Powered by Robotic Process Automation, Mintec has launched a new platform that provides independent price information for 11,000+ commodities, in addition to advanced analytics tools. Mintec Analytics provides food and associated raw material pricing data along with insights on key drivers, market events, weather patterns and other critical factors that can impact price.
The new platform is for procurement professionals and “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.”
Mintec’s CEO, Tony Pauley states: “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…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.”
