Defining Comprehensive Return on Investment for Seafood Traceability
In today’s interconnected world, data has become essential for businesses and industries, including the seafood sector. At FishWise, we partner with seafood companies to promote sustainability and transform supply chains for the better. Through our “Revolutionizing ROI of Seafood Traceability” project, we’ve delved deep into the world of traceability data to uncover its full potential.
Redefining ROI in Seafood Traceability
Traditionally, Return on Investment (ROI) definitions have centered around the financial gains a company can achieve through streamlined data processes. While these financial benefits are undeniably crucial, we recognize that there are many more advantages to be gained from the effective sharing and utilization of seafood data.
This realization led to the introduction of the Comprehensive Traceability Return on Investment (CT-ROI) concept. CT-ROI is a metric that goes beyond monetary gains and seeks to understand the social, environmental, and economic value created by investments in electronic traceability platforms and programs.
With CT-ROI, companies can measure not only their financial returns but also the positive impacts they make on people, the environment, and the seafood economies they operate within. This broader perspective allows companies to align their traceability programs with sustainability and social responsibility goals, extending their impact beyond profit.
The BEST Tool for the Job
To measure the multi-faceted benefits of traceability investments, FishWise presents the Benefits Evaluator for Seafood Traceability (BEST) tool. BEST is a user-friendly, customizable spreadsheet that empowers companies to tailor their traceability efforts for maximum returns. Whether a company’s focus is on cost savings, ecological benefits, or social impacts, BEST provides the framework to quantify and optimize these outcomes.
Insights from the Seafood Industry
Our project engaged a wide array of stakeholders, including government representatives, non-governmental organizations (NGOs), technology companies, seafood buyers, and supply chain companies. Through their insights, we discovered that the seafood industry is on the verge of a data revolution.
Electronic monitoring and reporting (EM/ER) systems are generating valuable information that can benefit companies beyond compliance. Interest and data to support CT-ROI already exist, and as EM/ER adoption continues to rise, we can expect even greater returns from traceability investments.
Join Us on the Journey
FishWise is committed to applying CT-ROI and the BEST tool within our industry partners’ initiatives to drive sustainability and transparency in the seafood sector. If you’re interested in learning more about CT-ROI or measuring its impact in your supply chain, don’t hesitate to reach out at firstname.lastname@example.org. Together, we can unlock the full potential of seafood traceability, creating a more sustainable, accountable, and transparent industry for all.
Click here to download the full “Revolutionizing ROI: Defining Comprehensive ROI for Seafood Traceability” report, where we delve deeper into our findings and insights. Together, we can revolutionize seafood traceability, one data point at a time.