A digital transformation has affected every industry, with foodservice being no exception. From supply chains to operations, most businesses that will make it through to the other side of a brutal pandemic have one thing in common—they have embraced the new emerging technology.
Let’s take a look at the key players and how technology can help an operator stay in the game and even thrive.
Clean, Up-To-Date Data
Data is the name of the game. Without it, an operator is running their business with blinders on. You may be able to see straight ahead, but there’s a curve coming up that will only be visible if you can see the field from a full perspective. Data gives you that visual.
Simply put, stale, unclean data does not offer an operator the up-to-date information required to make informed choices. The result is shortages and excess supplies that lead to customer dissatisfaction.
Real-time data allows operators and partners to manage and monitor a company’s supply chain as conditions change, sometimes minute-by-minute.
Through the use of Buyers Edge Platform’s technology solutions, over a million lines of daily data are acquired, cleaned, and organized, and visible on dashboards. This type of digital technology leads to better insights that result in actionable measures and provides end-to-end solutions in procurement, online ordering, payments, tracking, receiving, and rebate processing.
This data is available in real-time and across all trading partners, resulting in a collaborated, efficient organization. These once disconnected processes are now streamlined, leading to reduced costs and increased efficiency.
Not only does this data reveal an organization’s strong points, but it also directs companies to the ongoing challenges that may require attention. Early notification means operators can take action before an error leads to reduced customer satisfaction or take advantage of purchasing opportunities as they arise to boost profitability.
Supply Chain Visibility
Many companies lack end-to-end visibility in the supply chain. One survey revealed that only 6% of firms reported achieving full supply chain visibility.
We all remember Chipotle’s freefall a few years back when their supply chain took a hit. From shortages to illnesses, a lack of transparency and tracing led many in the industry to believe their days were numbered. Their effective response was to embrace technology.
A new supply chain team, changes in operational procedures, and their digital supply chain tracking tools that track produce from farm to restaurant provided the visibility their brand-loyal customers needed to return safely. In 2020, Chipotle announced $6.0 billion in revenue, an increase of 7.1% from 2019.
The bottom line: Leveraging technology can uncover multiple supply chain issues and lead to supply chain success.
Procurement is typically time-consuming and labor-intensive. Successful procurement strategies involve finding and comparing suppliers, negotiating contracts, and auditing those contracts. An inefficient process results in increased costs and decreased profits.
Integrating procurement technology results in daily data insights and streamlined, cost-effective strategies. This result is derived from contract management and appropriate identification of suppliers and distributors. Both specialty suppliers and one-stop-shop broad full-line suppliers require consideration.
A GPO offers these services and more, including increasing a company’s purchasing power to negotiate better pricing. Buyers Edge Platform’s procurement technology enables, payments, tracking, cost reduction, and receiving.
Accurate Forecasting and Costing
Food cost management technology ensures operators can manage inventory, food cost, and cost of goods in real-time. This process includes recipe costing and ordering and requires integration with a business’s POS system.
This POS integration results in an adjusted daily forecast that feeds directly to distributors and suppliers. Advanced solutions are dynamic which means real-time optimization of orders and inventory. This results in precise forecasts and orders with distributors, manufacturers, and businesses all on the same page.
AI-driven technology leads to optimized forecasting, an accurate minute-to-minute inventory, and an integrated ordering system. Order management includes suggested ordering, automated shipments, and traceability.
What does all of this data-driven technology result in? Reduced costs, wastes, inventory levels, and cycle times for ordering and delivery.
At Buyers Edge Platform, we help independent and multi-unit chain operators, as well as GPOs, create a technology-in-tune business that relieves the pressure from day-to-day operations while decreasing costs and increasing profits.
Buyers Edge Platform’s software suite tracks, audits, and optimizes purchasing operations, while our GPO services include an account management portal, rebate estimator, affinity programs, and categorization and ACH platforms.
Taylor-made programs provide the solutions that fit each customer’s needs.
Buyers Edge Platform leverages over $12 billion in buying power and purchasing data, offering contracts, data services, and 20 years of expertise to operators across all foodservice segments.