Currently the CEO of Synergy Life Science, Chris has 25 years of experience creating, distributing and supplying quality ingredients.
As a longtime innovator of ingredients for consumer products, I have seen many different technologies come and go, some more impactful and long-lasting than others. No matter the form that technology takes, innovation is crucial to creating any next-generation, sustainable product in the future.
When I began my company, cannabidiol (known as “CBD”) was just becoming a household name, but no formulator solution that prioritized ultra-absorption bioavailability via true water solubility existed. We used tech to help us look at the problem from many angles, which led to and assisted the development of our successful patented cannabinoid ingredient innovations. Today, I’m sharing what I’ve learned about how technology can help push the ingredients industry forward.
Technological Impacts In The Ingredient Industry
1. Purposeful technology applications can foster innovation.
First and foremost, applying novel technology can encourage innovation in the ingredients industry in several ways. For example, data collection and analysis programs, techniques and technologies allow your company to gather information about consumers’ wants and needs effectively. The results of technology-aided surveys give your company valuable insight into what new ingredients will perform well in the market and provide innovative insights for your company to pursue. Technology can also directly aid in creating exciting and innovative new ingredients. My company would not be able to develop the ingredients it has without the help of advanced technology to aid research and development.
2. Smart use of technology can enhance efficiency.
Technological advancements have made it easier to test new ingredients and gather data about their efficacy. Using technology to increase efficiency can allow your company to bring new products to market and respond to shifting consumer demand quickly. Implementing new technologies in my own company has allowed us to test our products more efficiently and produce higher-quality results. Technology can also streamline your existing processes. AI-powered tools, for example, can devise ways to tweak current processes and make them more efficient and effective.
Additionally, novel technologies can increase the speed of your current processes. More advanced technology can move faster and more accurately; something as simple as swapping out one component of your assembly line for an upgraded piece of technology might exponentially increase your company’s productivity.
3. Novel technology can help you hone your competitive advantage.
To be successful in today’s highly competitive marketplace, your company needs a defining competitive advantage. Technology might provide a valuable tool for cementing your company’s edge, whatever it may be. As mentioned, novel technology can allow your company to create innovative new ingredients. Using technology to develop groundbreaking, proprietary ingredients or ingredients that outperform the competition can cement your competitive advantage in the ingredients industry. Your innovative ingredients might also benefit from using new technological delivery methods.
For example, my company offers several ingredients that benefit from a vaporized uptake. However, our health and medical priorities helped us move away from harmful vape devices and toward developing a patent-pending handheld nebulizer. Nebulizers aren’t new technology, but making them pocket-sized to appeal to a new market segment delivery of our novel ingredients is innovative. These products, created with the help of novel technology, give us a competitive advantage.
Engaging With New Technology Wisely
Many professionals in the ingredients industry need more clarification about what introducing new technology means for them and their careers. I find that automation, specifically, worries many people. However, like other technologies, it can enhance businesses and improve existing workflows. Automating more basic tasks allows us to use our time to focus on the most essential parts of our jobs: innovation, quality assurance and customer care.
That being said, with an ever-increasing onslaught of new technology, engaging with these technologies purposefully is more critical than ever. When deciding whether to integrate new technology into your company’s workflow, keep the potential benefits in mind to avoid simply hopping on a short-lived tech bandwagon. Consider:
• Will this technology help bolster innovation?
• Will it increase efficiency?
• Will it help your company solidify its competitive advantage?
Technology can be a game-changer for the success of ingredient companies. When applied effectively, it can enhance innovation and efficiency by allowing your company to create and maintain a competitive advantage. Today’s world is one of increasing technology, so business leaders must think critically about the technology they use in their businesses for both capital gain and industry progress at large.
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