Procurant Price Watch for Retail Grocers
Procurant, a procurement, order management and food safety solution for retail grocers, has launched Price Watch, a new AI-driven solution designed to provide buyers with comprehensive monitoring of internal buying trends across all fresh produce categories. Price Watch uses new AI capabilities within the Procurant platform to enable buyers to quickly identify and act on pricing trends and exceptional purchase patterns.
"Procurant has always been about equipping our customers with the tools they need to make informed, data-driven decisions. As we integrate more AI capabilities into our core platform, features such as Price Watch become powerful solutions to help retailers streamline their pricing strategies and react promptly to market changes," said Eric Peters, CEO, Procurant.
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The Price Watch module runs within the buying application on the Procurant platform, which is already widely used by leading grocery brands and produce suppliers across North America. The platform supports billions of dollars in purchasing and payments, facilitating real-time collaboration between buyers, suppliers, warehouse and logistics providers.
Price Watch is also the first new Procurant module to leverage AI capabilities within the Procurant platform. Specifically, Procurant uses AI techniques to streamline and accelerate item mapping and categorization, enabling more accurate data analysis and faster identification of price variance and irregularities across produce orders.
According to the company, key features of Price Watch are:
- Real-Time Price Monitoring: Track internal pricing trends across distribution centers to ensure competitive and consistent pricing.
- Exception Identification: Quickly spot and address pricing anomalies or unusual purchase patterns.
- Actionable Insights: Gain deep insights into pricing data to make proactive procurement decisions.
- Category Coverage: Comprehensive monitoring across all fresh produce categories for a holistic view of pricing trends.
Procurant provides a software platform for retail grocers, foodservice organizations and their perishable goods suppliers to collaborate, transact business and manage food safety across the supply chain. The company is backed by GLP Properties, a global investment manager and business builder in logistics, real estate, infrastructure, finance and related technologies.
