Bernard Matthews, the UK's largest turkey farmer, says it has achieved business savings of 21 percent using Wax Digital's web3 eSourcing platform to drive cost reductions across a range of spending categories.
Bernard Matthews used the eSourcing platform alongside "strategic category management consultancy" from procurement specialists EAA Consulting, to drive savings results and reduce supplier dependency risks highlighted when a key supplier moved out of the market.
With previous experience of eAuctions and on EAA's advice, Bernard Matthews' procurement team identified a series of categories which it considered suitable to run as eAuction events using web3 eSourcing.
Richard Southgate, procurement director at Bernard Matthews, said: "One of our key objectives as a business is to grow the consumption of turkey in the UK. To help achieve this the procurement team is always on the lookout for innovative ways to increase the quality of service and value we receive from our suppliers."
He said potential cost savings weren't the only goal. Using the web3 eSourcing platform allows the company to identify clear specifications and the standards it requires from suppliers at the outset.
"We were also keen to establish a true market value for the products or services we source, evaluate like-for-like comparisons and determine clear SLAs from the marketplace," said Southgate.
Southgate said the firm had now run a number of successful eAuction events, which have "all resulted in significant financial savings and enabled us to award contracts to both new and incumbent suppliers".
Auction events conducted by Bernard Matthews have included personal protective equipment (PPE), transmission and hydraulic products, chemicals and cleaning products, and electronic and electrical products, with further auctions planned for the future to include packaging and transport.
In the last few years Bernard Matthews has deployed a replacement IT service desk and established new order processing systems.
Sign up for CIO Asia eNewsletters.