Every business decision should begin with robust data. But more data is seldom the only answer. Timely access to the right data can improve visualisation and provide insights that drive decision making. Defective data that is incomplete, inaccurate or out-of-date data is likely to result in incorrect analysis and deliver incorrect results leading to increased costs and greater risk to the business.
For the second year, Mintec has been recognised for its contribution to delivering data and analysis to the food and CPG sector.
Its platform, Mintec Analytics, was selected as the winner of Best Food Pricing Data & Analysis Provider 2020 at the 5th annual Food and Drink Awards, hosted by LUX Life.
Spencer Wicks, CEO of Mintec, said: “Mintec is thrilled to be recognised again for its achievements developing the platform. Winning this award for two consecutive years is proof that our continued investment in the platform and the extension of our data coverage is exceeding customers’ expectations. We believe the award showcases our expertise, dedication to customer service, innovation and most importantly, our significant commitment to excellence.”
The expansion of price data coverage has also continued including the expansion of Mintec’s proprietary pricing, Mintec Benchmark Prices, in response to new consumer food trends such as the growth in plant-based proteins.
The online platform provides access to food price data and insight, which helps customers increase price visibility, improve budget management and control their spend. Together with providing access to over 14,000 commodity prices, the platform gives F&B professionals access to a suite of analytical tools. These empower them to understand their supplier prices better, analyse their spend behaviour and ensure visibility to manage budgets and control the cost of goods sold.
Businesses frequently rely on their suppliers for information on product prices. So it’s hardly surprising that it’s difficult to compare the performance of their buying strategy to that of their competitors. As a result, many procurement leaders believe they are getting the best prices from their current suppliers.