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Why Paying Attention to your Product Trends Matters

Posted on February 4th, 2019 by admin - Blog

Let’s be honest, when you’re in the thick of your day-to-day, it’s hard to see the bigger picture, especially on your pricing. That’s where FoodBAM comes in. Our inventory management software has a product trends feature that allows you to see aggregate, historical, and real-time data on the products you buy and their pricing trends. With this information, you can see your average savings, the best price you’ve received on a product, your average price, and the most recent price you’ve purchased a product for.

This kind of insight gives you more power and hands-on information from your distributor on your products across the board. No longer do you have to cross-reference spreadsheets and forms or simply take the word of your distributors. With the product trends reports, you have real-time, fast data that shows you prices you’ve been quoted, the price you actually pay, and an overall trending report of your prices on specific products over time. This kind of data gives you the confidence to trust your distributors in their pricing or to check in with FoodBAM and other distributors to find you the best pricing on the same or similar products.

 

While FoodBAM can’t show you trending pricing industry-wide, knowing the pricing on items you don’t regularly buy gives you insights into possible overcharges or mishaps by your distributors. For example, if you’re a burger chain, you may always pay attention to your pricing on beef, potatoes, and butter, but not as much on your chicken broth. By seeing your product trend pricing overtime you’ll be able to keep stock of whether your charges are high or average. If pricing seems really high on any item, then FoodBAM can help you work with a GPO that can find you the best product pricing on your items, from broadline to produce and specialty items.

Beyond saving you time, FoodBAM’s product trends insights have real ROI. It’s said that by stabilizing the pricing on at least 5% of your items can help you save more to your bottom line by 60%! Now that’s savings you can see.