In a world where packaging can be more important than the product inside, food manufacturers don’t make changes in packaging easily. However, these companies also have a need to keep their packaging costs as consistent as possible. This is a difficult task if there is no or limited transparency into the costs that drive the price of packaging.
Those who work in packaging procurement, supply chain and sourcing within food and food ingredient companies must not only understand the market for raw goods, but also must monitor market fluctuations to best plan for changing costs.
Fastmarkets RISI provides the industry with market intelligence tools that help paper and packaging buyers capture discount opportunities, budget more accurately and build a robust supply chain. And now their market data is available in DTN ProphetX, the leading market data solution used by commodity analysts and buyers.
ProphetX users are now able to benchmark current their pricing arrangements against the market to determine if they need to renegotiate to take advantage of discounts. They also can identify “trigger” points to begin those negotiations with their suppliers. They also reduce the potential for “surprise” cost increases by staying on top of potential price changes. All this from an independent and trusted source of market data.
Get more information on ProphetX or schedule a demo today!