Procure to Pay Process in the Food Industry

P2P Software, Disrupting Technology

The food industry makes up a huge portion of our economy with estimated revenue for 2017 coming in at almost $800B. As consumer tastes change, the food industry is using technology that can help facilitate and optimize the supply chain process.

Some of these changing consumer tastes are long-lasting like the farm-to-table movement and the overall desire for more natural, fresh foods. Other changes are trends, short-lived in nature, but with an important increase in demand that food suppliers want to deliver on.

Procurement solutions allows large corporations to track these trends so that they can better deliver to customers’ wants. Spend analytics allow companies to process data over frequent purchases and many suppliers. Automated data analysis is a huge game changer in the food industry.

Fifteen major food chains have partnered with International Foodservice Manufacturers Association and a supply chain management company to improve their own procurement process. These improvements quickly flow down to affect the food Americans are consuming today.

Using procurement software creates a more efficient and cost effective procure to pay process that affects everyone.

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Source: Racounteur, Five ways technology is driving procurement