In a century of data-centric strategies, retailers should set clear goals for their efforts and measure their impact in reducing food waste. This goes by the measure of Key Performance Indicators, the famous KPI.
What gets measured get managed
Measure through KPI is an absolute requirement for better management, to build accurate data fabric and adjust actions plans through real live data.
In an August 2019 report, the World Resources Institute (WRI) rightly identified a three-step approach best suited to tackle food waste:
Companies can set KPIs related to food waste and new revenue opportunities, track performance against those metrics and adapt their processes to improve their results.
They should share those metrics both internally and externally. But today, many retailers still struggle to measure their impact.
KPI, to help define priority actions
To ensure transformation is a success, objectives need to be clearly defined, transmitted to the teams and followed and measured through the appropriate KPI for the retail industry.
Still, the vast majority of distributors look at the “final number”: the net shrink. But they don’t have enough upstream observation to understand precisely where the problem is coming from and where to take priority action. This data reveals one element but doesn’t allow retailers to enrich the entire value chain, right up to the effective contact with suppliers.
By choosing to digitize their anti-waste with Smartway, they will be able to build a complete “data fabric” and benefit from accurate guidance for their efforts among employees, investors and partners.
Improve your food waste fight through continuous monitoring
From diagnosis to monitoring through KPI, retailers must ensure everything has been already put in place to fight against food waste:
- Implement systems for ongoing monitoring and measurement of food waste levels, allowing for timely intervention and adjustment of strategies.
- Regularly review performance metrics and solicit feedback from staff and customers to identify further improvement.
- Adjust the needed KPI when needed
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