Top 5 Findings from FuturePrint & Pack Survey
The FuturePrint & Pack Survey in partnership with Ricoh Europe unearthed some interesting and useful insight from over 200 people from 30 countries from the packaging and print supply chain. But what are the top 5 key findings from the results? In this article, Graham Kennedy, Director of Industrial Print for Ricoh Europe highlights the top 5 takeaways from the results.
Demand Remains High
Despite the fact that the retail sector has rapidly changed, and that online retailers have reaped the rewards of the impact of COVID forcing shoppers to remain at home, the pent up demand for spending has meant that demand remains high. COVID caused a false recession but as there was no recession prior to the crisis and savings mixed with fiscal stimulus means buying has not decreased. GDP is growing significantly and with its growth for consumer products whatever the mainstream media may prefer to report.
Supply Chain Challenges Endure
While these problems are being solved, there remain challenges. For example, while I write this Amazon has just reported that they will be investing Billions of Dollars over the coming few weeks to ensure they manage the issues with staff shortages and their supply chain problems. For this to be affecting the US and Europe’s largest e-retailer underlines how bad the situation is. Added to this, larger FMCG producers such as Nestle has issued warnings that some of their popular Christmas products may not be available this year. Add in other factors related to shortages of raw materials and this causes blockages in the supply chain. Solutions are needed!
Digitalization is the Key Strategic Imperative
Prior to COVID, the move towards digital manufacturing and distribution was slow but sure, but now there is an intense focus on digitalization of the entire process in order to take back control while adding flexibility and responsiveness to production. Digital inkjet is expected to benefit significantly from this shift as production will need to be based closer to the markets.
Sustainability has risen further up the Agenda
With Net-Zero pledges and an increasingly informed and intolerant consumer attitude shift, sustainability has risen quickly further up the agenda for producers and retailers. This social shift has forced a change in the print technology sector as there is a scramble for more sustainable materials which in turn is challenging the inkjet community as there are now new surfaces that inkjet ink must adhere to. In addition, inks are considered an important factor with aqueous being considered the most positive environmentally. But with new innovative options such as plant-based inks from Ricoh being released onto the market, the array of sustainable inks is about to be improved considerably.
Flexibility is in Demand
Clearly, the key quality that under pressure supply chains need is increased flexibility. The crisis has exposed supply chains as inflexible and incapable of the fast adaptation required from the acceleration of change. The successful integration of new technology that adds agility into production will only be realised with an adaptive mindset, a collaborative attitude and an innovative spirit.
Collaboration has increased and will need to become the norm, while the innovation of new technologies, systems, automated processes, materials innovation and a willingness to learn while taking measured risk is inevitable.