Ensure Cost Effectiveness Through Price Verification 

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Managing costs is a main driver behind your procurement strategy. But in order to manage your costs, you need to be sure that you’re paying agreed-upon prices and taking note of price changes. That’s where the price verification process comes into play.  

Foodbuy Foodservice can help you understand why price verification is important and how to best implement processes that will protect you from overages. Read on to learn more. 

What Causes Prices to Change? 

You may wonder why you need to verify prices routinely. In a perfect world, you would always pay the correct amount for all procured items and services. However, several elements can throw off pricing.  

The first is changing market conditions. When you strike up agreements with suppliers and distributors, you agree on pricing based on many factors, including current market conditions. However, things like supply shortages and distribution disruptions can change conditions with time.  

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The proper agreements can protect you from price increases caused by changes in the market, but you’ll want to keep an eye on your invoices to make sure that you aren’t being charged prices that vary from your agreement. 

Another element that can disrupt pricing is simple human error. Miscommunications and data errors can sometimes lead to incorrect invoicing. While these errors may be rare, a mistake here or there can negatively affect your bottom line – especially for large deliveries. 

Price verification is the key to spotting issues, so that they can be corrected. With the proper system in place, you can ensure you’re paying the prices you agreed to. 

3 Steps to Price Verification 

The best way to ensure you’re paying the right prices is to make price verification a routine process. We recommend following these steps: 

  1. Establish clear and detailed pricing agreements with suppliers. 
  2. Making a habit of verifying prices every quarter – or more often, if necessary. 
  3. Using price tracking software to view multiple invoices at once. 

Furthermore, working with a group purchasing organization can make the process easier. GPOs can help you not only create pricing agreements that suit your needs, but they can also assist with verifying invoices by connecting you with price tracking software.  

Make Positive Changes Today 

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For restaurant owners and ownership groups, price verification is not just a financial safeguard; it’s a strategic practice that can significantly impact your bottom line. That’s why Foodbuy Foodservice provides Members with the resources they need to verify prices.  

MPower, our data analytics platform, allows Members to view the numbers behind their procurement strategy. An easy-to-use dashboard showcases data on your current spend and savings opportunities so that you can access important information as soon as you visit the platform.  

MPower makes price verification easy. You can identify pricing discrepancies and program inaccuracies faster with help from Foodbuy Foodservice. Ask us about MPower today. 

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