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.

Traceability Impact

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
  • Staff training
  • Learning new practices and procedures that deliver long-term benefits