Over the past five years, the food service industry has become sophisticated owing to variables such as short lifecycle of new products, limited time offers, and dynamic, flexible marketing. Additionally, factors such as the rising demand for quick food service establishments and growing convenience are boosting the growth of the food service industry across the globe. However, according to the market intelligence specialists, the shifting consumer attitude towards healthy food and rising commodity prices are contributing to the sluggish growth of the market.
As a result of such challenges, food service players have started adopting procurement market intelligence studies to evaluate suppliers’ pricing strategies and cut down the overall costs. Moreover, the procurement market intelligence solutions offered by SpendEdge also help food service clients achieve better supplier relationship with the suppliers.
The Procurement Pain Point and Insights Offered
A global food service client wanted to evaluate suppliers’ pricing strategies to cut down on the overall costs. Additionally, the client wanted recommendations to enter into a better contract negotiation with their current suppliers. The client also wanted to gain an in-depth understanding of the supply market and assess their overall procurement capability across the supply chain to serve their customers better.
The market intelligence specialists at SpendEdge conducted an in-depth industry analysis, which included primary and secondary research coupled with qualitative and quantitative data collection methodologies, to cater to the specific category requirements of the client.
With the help of this procurement market intelligence study, the food service client was able to evaluate suppliers’ pricing strategies, which, in turn, helped them enter into a better contract negotiation. Additionally, the client was able to evaluate their overall procurement competence across the supply chain to serve their customers better through a detailed understanding of the supply market.
Key questions answered in this procurement market intelligence study include
The procurement market intelligence solution provided by SpendEdge helped the food service client identify potential supplier risks and save massive amounts in their procurement operations. Additionally, the client was suggested insights into the supply market to better serve their customers.