By TopUp Mama
Prices of food and other commodities in Kenya are up. According to the Kenya National Bureau of Statistics (KNBS), inflation in June was 7.9 per cent compared to 7.1 per cent in May. The prices of food and nonalcoholic beverages increased by 13.8%.
The changing food prices have strained hotels, restaurants and cafes across Kenya. Procurement managers and restaurant owners need to increase their reliance on data to succeed. Here are three data points every procurement manager can use to save money for their organization.
A spend analysis report is the most important of all as it breaks down all the elements of the procurement process. Procurement professionals must track what they purchase, how much they pay, whom they buy from, and on what terms. This information simplifies the forecasting process as one can predict demand and plan appropriately for busier days.
With the pace at which prices change, procurement managers must actively track their spending within given periods and review these frequently to make the best decisions.
With the prices of products changing almost daily, restaurants must receive all their products on time and in full when needed. Monitoring supplier performance and data also enable procurement managers to plan effectively for their purchases and avoid making emergency purchases, which drives up procurement costs.
By using digital procurement platforms like TopUp Mama, restaurant and hotel procurement managers can ensure that they have all this data. For example, TopUp Mama recently launched a weekly report to enable businesses to analyse their spending and track their procurement performance.
What are some of the data and processes you track for efficiency in your department?
Over 3000+ restaurants use Topup Mama to purchase supplies, access credit and grow.