New product development and time to market

Competition and pricing continue to be top areas of concern for Food and Beverage businesses, and raw material costs persist as an ongoing worry. Yet, in spite of the challenges, the industries are optimistic predicting continued increases in sales, product offerings and workforces through product innovation and product development.

Brands compete for prime in-store location more than ever. For that reason, product innovation, time to market, accuracy and visual appeal are critical to achieve successful execution. Indeed, product development is an essential lever for competitiveness. Product innovation is one of the best means to add value to products, to get into new market places and to best answer consumers’ needs and wants. To lead competition, it is important for companies to evaluate their business models and offerings frequently enough and change them if needed.

Food and beverage businesses favor incremental product innovations. Most of the time product development consists of enlarging ranges, developing new formula based on an existing one, offering smaller or bigger sizes or adapting packaging.

 

Product development types

There are many types of product innovation. New product development is not only made through new product development and R&D management. Marketing and corporate innovations are important too (respectively 35% and 39% of the total volume of innovations) while « true product innovation » made through new product development are composed of new products launch (31%) and new processes (30%).

New markets

New products development sometimes mean new consumers, the ability to enhance or add new marketing claims or make a splash with a new line extension, and the possibility of reducing costs by altering ingredients, manufacturing processes, packaging or suppliers.

Lascom solution to improve new product development and reduce time to market

Reasons to improve time to market are numerous and attractive:

reduce time to market

Time to Market

In this context, it is important to accelerate product development. Every company is racing to develop more products faster and be the first to launch them in the market. Time to market is a key to success in food and beverage. A head start on the competition is the best way to ensure a product’s profitability and the best place on shelf. Those companies who get their products to the shelf or in services too late are forced to compete at commodity price points and suffer poorer returns on R&D investments.

Lascom CPG provides a dedicated solution to assist food and beverage businesses in reducing their time to market. By optimizing the process from the marketing brief to new product launch, Lascom offers an efficient solution with the following features:

  • Single repository

    A single repository to benefit from a single version of the truth and efficiently communicate between all departments in the new product development process. Finished products, semi-finished products and raw materials are stored on a single platform, easily accessible with customizable access rights.

  • Formulation

    A formulation tool to facilitate R&D management. Lascom provides a user-friendly formulation tool to assist R&D professionals in new product development. The impacts of adding, removing or deleting ingredients are immediately observable in term of weight, cost and nutrition facts as well as specifications attached (allergens, certification etc.).

  • Labeling

    A labeling tool. Labeling is automatically created. Once R&D and quality departments input data, marketing teams are able to produce reliable labels including ingredients list, nutritional fact panel, claims on a defined template.

Advantages in product development:

  • Accelerate product development:
    • Creating or editing products
    • Pre-formulation : Adding raw materials not listed in the database
    • Quantities management ( in “per 100 grams”, in % or in “g / sales unit”)
    • Control and optimize the ingredients’ composition and origins (bio and geographical)
  • Calculate the nutritional facts ​​and create the nutritional fact panels
  • Risk analysis (list of allergens, GMOs etc.)
  • Simulate raw materials, packaging and manufacturing costs
  • Capitalize on the knowledge acquired (history management to track and reuse different tests)

Traceability and change impacts

The formulation tool provides more efficient R&D management and better traceability based on a centralized repository. R&D teams are even more aware of products specifications and nutritional labeling, two key factors in new product development.

The CPG formulation software tool can be used to properly manage R&D and examine all the impacts of any change, such as regulatory, packaging, nutritional labeling, product specification, customer specifications, costs, etc. and then develop simulated versions for validation and approval.

Success Stories

  • Bolthouse Farms

    Bolthouse Farms

    Bolthouse Farms is North America’s market share leader in growing and distributing fresh-cut carrots and offers ‘all things carrot’, including... Read more »
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  • Maple Lodge

    Maple Lodge

    Maple Lodge Farms increases productivity, shortens product development cycles, and reduces risk with Lascom CPG Solution Maple Lodge Farms (MLF)... Read more »
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  • Poultry leader

    Poultry leader

    France’s largest chicken products and chicken based products processor and distributor, employs more than 16 000 people all around the... Read more »
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  • Artenay Bars

    Artenay Bars

    Artenay Bars is the leading French manufacturer of cereal bars and muesli in the private label market. The company has an... Read more »
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  • Yoplait

    Yoplait

    Lascom solution helps YOPLAIT achieve faster product development times Dairy manufacturer Yoplait selects Lascom's CPG Solution to reduce product development... Read more »
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  • LACTALIS

    LACTALIS

    To meet new food regulations and increase productivity CPG solution from Lascom helps Lactalis meet new food regulations and increase... Read more »
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  • Bolthouse Farms
  • Maple Lodge
  • Poultry leader
  • Artenay Bars
  • Yoplait
  • LACTALIS

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