3 Ways to Reduce Packaging Costs with Specright

Posted on 
May 2, 2016
Matthew Wright
Founder & CEO, Specright

Is it time to take control of your specifications? Read three real use cases documenting how companies are using Specright to get their specs under control and ultimately reduce costs.

Increasing Supplier Flexibility

Anything can happen in the produce industry, as farmers can’t always predict yields or packaging needs to get the crop to market. Any overproduction of produce can be a blessing or a problem. Due to the high spoil rate, without packaging readily available for the overproduction, the produce will go to waste. If a current supplier cannot meet the packaging needs, the cost is significant. Companies using Specright are able to immediately share packaging specs with new suppliers.

The new supplier has all of the information they need to produce tooling and deliver the needed packaging to meet deadlines. With Specright, companies are enabled to make the seemingly impossible – possible. Their products get to market on time, which leads to higher profits, improves efficiency, and protects their company.

Owning and Streamlining the Bidding Process

In today’s packaging world, some companies have little leverage to reduce the cost of their packaging through the competitive bidding process. Without ownership of their packaging specifications, companies can face a situation where the only way to drive competition is to provide a sample to each new potential supplier before they can offer a bid. The process of pulling packaging samples and receiving bids from potential suppliers can take months.

Companies using Specright are in control – all of their specifications are accurate and ready to use. They can share their packaging specifications with as many suppliers as they desire, as often as needed, and do it in record time. The power of specification ownership gives companies the opportunity to drive results and save thousands of dollars. Not only does Specright allow companies to go to bid more often, they can transition their business to a new, less expensive supplier quickly, which delivers better bottom line results.

Audits and Recall Prevention Process

According to a survey by the FDA, the root cause for 35% of recalls is failure to meet labeling requirements. Recalls are expensive in terms of real dollars, brand damage, and lost sales. Unfortunately, recalls are on the rise as companies expect the trend to continue. Companies are spending more time and resources on mitigating and containing costs instead of solving the problems that lead to recalls. Packaging is dynamic and companies are always introducing new designs, labels, packaging, etc. Additionally, packaging vendors can inadvertently change material without notifying their customers.

The result is a proliferation of SKUs, as well as packaging that does not match the specification. Through our built-in audit function, Specright customers have the ability to perform audits at any time. Specright provides auditing services, where our engineers review if the actual packaging matches the specifications. This type of quality control reduces the frequency of recalls and increases efficiency throughout the entire packaging/distribution process. Not to mention, the preservation of brand image is priceless for all companies.

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Matthew Wright

Matthew Wright is the founder & CEO of Specright. Prior to founding Specright, he spent more than 25 years in the packaging industry, holding leadership positions at International Paper, Temple Inland, and rightPAQ — a packaging company he co-founded. He has also been involved in leading multiple M&A deals in the packaging industry. He sits on the Packaging Advisory Board at Cal-Poly San Luis Obispo.

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With Specright’s Solution Suite, you can digitize, centralize, and link your specification data to drive efficiencies, intelligence, traceability, and collaboration within your organization and across your supply chain network.
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