As the UK hospitality industry confronts some challenging headwinds, Fourth, CGA and Prestige Purchasing have unveiled a new partnership to provide customers benchmarking of inflationary goods and total transparency of how their business is performing against the overall market.
The revolutionary partnership will integrate data from the CGA Prestige Foodservice Price Index into Fourth Analytics, along with market data from the Coffer Peach Business Tracker. Enabling businesses to see how they are performing against the market across a number of variables, while allowing them to cross-reference the prices they have paid for different categories of products.
In its simplest form, this would mean a business could see if it has been purchasing in line with the market price for steak over the past 12 months. If it hadn’t, the Fourth Analytics dashboard can also determine how much money they could have saved, and how this affected their bottom line.
Commenting on the partnership, Simon Bocca, COO at Fourth, said: “It’s no secret, times are tough for operators with a perfect storm of rising costs, such as NLW, business rates, and Brexit, battering the industry. This partnership will give operators complete transparency of performance, allowing them to understand the impact these factors are having on their bottom line.“
Fourth has always been dedicated to helping hospitality operators better understand their business and become more efficient. This new partnership with the leading data analyst companies in hospitality, CGA Peach and Prestige Purchasing, marks a step change in the way businesses analyse performance and procurement data to drive their evolution – it’s really powerful stuff.”
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.”
David Read, Chairman, Prestige Purchasing, said: “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.”