Spend Management

PAY THE RIGHT PRICES FOR THE RIGHT PRODUCTS

If you’re not auditing contract pricing for all of your products every month, you may be leaving money on the table.

Even a small change in food costs can lead to a magnified impact on your bottom line. In today’s inflationary and competitive environment, costs must be managed aggressively. Pricing deviations of a few cents or missed rebates may appear small, but the cumulative effect across a restaurant chain over time can translate to several million dollars of untapped savings opportunities.

Segments Served:


Spend Management

PAY THE RIGHT PRICES FOR THE RIGHT PRODUCTS

If you’re not auditing contract pricing for all of your products every month, you may be leaving money on the table.

Segments Served:

Managing and auditing contracts in the foodservice industry, however, is no easy task. More often than not, distributors use their own product numbers and descriptions, which are not standardized. Even if operators can incur the costs to chase down missing reports and map distributor nomenclature to their own, they still have to analyze hundreds of thousands of invoice lines to ensure they are capturing the full value of their negotiated contracts. As a result, operators spend the majority of their time in fire drill mode, and very little time analyzing and taking action on the opportunities for cost management and growth.

iTrade’s Spend Management customers are saving millions annually by using our solutions to ensure that their units are buying the right products and paying the right prices. With iTrade Spend Management you can be up and running with actionable information, not just more data, to start seeing savings immediately.

iTrade’s Spend Management is a web-based, hosted solution for capturing the full value of operator contracts by easily identifying contract price variances, monitoring and enforcing unit compliance, and identifying rebate-eligible purchases, optimizing SKUs and vendors, and other cost savings. iTrade’s Spend Management automates the collection and standardization of unit-level invoice data, allowing you to manage by exception and uncover opportunities for cost savings.

iTrade Spend Management allows operators of all sizes to increase visibility across the entire supply chain and gain insights needed to make smarter business decisions, helping you to:

Reduce food costs by up to 5%
Enhance product quality
Increase value delivered to franchisees
Maximize rebate collections
Provide purchasing, operations and finance with a single data source to make sound business decisions

Even a small change in food costs can lead to a magnified impact on your bottom line. In today’s inflationary and competitive environment, costs must be managed aggressively. Pricing deviations of a few cents or missed rebates may appear small, but the cumulative effect across a restaurant chain over time can translate to several million dollars of untapped savings opportunities.

Managing and auditing contracts in the foodservice industry, however, is no easy task. More often than not, distributors use their own product numbers and descriptions, which are not standardized. Even if operators can incur the costs to chase down missing reports and map distributor nomenclature to their own, they still have to analyze hundreds of thousands of invoice lines to ensure they are capturing the full value of their negotiated contracts. As a result, operators spend the majority of their time in fire drill mode, and very little time analyzing and taking action on the opportunities for cost management and growth.

iTrade’s Spend Management customers are saving millions annually by using our solutions to ensure that their units are buying the right products and paying the right prices. With iTrade Spend Management you can be up and running with actionable information, not just more data, to start seeing savings immediately.

iTrade’s Spend Management is a web-based, hosted solution for capturing the full value of operator contracts by easily identifying contract price variances, monitoring and enforcing unit compliance, and identifying rebate-eligible purchases, optimizing SKUs and vendors, and other cost savings. iTrade’s Spend Management automates the collection and standardization of unit-level invoice data, allowing you to manage by exception and uncover opportunities for cost savings.

iTrade Spend Management allows operators of all sizes to increase visibility across the entire supply chain and gain insights needed to make smarter business decisions, helping you to:

Reduce food costs by up to 5%

Enhance product quality

Increase value delivered to franchisees

Maximize rebate collections

Provide purchasing, operations and finance with a single data source to make sound business decisions

KEY FEATURES

Available as stand-alone or integrated solution with legacy and enterprise applications, iTrade Spend Management provides:

Automate Spend Management

  • Automate the collection and standardization of distributor-reported invoice data
  • Translate distributor product numbers to operator product numbers
  • Track Rebate Eligible Purchases

Best Practice-based Professional Services

  • Implementation and training
  • Contract loading
  • Value acceleration services

Identify Contract Variances

  • Reporting ensures pricing correctly for each store, each contract pricing line
  • Quickly identifies pricing issues for correction
  • Monitor And Enforce Unit Level Compliance
  • Daily Invoice Data Collected Directly From DCs

Capture The Full Value Of Contracts

  • Reporting of purchases at the store invoice level
  • Invoice data collected direct from Distributors, mapped by iTrade Data Analysis team
  • Aggregated reporting by Product, Category, Supplier, DC, Owner & Store, plus Invoice Line

Intuitive, Action-based Dashboards and Reports

  • Monitor contract compliance and identify price variances
  • Identify price variances across DCs or regions
  • Monitor regional or concept-level performance
  • Drill-down reports from executive dashboards to invoice-level detail
  • Receive alerts for key variances or events
  • User-specific dashboards and reports
 

KEY FEATURES

Available as stand-alone or integrated solution with legacy and enterprise applications, iTrade Spend Management provides:

Automate Spend Management

  • Automate the collection and standardization of distributor-reported invoice data
  • Translate distributor product numbers to operator product numbers
  • Track Rebate Eligible Purchases

Best Practice-based Professional Services

  • Implementation and training
  • Contract loading
  • Value acceleration services

Identify Contract Variances

  • Reporting ensures pricing correctly for each store, each contract pricing line
  • Quickly identifies pricing issues for correction
  • Monitor And Enforce Unit Level Compliance
  • Daily Invoice Data Collected Directly From DCs

Capture The Full Value Of Contracts

  • Reporting of purchases at the store invoice level
  • Invoice data collected direct from Distributors, mapped by iTrade Data Analysis team
  • Aggregated reporting by Product, Category, Supplier, DC, Owner & Store, plus Invoice Line

Intuitive, Action-based Dashboards and Reports

  • Monitor contract compliance and identify price variances
  • Identify price variances across DCs or regions
  • Monitor regional or concept-level performance
  • Drill-down reports from executive dashboards to invoice-level detail
  • Receive alerts for key variances or events
  • User-specific dashboards and reports

“Given today’s inflationary pressures, we want to protect our franchise members and provide the best tools to combat rising food costs. iTrade helps us improve our ability to perform a complete audit of our spend so we can enforce price and purchase compliance.

 

Vice PresidentInternational Dairy Queen

 

 

“Since we’ve been using Spend Management, we’ve learned new ways to analyze and collect spend data. We are looking forward to really digging into the functionality of this application to help us better manage a more efficient supply chain.”

 

Suppy Chain Management DirectorP.F. Chang’s

“Given today’s inflationary pressures, we want to protect our franchise members and provide the best tools to combat rising food costs. iTrade helps us improve our ability to perform a complete audit of our spend so we can enforce price and purchase compliance.

Vice PresidentInternational Dairy Queen


“Since we’ve been using Spend Management, we’ve learned new ways to analyze and collect spend data. We are looking forward to really digging into the functionality of this application to help us better manage a more efficient supply chain.”

Suppy Chain Management DirectorP.F. Chang’s