Noting that “inventory management is key to success in the CPG world,” the investment has increased NotCo’s visibility into its inventory positions across the network, which in turn enables it to react more effectively to keep products in stock on the shelf. It can also measure product performance against benchmark velocities.
The reporting has also dramatically greatly improved NotCo’s weekly visibility of sales across its core distributors, helping it better understand ordering trends and backtrack to identify causal drivers, said Capraun. NotCo users, meanwhile, appreciate the ability to easily limit the data they want to view to their specific book of business, he added, preventing employees from getting inundated with data.
Having such proper inventory management at customer distribution centers is crucial for any consumer goods company that wants to improve its data visibility, Capraun advised: “Maintaining proper inventory levels with customers allows you to keep a high fill rate to store, which helps with the overall goal of getting your products into as many consumers' hands as possible.”
As for what’s next for the food tech company, it has both category and retail presence expansion on the horizon. The company recently entered into a joint venture with The Kraft Heinz Company as part of an ambitious plan to reimagine global food production for a more sustainable future, operating under the control of Kraft Heinz as The Kraft Heinz Not Company.
Headquartered in Chicago with R&D facilities in San Francisco, The Kraft Heinz Not Company will focus on plant-based innovation across a range of Kraft Heinz product categories.
NotCo is also closely monitoring the overall growth in plant-based food consumption, which categories are growing, and where it should enter next, Capraun said.