Procurement is not a simple process by a long shot. While the availability of market intelligence has made things easier for the global procurement teams, there are better ways to harness the information available to get better insights. Based out of the UK, Mintec has been providing independent data and market intelligence on food ingredients and soft commodities, helping its customers to be better at negotiations with the suppliers. The company leverages data like it’s never been done before.
Mintec has been the world’s leading provider of market intelligence for food manufacturers and retailers for close to four decades now. The company has been helping procurement teams maximize their margins, achieve the best value by providing them informed market insights and pricing data of soft commodities and food ingredients. They have helped customers save money which has made them the data provider of choice for large multi-nationals like Tesco, Unilever, Starbucks, L’Oreal and many more.
Fulfilling the need of actionable insights
When Mintec was established in 1981, there was a demand for something that would help the businesses acquire data as the supply chains grew complex and market volatility increased. But the data was only good if actionable insights could be derived to procure at the right price. To solve this issue, Mintec came up with the Mintec Analytics digital platform to help its customers understand the factors influencing prices and to ensure that they were informed and ready to negotiate with their customers and suppliers in the best way possible.
Spencer Wicks, the CEO of Mintec says, “Before Mintec Analytics, our customers struggled to identify value due to a lack of transparency, but now they can quickly and effortlessly find value across their full range of categories.”
Mintec helps its customers identify the trends; evaluate a commodity’s performance, smooth out the price volatility to understand the price movements. And their single click Negotiation Packs have been nothing short of revolutionary. With these, a procurement professional has everything he needs in a few seconds which otherwise would have traditionally required over a week of research.“While our competitors have tried, they’ve just not been able to replicate our model successfully,” says the CEO.
Value for Money
Mintec Analytics has been responsible for delivering commercial success of its customers over the years. While some customers have used the inbuilt data and trend analysis to unlock great deals, others have achieved high efficiencies as Mintec has allowed them to centrally manage their procurement operations.
Mintec has made access to market intelligence simpler which has helped customers in tracking the market fluctuations. This has also turned the procurement strategies hyper-realistic and the negotiations well-informed.
“Our customers have used Mintec Analytics to develop procurement strategies that have reduced cost and driven growth. It’s helped them to dramatically expand the number and range of commodities they track and given them a greater understanding of the underlying market drivers impacting prices,” says Wicks. The procurement technology has enabled the customers reduce the meeting and negotiation time from around half a day to just half an hour. Several of the company’s customers have remarked that their association with Mintec has been a real game-changer.
Today, most of the top food retailers and manufacturers in Europe are Mintec’s clients including the likes of Carrefour, ALDI, DIAGEO, Sodexo, and Bidvest. Over the last 35 years, the company has been a reliable partner for insights on food commodity costs and it continues to innovate to produce the best market intelligence for its customers.
Meet the Chief
Spencer Wicks, CEO
Prior to Mintec, he was the Publisher of Metal Bulletin. He has also served Data monitor at the capacity of Managing Director of Professional Services. Mr. Wicks earned his BA in Philosophy from the University of Lancaster and MA in Philosophy from University of Sussex.
“Mintec plays a key part in helping us achieve a more centrally and digitally managed procurement strategy.”
“We can fire up a Mintec Analytics report very quickly and send it to the customer to provide evidence for rising costs or decreasing costs.”
“Mintec Analytics helps us justify and evidence our position in the market.”
“Digital transformation is extremely important as our ways of working evolve, and Mintec Analytics plays a key part in helping us achieve a more centrally and digitally managed procurement strategy. It’s fast, easy to use, and does exactly what we need it to do – which is why we haven’t looked elsewhere.”
“We use Mintec Analytics every day – from price checks to volatility analysis – we’ve even built an internal index using Mintec’s data to help us internally benchmark performance and pricing.”