Manufacturers are finding that they have blind spots in their data for key ingredients and flavourings such as vanilla. These ingredients often represent significant spends to the business, and negotiating the best price based on current market conditions is essential.
A lack of price visibility for these key ingredients restricts their ability to benchmark these market prices to actual supplier prices, preventing cost saving opportunities from being identified. Potentially resulting in higher costs and increased competitive risk.
Ultimately, restricting the companies’ ability to adapt its buying strategy and buyers to negotiate effectively with suppliers.
Mintec implemented its raw materials and commodity price tracking services through Mintec Analytics, its proprietary commodity price dashboard and supply analytics platform.
Mintec Analytics gives them access to:
Integrated raw material and commodity analysis
Personalised price dashboards for supplier contract management
Market insight, short-term outlooks and extensive price data
Fast reporting to help you access the information you need
Benchmarking supplier pricing across a range of commodities
Mintec data and procurement tools have become an integral part of our customers' procurement and product strategies. The breadth of data and access to the insight it provides supports their commercial teams. It helps them free-up valuable time and resources to focus on their core roles – sales, supplier negotiations, and supply strategy.
By be being able to use the resources in Mintec Analytics, they are better able to track prices in these markets and benchmark their suppliers. This ensures they are better able to control their costs and remain more competitive.