October 4, 2021
5 Things You Can Learn at VDC Research Analyst Perspective Webinar
by Josh Roffman
The ‘VDC Research Analyst Perspective – Label Accuracy and Traceability, Enablers of Supply Chain Success’ webinar took place this past month and saw Richa Gupta, VDC Research analyst, and Josh Roffman, Loftware VP of Global Product Management, discuss the importance of ensuring consistent labeling and facilitating traceability.
The session focused on managing labeling complexities, enabling traceability initiatives, and guaranteeing accurate consistent labeling. Additionally, attendees learned how:
- Labeling supports overall supply chain management and traceability initiatives.
- Cloud-based deployments offer a more consistent, flexible, and scalable approach for labeling.
- Integrated and data-driven labeling processes can minimize label maintenance and errors.
- Automated barcode labeling can reduce costs.
Missed the webinar? You can catch up with on demand access. Read on for five talking points from the session.
#1. Eight in ten large enterprises experience at least one major labeling error per year, costing them upwards of $2 million. These costs are driven by scrapping the entire production batch affected by inaccurate labeling, regulatory penalties and fines for non-compliance, costly product recalls/restocking, entry of counterfeit products in the supply chain, and rendering the product unavailable during restocking. Avoiding these mistakes comes down to ensuring the right label gets on the right product at the right time. While that might not be as simple as it sounds, it’s certainly realistic with a labeling system where all working parts talk to each other.
#2. The COVID-19 pandemic has permanently impacted business and labeling. The COVID-19 pandemic has emphasized the dependence on logistics and supply chain operations. Companies aiming to mitigate disruptions have looked to increase their flexibility, scalability, and versatility in managing labeling remotely across global production sites.
#3. Businesses of all sizes are recognizing the potential of cloud migration. Organizations are looking to take advantage of the benefits that come with cloud migration, including the ease of deployment, reduced maintenance, improved efficiencies, enhanced security, and cost savings. This trend has accelerated in recent times, particularly because of the sheer volume of labels that are being printed per day. The need for uninterrupted and unhindered access across distributed global locations is vital.
#4. Eighty percent of businesses surveyed by VDC Research reported that global traceability will further increase in importance within the next three years. Barcode labeling and how it supports traceability has never been a more relevant and important topic of discussion. More than 70% of VDC Research end user survey respondents have seen traceability requirements change due to the COVID-19 pandemic, placing immense pressures on organizations. As a result, enterprises are making investments to streamline products and information across both internal and external networks to create a flexible and competent demand driven supply chain.
#5. Convergence 2021 is coming. ‘Convergence 2021: Labeling Without Limits’, the industry’s largest Enterprise Labeling and Artwork Management conference, will take place on October 19-21. This year’s event is open to the public and will feature industry trends, customer stories, product innovations, and interactive panel discussions. Register for free here.
These are just a few of the topics covered in the webinar. You can catch up with on demand access or download the 'Why Labeling Accuracy and Scalability is Worth the Investment' report, which was developed by VDC Research, to explore the findings from a recent survey on barcode labeling investments.