Could a smarter expiration label combat the food waste crisis?

Creating such graphics as this is a great way to allow you to decide whether the food you have bought is really out of date. Yes we go by the 'Use By Date' but its all based on how the food is preserved from day 1 to the shelf. I personally think that certain foods and drinks needs to have a visual guide on the label showing the signs of when the food is unsafe to consume.