iTradeNetwork Announces the Next Generation Spend Insights Solution, Bringing Premium Analytics and Insights to Foodservice Operators
iTradeNetwork, the leading global provider of end-to-end supply chain management, data, and intelligence solutions for the foodservice industry, is proud to announce the next generation of Spend Insights, a solution that surfaces trends, anomalies, and actionable intelligence for Foodservice Operators to make informed business decisions faster than ever before.
Foodservice Operators face many challenges in the current market. Nearly seventy-five percent of operators say labor recruitment and retention are their toughest challenges today (NRA 2021 Report), and the pandemic has caused widespread stock-outs, disruptions and inventory issues that affect their bottom lines.
With so many distributor and manufacturer relationships to manage, simply gathering reliable, complete data is difficult and painful, and there are growing concerns amongst Operators about data privacy, security, and integrity. Poor visibility makes it nearly impossible to effectively manage compliance and spending—let alone identify opportunities for growth.
iTradeNetwork introduces the next generation of Spend Insights, leveraging more than 20 years of securely and reliably managing data and providing analytics for the world’s largest food manufacturers, distributors, and operators. The new solution acquires, standardizes and validates the data across disparate distributor and manufacturer relationships, giving Foodservice Operators complete supply chain visibility to uncover opportunities for rebate, pricing, and contracting decisions.
This release comes complete with an advanced, fresh user interface and staggering performance improvements of more than 90%. Reports that previously took 9 minutes to run now take 15 seconds, saving Operators an average of 40 hours a month and enabling them to receive accurate, actionable data even faster and more reliably. Using the next generation Spend Insights solution Operators can expect to see:
- 2-3% collection of pricing overcharges on contracted spend
- 15-20% rebate improvement from more compliant purchasing
- 10-15% improvement in new contracting opportunities
“It isn’t a simple task to collect and reconcile data across all end units, distributors, and manufacturers,” says Nathan Romney, iTradeNetwork’s Chief Product Officer. “Now we can do this with 99.5% match rate accuracy—but we go beyond that. We put this data to work by surfacing advanced analytics that not only give our customers full visibility to evaluate compliance, pricing and contracts, but they can even benchmark customers against US national averages, scorecard vendors, manage menus, and more. The value our customers get from our insights is unrivaled.”
The iTradeNetwork Data Pool is fully compliant with GS1 standards and can interoperate with any other GS1 GDSN-certified data pool or solution provider worldwide.
iTradeNetwork plans to discuss the Spend Insights release at the upcoming National Restaurant Association’s Supply Chain Expert Exchange Fall Conference on October 11th and 12th in Orlando, Florida.
The next generation of Spend Insights is the latest of many innovations iTradeNetwork has delivered to the market in the last year, including OrderMaestro, a branded ordering and inventory management solution for Foodservice Operators.
About iTradeNetwork
iTradeNetwork, Inc. is the premier software provider for the industry’s largest network of food and beverage companies, building the smartest, freshest, most resilient supply chains of today and tomorrow. iTradeNetwork offers an expanded platform of solutions designed to improve efficiency and provide greater visibility across the supply chain for Procurement, Traceability, Analytics and foundational Data Services. For more information, visit: www.itradenetwork.com