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New solution connects ArrowStream spend analytics with sourcing, streamlines the sourcing process and enables expanded collaboration between restaurant chains and suppliers.
CHICAGO, February 18, 2019 — ArrowStream, Inc. (“ArrowStream”), the leader in supply chain technology for the foodservice industry, announced the upcoming launch of its new Strategic Sourcing solution.
“With rising competition, industry consolidation and changing consumer tastes, chain restaurant operators are being challenged to add new and innovative items to their menu while simultaneously keeping food costs under control,” said Jeff Dorr, ArrowStream’s Chief Customer Officer. “To meet these demands, sourcing teams will need to find tools that allow them to scale their operations. The best way to achieve this is through technology that automates the sourcing process, simplifies decision making and allows them to work more cohesively with their suppliers.”
Strategic Sourcing expands ArrowStream’s integrated technology platform by connecting new sourcing capabilities with existing spend analysis and contract management tools. The result is an end-to-end process that focuses buyers on high value sourcing opportunities while minimizing the administrative work needed to run sourcing events.
The major components of ArrowStream’s sourcing workflow include:
- Sourcing Planner – A configurable tool for planning future sourcing events and tracking ongoing savings generated from past sourcing events.
- Spend Analytics – In-depth analysis of product spend, contracted versus non-contracted spend or spend by distribution channel.
- Market Intelligence – Data, analysis and forecasting on over 200 commodity markets.
- Supplier Discovery – A foodservice specific database of suppliers, searchable by product category, distribution reach and other company attributes.
- Sourcing Event Manager – A communications workflow tool for inviting suppliers to sourcing events, collecting bids and providing status or award information.
- Scenario Analysis Tool – A decision support tool for analyzing bid information by comparing multiple award scenarios.
A significant innovation within Strategic Sourcing is the newly expanded Supplier Discovery feature that connects restaurant buyers directly to suppliers.
“Finding the right supplier to partner with is more critical than ever in the foodservice industry,” said Bill Michalski, ArrowStream’s Chief Solutions Officer. “Outside of word-of-mouth and online searching, there isn’t a single place to look. With the Supplier Discovery feature in Strategic Sourcing, we’ve done the legwork and are connecting operators to suppliers that match their needs.”
Through extensive research efforts, ArrowStream has created a curated database of over 6,000 suppliers. As part of this research, ArrowStream has confirmed that each listed supplier has experience providing products to chain restaurant operators. Strategic Sourcing connects chain restaurant users to this information through advanced search capabilities. When a specific supplier is located, the user will access a supplier profile page that contains details about the company, the types of products they sell and the distribution network they ship through. Suppliers who join ArrowStream’s Operator Collaboration network will also have the ability to update their profile.
“With Strategic Sourcing, we’re making the sourcing process quicker and easier,” said Dorr. “This streamlined process enables our clients to source more frequently and to find more cost savings. We’ve had numerous clients testing and early indications show significant product cost and time savings.”
Strategic Sourcing will be available in the second quarter of 2019. To sign up for information or upcoming webinars please visit www.arrowstream.com/subscribe.
Based in Chicago, ArrowStream powers the intelligent foodservice supply chain with its tailored solutions for supply chain visibility, contract management, strategic sourcing and food quality management. ArrowStream serves hundreds of restaurant operators, distributors and food manufacturers across North America. For more information, please visit www.arrowstream.com.
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