Empowered by easy access to information, social media platforms and digital devices, consumers are increasingly aware of the sustainability of the products they buy. Current trends indicate conscious consumption, attentiveness to waste and interest in sustainable processes in general. In fact, a 2018 survey indicated that close to “88% of consumers want companies to help them make more environmentally friendly and ethical choices“.[i]
When it comes to cosmetics, consumers are also concerned about the quality, integrity and safety of the ingredients that go into the products they buy. The environmental and societal impact of palm oil is but one example. [ii]
This has motivated cosmetics companies to invest more in environmentally friendly methods but has also presented a fiscal challenge: “how to justify expenditures in projects related to sustainability“, because return on investment is difficult to measure. The solution resides in supply chain technologies that meet growing consumer demand for sustainability, transparency and accountability, while helping to improve business performance.
Traceability systems are at the heart of what we call the Intelligent Supply Chain®. They allow organizations to collect, process, visualize and analyze data in a cost-effective way and at scale. By tracking and tracing products throughout their journey along the supply chain, from raw materials to the consumer, traceability solutions connect all relevant product data, creating unprecedented and real-time visibility at every step of your supply chain. It all starts with unique serial numbers that digitize all the information cosmetics companies and their customers want to know.
The real-time data contained in the serial numbers helps companies contribute to the circular economy by ensuring sustainability, reducing waste, recycling packaging and optimizing resources — and the benefits do not stop there. The data can be leveraged to make immediate, informed decisions to optimize business operations.
A world leader in traceability solutions, OPTEL can help you identify opportunities to become more sustainable and use real-time, granular data to increase business performance. Contact us to discuss what OPTEL’s traceability solutions can do for your business.