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Learn how one of the largest poultry farming and processing companies in North America achieve year-on-year procurement savings while simplifying their vendor relationship management landscape.


The Challenge
Our client is one of the largest private companies in the United States. Given that profit margins in poultry farming are thin - usually in the single digits - our client’s procurement department’s role is critical to the ongoing success of the company. The company’s bottom-line is sensitive to input cost fluctuations, which are driven by market movements. Our client’s procurement department is tasked with achieving measurable year-on-year procurement savings.

 

The Solution
To achieve their objectives, our client required the following:

  1. Benchmarking: The team of analysts that support procurement decisions needs reliable and reputable research and analysis against which they can compare their internal analysis for benchmarking purposes. This is mission-critical because it allows analysts to review their work against a trusted source and adds credibility to their analysis in the eyes of their stakeholders.

  2. Market Data: The procurement lead requires up-to-date market data. This includes commodity prices, futures prices and volumes, various drivers of price, including import and export data, supply and demand data in key markets and other indicators. This information is required across the range of commodities that are inputs to their business.

  3. Policy Information: Because even potential changes to policy can impact commodity prices, the team needs policy analysis that goes well beyond what they can get from news websites. The team requires in-depth analysis from analysts who are not only thorough but also plugged-in to policy sources and always aware of coming changes.

To obtain the required decision support tools, sources of fundamental indicators that impact the price of commodities, and a reliable source of timely information about regulatory changes our client utilizes IEG Vantage. The procurement department subscribe to the Acreage and Production, Beef, Pork, Poultry, Feed Grains, Soybean, and Wheat channels. They look forward to the IEG Vantage supply and demand forecasts, read IEG Vantage’s Morning Comments every day, and monitor weekly reports for multiple commodity groups.

 

The Results
Our client now has access to a breadth and depth of knowledge that they can’t get anywhere else leading to cost savings in their information purchases and a simplified vendor relationship management landscape. The IEG Vantage platform and our team of seasoned analysts have become an indispensable and invaluable part of our client’s efforts to meet its procurement goal of achieving year-on-year cost savings.

 


Procurement specialist
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