After Significant Beta Results, Crisp Launches Groundbreaking Forecasting Platform for the Food Industry
Beta Customer Nounós Creamery Reports 80% Reduction in Scrapped Inventory
NEW YORK, January 23, 2020 (Newswire.com) - Crisp, the developer of the first food demand forecasting platform designed to reduce global food waste while increasing profitability for food businesses, announced today that its software platform is now available to food industry suppliers, distributors and retailers.
During beta testing, which began in October, more than 30 companies tried out Crisp's innovative, AI-driven approach to demand forecasting. Beta customers included brands with revenue ranging from $15M to $8B, such as Gilbert's Craft Sausages, SunFed Perfect Produce, Nounós Creamery, Hofseth, REMA and Superior Farms.
"With Crisp, 10% more orders are being filled completely that would have otherwise been shorted and we have reduced scrapped inventory by 80%," said Ken Rotunno, Senior Financial Officer, Nounós Creamery. "We have also reduced the time spent on weekly forecasting from two hours to ten minutes, changing the way we manage our business."
"The UN estimates that the world loses about $400B worth of food before it even gets delivered to stores. The root cause of that inefficiency is slow and inaccurate data compounded by lack of collaboration within the food supply chain," said Are Traasdahl, co-founder and CEO of Crisp. "With demand planners traditionally spending 15-20 hours per week in spreadsheets to develop a forecast that is quickly out-of-date, Crisp's cloud-based platform is designed from the outset to enable customers to create a collaborative forecast in minutes."
According to the United Nations' Food and Agriculture Organization, roughly one-third of the world's food is wasted each year before reaching the consumer, which equates to more than 1.3B tons of food. Crisp provides real-time data forecasting tools solutions that help food suppliers, distributors and retailers solve inefficiencies in their supply chains and correct the imbalance between food supply and demand.
Food suppliers using Crisp have experienced an immediate positive effect on their bottom lines.
To learn more about Crisp, go to www.gocrisp.com.
While more than a third of the world's food production is wasted before it reaches consumers, Crisp is devoted to creating a more efficient food supply chain via technology and data science. The Crisp platform uses every source of data available to create precise forecasts that enable food suppliers, retailers and distributors to optimize profitability while reducing food waste. Crisp was founded by entrepreneur Are Traasdahl, who previously founded both Tapad and Thumbplay. Tapad was acquired by Telenor for $360M, and Thumbplay is now iHeartRadio. To date, Crisp has raised $14.2M from Spring Capital, Firstmark Capital and Swell Capital.