Mintec's Newly Launched Commodity Procurement Platform Set to Transform Negotiations Between Buyers and Sellers
LONDON, October 23, 2018 /PRNewswire/ --
Mintec, the leading independent provider of food and associated raw material pricing data, has launched a new platform for procurement professionals, powered by Robotic Process Automation.
The new platform, Mintec Analytics, provides independent price information for 11,000+ commodities, in addition to advanced analytics tools. Together, these deliver insights on key drivers, market events, weather patterns and other critical factors impacting price.
Mintec's CEO, Tony Pauley, believes that this new platform will help transform negotiations between buyers and sellers, enabling them to identify value and agree on market price across a range of categories. This is something which is currently difficult, due to a lack of transparency and the sheer volume of categories being managed.
"The typical buyer and seller have less than 10% of their time available for research ahead of price negotiations. To properly prepare market analysis on raw materials and finished goods, with long and increasingly complex supply chains, can take a week or even more. With both parties often responsible for managing many products, there is often not enough time available to adequately prepare for all negotiations," stated Pauley. "As a result, focus is typically on the top 5 or so spends, leaving the remainder largely ignored. This often results in missed opportunities for smaller products," he continued.
Mintec Analytics provides both buyers and sellers with current, historical and forecast views, across the key factors driving price fluctuations - from supply and demand, currency, interest rates and political stability, to critical events and weather trends. In addition to facilitating more informed negotiations, the increased transparency helps procurement professionals plan longer term purchasing strategies, and source alternative suppliers with greater ease.
"We have leveraged the latest technology to build advanced analytics tools which allow our clients to automate, accelerate and simplify data querying, analysis and modelling. This will unlock new levels of insights and drive increased value from the data we provide," commented Spencer Wicks, Mintec's Managing Director.
Mintec is the leading provider of raw materials pricing and market data. Through our data, analysis and cutting-edge SaaS platform, Mintec Analytics, we empower the world's leading brands, retailers and manufacturers to implement more efficient procurement strategies.
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