The Institute of Food Technologists’ (IFT) Global Food Traceability Center announced a new seafood traceability financial tool to assist those in the seafood industry understand the financial impact of implementing traceability.
“From retailers and food service companies, all the way back to the catch, the entire food industry is becoming more concerned and conscious about traceability and how to help protect the public,” said Brian Sterling, managing director of the center. “In addition to providing a way to verify the source of products, traceability also offers tangible financial benefits for companies. It’s a proven business tool that can drive new market opportunities, lower costs, and increase margins.”
By asking questions about each organization on topics such as industry segment, revenue and current traceability level, the tool helps businesses identify the payback from traceability, IFT said.
Users are then guided through an assessment on how traceability may affect business, such as: new market access and customer growth; lawsuits and liability insurance costs; recall management costs; and information management.
The tool can be found here.
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