Strategic Sourcing is expected to expand the integrated technology platform of ArrowStream
ArrowStream Inc., a Chicago-based leading supply chain technology provider for the foodservice industry, has made it to the headlines for announcing the launch of its new Strategic Sourcing solution.
Reportedly, the Strategic Sourcing is expected to expand the integrated technology platform of ArrowStream by associating the novel sourcing capabilities with the current spend analysis & contract management tools. Sources with the knowledge of the matter affirmed that latest innovation will lead to an end-to-end process, focusing buyers on high-value sourcing prospects and simultaneously, lessening the administrative work that is required for running sourcing events.
Jeff Dorr, the Chief Custom Officer at ArrowStream, was quoted saying that the chain restaurant operators are facing the challenge of adding innovative items to their menu while keeping the food costs under control, with growing competition, changing consumer tastes and industry consolidation.
He further explained that the sourcing teams need to seek appropriate tools to scale their operations to meet these demands, and the apt way to achieve it is the deployment of technology that helps automate the sourcing process, provides more cohesive working with the suppliers and simplifies decision-making.
It has been reported that the new sourcing workflow of ArrowStream includes major components namely, Sourcing Planner, a configurable tool used to plan future sourcing events; Market Intelligence : data, analysis & forecasting on more than 200 commodity markets; Spend Analytics, which is insightful analysis of product spend; Sourcing Event Manager, which is a tool for communications workflow; Supplier Discovery, a foodservice-specific database of suppliers searchable by distribution reach or product category; and Scenario Analysis tool, the decision support tool. For the record, the Supplier Discovery aspect within the Strategic Sourcing is recognized for connecting restaurant buyers directly to the suppliers.
ArrowStream has developed a curated database of more than 6,000 suppliers, by means of its extensive efforts in research. Reports state that the Strategic Sourcing will be made available by the second quarter of 2019.