Specialist data and software firms Fourth, CGA and Prestige Purchasing have formed a partnership to provide the UK hospitality industry with what is claimed to be unique insights into food and drink inflation and sales performance.
The partnership will integrate data from the CGA Prestige Foodservice Price Index into Fourth Analytics, along with market data from the Coffer Peach Business Tracker, enabling businesses to see how they are performing against the market across a number of variables, while allowing them to cross-reference the prices they have paid for different categories of products.
For instance, a business could see if it had been purchasing in line with the market price for meat over the past 12 months and, if it hadn't, Fourth Analytics' dashboard could determine how much money it could have saved, and how it affected its bottom line.
Fourth chief operating officer Simon Bocca said: "It's no secret, times are tough for operators with a perfect storm of rising costs, such as National Living Wage, business rates, and Brexit, battering the industry. This partnership will give operators complete transparency of performance, allowing them to understand the impact these factors are having on their bottom line. This new partnership marks a step change in the way businesses analyse performance and procurement data to drive their evolution."
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