Fourth, CGA and Prestige Purchasing announced at the Tackling Food Prices Increases Briefing yesterday that they would be pulling their resources together to provide customers with benchmarking of inflationary goods, and transparency of how their business is performing against the overall market.
The partnership will integrate data from the CGA Prestige Foodservice Price Index (FPI) into Fourth Analytics, along with market data from the Coffer Peach Business Tracker.
Peter Martin, vice president, CGA, said: “We’re very excited about this new partnership and the benefits it will give to operators across the industry.
“Tracking, analysing and benchmarking personal business performance against the markets you operate in, is imperative to overcoming the troublesome climate all hospitality operators are currently facing.
“This partnership not only makes that easier, but takes it to the next level.”
The new web portal allows businesses to cross-reference the prices they have paid for different categories of products against the market, while Fourth says its analytics dashboard can determine how much money they could have saved, and how this affected their bottom line.
“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," said Simon Bocca, chief operating officer at Fourth, recently voted second in a CMI ist of the best UK companies to work for.
“This partnership will give operators complete transparency of performance, allowing them to understand the impact these factors are having on their bottom line.“
David Read, chief executive, Prestige Purchasing, added: “The upward leap in food and drink inflation in 2017 has shone the light on performance of procurement teams, and has peaked the interest of boardrooms throughout our sector.
“Fourth’s ability to match CGA Prestige FPI to each client’s live data is a really exciting development, enabling real transparency of every client’s performance against the market.”