Purchasing Software Overview
The newest update to our Buyers Edge Purchasing software is the Market Ticker, an interactive widget that showcases updated market pricing for commodities that matter to your operations. Located at the bottom of your dashboard as a scrolling widget, the market ticker is customizable by market and gives you at-a-glance information on recent price trends.
Popular Use Cases
The market ticker is extremely beneficial to operations of all kinds. Take, for instance, a national chicken wing chain. With a menu focused on fried foods, keeping an eye on varieties of chicken cuts, oil, potatoes, and wheat is going to be crucial to their purchasing needs. However, a casino with an Italian pizza concept is naturally going to focus less on the chicken prices and more heavily on tomatoes, wheat, dairy, and other pricing more relevant to their pizza-centric menu. Having the ability to customize the market ticker to commodities that directly correlate to what you’re purchasing in your operations makes it easy for you to make informed and smart purchasing decisions that can impact your operation’s bottom line.
Refer to the market ticker during menu planning or while planning out LTOs for holiday seasons or specialty menus. Take for instance, a popular sports bar concept in Las Vegas. On any given night, they could be hosting several big games in their main dining and private rooms and want to ensure they’re purchasing the right items that give them the largest profit margin. Last week (October 10-17) boneless skinless chicken breasts were down almost 18% while wing prices were up 5%. If the operation was planning to run a special for game day that week, knowing this price difference can help them choose a promotion focused on boneless tenders instead of bone-in wings to maximize their profits. It’s important to note that although the pricing percentage you see on the market ticker is reflective of the market and not your direct purchases/ brands, the information is good to consider as these commodity prices will trickle up through the supply chain and result in higher costs to distributors, with margins then added on top.
The ticker runs continuously while a user is on their dashboard. Items can be added through a simple search feature located at the gear in the left of the ticker bar. For example, a search of “tomato” turns up over 25 results ranging from cherry, grape and Roma varieties to even organic heirloom varieties. Having access to this level of details allows for deep levels of customization to make sure that the commodity prices that matter to you aren’t lost among a sea irrelevant data.
When a user clicks into the market ticker for an individual item, you can see a line graph of the percentage increase or decrease and current price for each commodity. Market pricing information goes back more than 5 years to see what trends are impacting the commodities you care about.
Want to learn more about ways Market Pricing can impact your purchasing decisions? Speak with your client manager today or learn more about our Buyers Edge software here.