Although, many products such as beer are based on four basic ingredients - malted cereal grains, hops, water, and yeast, there is a growing trend for the addition of flavouring ingredients, such as herbs and fruits.
Product innovation is fuelling the demand for these new ingredients. And companies are finding they have a growing need for a wider range of independent market prices that can help manage supplier costs. As well as for other associated costs such as product packaging.
These activities are increasing the time spent on already stretched processes. Leaders are increasingly looking to improve efficiency and reduce the time and resources required across areas. To assist with this many are looking to have access to commodity pricing data in order negotiate more effectively with suppliers, understand market conditions and operate more efficiently.
Mintec implemented their raw materials and commodity price tracking services through Mintec Analytics, its proprietary commodity price dashboard and supply analytics platform.
Mintec implemented their raw materials and commodity price tracking services through Mintec Analytics, its proprietary commodity price dashboard and supply analytics platform. This has delivered a combination of data, market insight and analytical tools to large manufacturers like Bacardi, Diageo and Pernod Ricard. This has enabled them to access any of the +14,000 commodity prices, to accurately manage and respond to current challenges.
Integrated raw material and commodity analysis
Personalised alerts and price dashboards for supplier contract management
Market insight and extensive price data
Fast reporting to help them access the information they need
Benchmarking supplier pricing across a range of commodities
Access to reliable market prices on relevant materials all in one, easy to access location has reduced the time spent collating data, performing analysis and preparing for planning and supplier negotiations. It also underpins their ability to accurately track price movements and enable procurement to respond to any price volatility.
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.
Mintec Analytics was able to consolidate their workload of manual market tracking and allow them to create customised dashboards and cost models for a wide range of products, all of which can be updated regularly and in bulk, using data integration tools including APIs.