This is the tenth installment of FMI's Technology Blog Series, which explores digital innovations for the food industry and shares compelling insights from our research.
By: Doug Baker, Vice President, Industry Relations, FMI
Are you an early-stage tech startup with a bold vision to revolutionize the food industry? Do you want to gain visibility with industry leaders, potential partners, and investors while showcasing your cutting-edge technology to the world? If your answer is "Yes!", then the FMItech Pitch Competition is the opportunity you've been waiting for!
This is a once-in-a-lifetime chance to gain visibility, secure strategic feedback and potentially take your startup to the next level. Don't let this opportunity pass you by — submit your 3-minute video pitch by Sept. 6 and put your innovative tech on the radar of industry leaders.
Our Judges Are Ready for You!
I recently had the pleasure of connecting with two of our esteemed judges and asked them to share their unique perspectives and recommendations based on their areas of expertise. Understanding their insights can help you tailor your presentation.
Gary Hawkins, Founder Co-CEO, Center for Advancing Retail and Technology
What do you see as the biggest challenges and opportunities for retailers in adopting new technologies?
Hawkins: Retailers letting go of past processes and practices. The "we've always done it this way" philosophy is firmly embedded in the way retail companies go to market and limits the benefits retailers are able to realize from adopting new capabilities. It takes work for executives to identify those practices they are, often unconsciously, unwilling to change and then consciously set them aside.
A constraining practice deeply embedded in the retail industry is following -- letting someone else try out some new technology or capability to see if it works successfully. In a world of exponentially growing technology, being a follower becomes an increasingly risky business strategy.
The flip side of this challenge offers endless opportunities to shape the future of retail. Technology now makes almost anything possible, empowering retailers to envision and build the future they want for their shoppers.
Suzy Monford, Principal, Food Sport International
What are the key performance indicators that you believe should be considered to measure technology investment success in food retail?
Monford: Success criteria for food retail must center on the Customer KPIs: NPS scores, growth and maintenance of loyal households, larger baskets with an increasing number of items, increased profit margins and YOY sales, lower shrink, and more efficient labor. This business case is not just true for bricks and mortar, but for on-line as well, whether the new tech solution innovates supply chain / distribution, store digitization, point-of-sale, category and inventory management, or e-commerce. And the stakes have never been higher. With AI and CV enabled advances hitting the marketplace daily, nothing short of Customer journey transformation will win the day.
FMItech Pitch Competition Judges
This is your chance to stand out, build credibility, and secure critical media attention. Perfect your pitch and submit your video by Sept. 6.
Industry Topics address your specific area of expertise with resources, reports, events and more.
Our Research covers consumer behavior and retail operation benchmarks so you can make informed business decisions.
Events and Education including online and in-person help you advance your food retail career.
Food Safety training, resources and guidance that help you create a company food safety culture.
Government Affairs work — federal and state — on the latest food industry policy, regulatory and legislative issues.
Get Involved. From industry awards to newsletters and committees, these resources help you take advantage of your membership.
Best practices, guidance documents, infographics, signage and more for the food industry on the COVID-19 pandemic.
