Business leaders realise that despite access to multiple data sources, their buyers and category managers are often unable to take advantage of the potential opportunities the insight provides.
The challenge caused by a lack of time and resources limits their ability to integrate and analyse disparate data sources. The result is an incomplete picture where a lack of clarity restricts collaboration, hinders their ability to standardise processes and maximise efficiency savings.
A lack of price visibility and the ability to benchmark market prices to actual supplier prices prevent cost-saving opportunities from being identified. Potentially resulting in higher costs and increased competitive risk. Ultimately, driving up costs for their customers.
Furthermore, the lack of granular raw material price data prevents effective cost modelling from monitoring price volatility's effects on product costs. Ultimately, restricting the companies' ability to adapt its buying strategy and buyers to negotiate effectively with suppliers.
Mintec implemented its analysis tools and data specifically selected to meet the hotel and hospitality sector's needs. With Mintec Analytics. The tools and data delivered supported analysis of direct and indirect raw material costs across these multisite organisations. The tools provided access to comprehensive price data via a fully customised category and procurement dashboards. These enabled teams to track price movements and conduct detailed spend analyse.
This approach has delivered success to a wide range of hotel and hospitality groups. The solution has enabled them to access any of the +15,000 commodity prices to manage and respond to current challenges accurately. Mintec Analytics gives them access to:
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 being able to use the resources in Mintec Analytics, they can better 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 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 APIs.
Find out how Mintec data has helped Brakes get a reliable, independent view of the market to inform their conversations with suppliers, sales teams and customers.
See how Mintec has implemented GateGroup's raw materials and commodity price tracking services through Mintec Analytics, its proprietary commodity price dashboard and analytics platform.