To help organizations in the seafood industry assess the financial impact (costs and benefits)
associated with implementing traceability.
Why is traceability important?
Consumers, retailers, and food service companies are becoming more concerned about the
sourcing of seafood and how it is processed. Traceability is a proven business tool that can
drive new market opportunities, lower costs, and increase margins, as well as provide a way to
verify the source of products.
The costs and benefits of traceability are linked to:
Optimization and streaming of business activities
Expenses that result from implementing traceability tools and systems
How quickly benefits can be achieved to offset costs to make investment viable
Opportunities to reap the benefits of traceability can come from:
New and expanded markets and customers
Reduction of business liability costs
Higher recall efficiencies and lower rework costs
Reduction of product waste and shrinkage
More reliable and readily accessible data exchange with partners
More rapid and lower costs of regulatory compliance
Areas where costs may be incurred:
Capital invested in traceability systems and supplies
One-time implementation costs, such as installation of equipment
Learning new practices and procedures that deliver long-term benefits
The numbers calculated using this Seafood Traceability Financial
Tool are intended to be guidelines to support the decision for implementing traceability
in an organization. The results of the calculations may not be realized exactly as shown
due to variability in the specific economic and environmental influences that affect the
operations of individual organizations.