Artificial Intelligence and Automation-based Sourcing and Procurement to Revolutionize the Food and Beverage Industry
The latest supply market intelligence study by SpendEdge on sourcing and procurement offers a detailed understanding of the supplier selection, supplier relationship management, and evaluation of potential suppliers in the food and beverage industry.
Is e-procurement the new way?
The suppliers in the food and beverage industry are focusing on developing effective strategies to implement successful sourcing processes, build stronger vendor relations, and identify price negotiation opportunities. The stringent food safety regulations and the rise in commodity prices are encouraging the suppliers to optimize their supply chains to maintain their profit margins. Adoption of intelligence sourcing and process efficiencies, building robust supplier and contractor relationships, and implementing e-procurement solutions will boost the visibility of the supply chains. E-procurement solutions initiate automation in the business process, improves workflow, allows the implementation of new functionality such as online bidding and electronic POs and enhances connectivity with external supply chains. The suppliers are also focusing on developing mobile technology and cloud-based solutions to improve the supply chain management and reduce the operational costs.
SpendEdge’s latest supply market intelligence study helps companies streamline their sourcing and procurement processes that decrease the overall category spend and secure the company’s future commercial success. The organizations are investing in solutions that measures, manages, and analyzes the supply chain workflow to identify the defects on real-time and help increase the sales revenue. Moreover, the solutions are aimed to increase the visibility, optimize the functionality, enhance demand management, distribution planning, and production scheduling. By creating a strong supply chain, vendors can increase their profitability and expand their businesses to new emerging markets.
Artificial intelligence and automation
The introduction of cloud-based technologies and ERP systems are paving the way for AI and automation for effectively managing and maintenance of procurement and sourcing processes. The use of these advanced technologies is helping suppliers boost their connectivity and interactions with customers and end-users. By leveraging AI-based solutions, vendors can understand the consumer buying behavior and develop their production processes.
The outsourcing of certain parts of the supply chain is helping vendors to focus on core functionalities to develop a robust and functional workflow. Product designing, manufacturing and distributing, and information management systems are some of the few activities that are outsourced to emerging nations such as China and India that offer economic benefit to the companies. These solutions will help suppliers implement control mechanisms that will enable seamless connectivity with all points in the supply chain.
Solutions SpendEdge offer to businesses
The supply market intelligence study by SpendEdge on procurement and sourcing in the food and beverage industry analyzes internal and external databases to offer effective solutions to improve the sourcing and procurement processes. The solutions offered are listed below:
- Analyze the latest market trends, category cost drivers, supply market, and value chain
- Offer actionable insights into the supply market across the Americas, APAC, and EMEA regions
- Deliver effective strategies for cost reduction and price negotiation
- Identify the top suppliers of sugar in the target regions and analyze their contractual terms
- Provide a better understanding of the performance evaluation criteria and solution for a better supplier relationship management
Read our complete case study titled – Supply Market Intelligence Solution Helps a Leading Food and Beverage Company
Other case studies you might be interested in:
- SpendEdge’s Supply Market Intelligence Helps a Leading Manufacturing Company
- Supply Market Intelligence Solution Helps a Leading Nutrition Product Manufacturing Company
- Procurement Market Intelligence Solutions Helps a Global Telecom Company
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