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STREAMLINING PROCUREMENT Industries often depend on a number of multifaceted layers to ensure the smooth operation of day-to-day business. Abdul Kader Saadi, co-founder and CEO of the Eighty6 Portal, discusses the role of technology in procurement.
When it comes to the F&B industry, procurement is specifically an essential element in managing the line between restaurants and suppliers. In simple terms, procurement is the process of locating and finalizing agreement terms to secure the acquisition of goods/services via external sources in a tender/bid. It is the process of finding and agreeing to terms and acquiring goods, services or works from an external source and procurement and generally involves making buying decisions under conditions of scarcity. In the F&B industry, this process often involves numerous suppliers vying for restaurants’ buying decisions in an environment of scarcity, as often multiple suppliers are needed to fulfill the full list of needs. In other words it is through the process of procurement that companies gain access to the materials they need to ensure their productivity is maintained, since companies need effective procurement practices to manage their costs effectively.
Importance of technology
Redefining the procurement process
The Eighty6 app is designed to bridge the gap between suppliers and buyers. The system is designed to empower buyers by enabling them to review, place orders and track them on the go. It also allows vendors to aggregate, promote and communicate with thousands of buyers at the touch of a button. By its very nature, the procurement process is tedious and cumbersome, and the app is designed to limit the time wasted, via a number of innovative features. On the restaurant side of the equation, the app lists product and supplier prices, allowing companies to easily compare rates for potential procurement. In addition, it
Procurement, much like every other aspect of the F&B industry, can be a challenging area of the business and stands to be improved with the incorporation of innovative technological practices. The redefinition of the procurement process using new technology should be designed to be an optimizer of time. The digitization process seeks to free up the mundane, time-consuming nature of procurement and give employees the opportunity to use their brainpower and innovation in core strategic areas that actually require it.
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Businesses that lack the incorporation of technological solutions inevitably fall back on manual processes. In the long run, this makes it difficult for companies to scale their procurement processes and address the challenges of transparency and sustainability. Technology utilized by the Eighty6 platform also provides companies with the invaluable addition of data that can be used to spearhead more productive directions and compare/contrast current procurement methods. This allows companies to not only be more profitable in the present timeframe but also guarantee long-term projections by making plans based on concrete data that is more likely to warrant long-term profitability. In other words, companies can now prioritize their preferred routes of operation and better assign assets to their relevant departments with the full confidence of market data to back up their decisions.
The Eighty6 app
also allows managers and chefs to find new suppliers/products via its search and discovery engine, complemented by an ability to track orders available on the system. If more extensive assistance is required, Eighty6 can also locate/secure strong procurement options by aiding users in finding new suppliers and products and allowing them to compare results for optimal finalized options. Utilizing Eighty6’s entire list of comprehensive features allows managers to cut down on the time spent on the procurement process by as much as 50 percent.
Benefits for suppliers In terms of supplier side benefits, Eighty6 allows suppliers to receive orders digitally and efficiently via SMS, WhatsApp and email. Arguably one of the strongest benefits of the Eighty6 app is its ability to increase supplier reach by allowing this group to connect with thousands of chefs and users at the push of a button.
Wrapping things up In summary, the implementation of the Eighty6 technology addresses four key areas of success: time reduction, increased efficiency, improved communication channels and cross-data comparison. More than ever, businesses need to safeguard their investments and ensure that unnecessary time and money spent on essential practices are never taken for granted again. Procurement and technology are on a parallel trajectory and those companies that seize this trend will be the first to reap the benefits of applications like Eighty6.
