity needed to effectively navigate the fragmented CPG industry and its highly complicated and interdependent data elements.
TraceGains Gather™ is experiencing explosive growth, doubling its user base last year en route to containing 500,000 ingredients and 65,00 supplier locations on their global marketplace. TraceGains' ability to fuse AI and ESG has set the stage for a transformative leap forward for their customers and the market.
About TraceGains
TraceGains, the world's only networked ingredients marketplace, connects the Food and Beverage supply chain through its innovative TraceGains Gather™ platform. Enterprises and suppliers can easily collaborate to exchange critical information, data, and documents and work together to solve today's unprecedented supply chain challenges. Information about ingredients and supply chain partners applies to a company's unique supply chains using artificial intelligence and automation. Our patented PostOnce™ technology allows authorized stakeholders to share and receive vital information, precisely when, where, and how they need to operate efficiently and remain competitive. Through the power of a global network, supply chain agility is achievable. To learn more, visit www.tracegains.com.
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