How do the standards and initiatives driven by GS1 benefit the food industry?
There are several different ways in which the standards and initiatives driven by GS1 benefit all segments of the supply chain: • Speeds the introduction new products into the market; • Improves the ROI on trade promotions; • Simplifies the delivery of product information demanded by consumers, or government regulations, such as nutritional and allergen information. Ease of access to this information can ultimately prove to be a competitive advantage, leading to a products selection by a consumer or in institutional settings such as hospitals or schools; • Reduces the time, cost and mistakes throughout the order-to-cash cycle (e.g., ordering, receiving, payment), resulting in reduced A/R balance and fewer invoice disputes; • Reduces time and labor costs required to take inventory and maintain stock; • Improves warehouse operations through more accurate picking; • Reduces return shipments and administration costs associated with RMA process; • Eliminates redundant effort maintaining pro
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