Price Benchmarks, it said, has been created to complement its existing product, Price Trends.
“The new service builds on our expertise and trusted brand for building digital purchasing, sales, and analytics platforms. Our scope starts with Europe, where we already have several months of data,” said Stefan Schmidinger, head of supply chain research at Kemiex.
The tool was triggered by demands from dozens of industry participants who were looking for an alternate provider of fast, data-driven, and un-biased information, he said.
“Kemiex has been known for its indexed global price for years; however, customers were keen to access even more granularity, to compare their performance and markets in a compliant way,” he told FeedNavigator.
The price benchmarking service covers more than 16 producs including amino acids: Dl-methionine, L-lysine Hcl and sulfate, L-threonine, L-tryptophan, L-valine, and vitamins: vitamin A, vitamin E 50%, vitamin C, vitamin D3, vitamins B1/B2/B3/B5/B12 and biotin.
Digging deeper into how Kemiex’s service differs from that of competitors, Schmidinger said:
“In three words: digital, data-based, and independent. Being the largest B2B marketplace for feed, food, and pharmaceutical ingredients globally, Kemiex is in a unique position to combine the power of digital tools, transactional data used for quality assurance, with a vast community of contributors such as professional producers, traders, and end users. It’s not difficult to obtain certain price data in the market from participants or service companies around the globe, however there are significant question marks on reliability and independence.”
'A comprehensive and accurate market snapshot'
While other information products might depend on a few data points obtained via analog channels, the Swiss firm said it collects multiple data points, in a scalable and reliable way, approved by leading figures in the price reporting business, from the most reputable market participants in the industry.
“By crowdsourcing prices from multiple, verified companies, Kemiex ensures a digital-first survey process among representative and approved experts, combined with statistical algorithms and real platform data. All that to offer a comprehensive and accurate snapshot of the market, every week.”
The crowdsourcing methodology sets its service apart in the realm of price benchmarking, stressed the data provider.
“Unlike traditional approaches such as calling suppliers and customers, which can lack timeliness, Kemiex harnesses the power of crowdsourced prices.”
Customers, continued Schmidinger, are already asking for more regions and products to be added to the pricing service, with Kemiex currently evaluating expansion possibilities. “The scalability of our platforms allows the addition of any feed, food, or pharmaceutical ingredient for which we have significant data and network.”
