The food and raw material pricing data firm, Mintec, has released its new procurement platform.
The platform, which is powered by Robotic Process Automation, targets procurement professionals, aiming to transform negotiations between buyers and sellers.
Mintec Analytics offer pricing information for more than 11,000 commodities, as well as analytics tools.
The platform can offer insights into key drivers, market events, weather patterns and other critical factors impacting price.
“The typical buyer and seller have less than 10% of their time available for research ahead of price negotiations,” stated Tony Pauley, CEO of Mintec.
“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.”
“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.”
“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,” continued Spencer Wicks, Managing Director of Mintec.
“This will unlock new levels of insights and drive increased value from the data we provide.”