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KPMG: Food & Beverage Companies Focus On Technology
June 17, 2012
By Rob Starr, Content Manager, Big4.com
In KPMG’s 2012 Food & Beverage Industry Outlook Survey, 68 percent of industry executives indicate that their companies have significant cash on the balance sheet – up from 63 percent in KPMG’s 2011 survey – and nearly half (47 percent) say their companies’ cash positions have improved from last year.
Executives also identified technology (36 percent) as a significant area of investment, including cloud computing and data analytics, which executives say will help reduce costs, enhance interactions with customers and suppliers and accelerate time to market.
Respondents in the 2012 KPMG survey indicate they are more focused on talent management/retention initiatives compared to last year’s survey results, with an increased emphasis on compensation and training. Additionally, the number of executives who cited a lack of qualified labor as the most significant growth barrier facing their companies over the next year more than doubled year over year – 16 percent in 2012 versus just seven percent in 2011.
The KPMG survey was conducted in May 2012 and reflects the responses of 103 senior executives in the food and beverage industry. Based on revenue in the most recent fiscal year, 23 percent of respondents work for institutions with annual revenues exceeding $10 billion, 34 percent with annual revenues in the $1 billion to $10 billion range, and 43 percent with revenues in the $100 million to $1 billion range.