Bengaluru: iD Fresh Foods, a leading brand in the fresh food industry known for its ready-to-cook products, has initiated an expansion of its supplier partnerships to bolster its market reach and maintain its competitive edge. This strategic initiative is aimed at ensuring the consistent availability of high-quality ingredients and enhancing the company’s operational efficiency.
The company sources a diverse range of agricultural commodities, including rice, pulses, wheat flour, whole meal flour, edible oils, and packaging materials such as laminates, pouches, and IML tubs. By broadening its supplier network, iD Fresh intends to scale its operations and meet the growing consumer demand across the nation effectively.
According to Siddharth Saxena, Chief Procurement Officer at iD Fresh, “Diversifying our supplier base enhances efficiency, reduces costs, and mitigates supply chain vulnerabilities. This strategic move supports our growth objectives while fostering mutually beneficial partnerships with our suppliers.”
Key Supplier Strategy Highlights
- Focus on Local Sourcing: In new geographies, iD Fresh emphasizes sourcing locally to minimize costs, inventory requirements, and lead times. This approach not only boosts efficiency but also strengthens relationships with local suppliers.
- Supplier Relationships: iD Fresh views suppliers as integral business associates, playing a key role in operational efficiency, cost management, and sustainability. Saxena noted, “Suppliers grow alongside us, creating a symbiotic relationship that benefits both parties.”
- Evaluation Criteria: The company prioritizes factors like capacity, reliability, cost, financial stability, quality, and adherence to ethical and environmental standards. Geographic proximity and alignment with iD Fresh’s values are also critical in selecting suppliers.
Addressing Challenges in Supply Chain Management
In response to supply chain disruptions, iD Fresh is:
- Diversifying its supplier base and adopting agile practices.
- Leveraging technology for accurate forecasting.
- Investing in inventory management and risk mitigation plans.
- Utilizing a mix of spot buying and hedging strategies to manage costs in an inflationary environment.
The company’s transparent open-book costing model promotes trust and collaboration, enabling stable supplier relationships even during price fluctuations.
“As business volumes increase, our suppliers benefit from economies of scale, reinforcing a win-win relationship where their growth aligns with ours,” Saxena added.
Commitment to Sustainability and Growth
iD Fresh’s strategic focus on strengthening supplier partnerships aligns with its commitment to sustainability and ethical business practices. The company aims to achieve robust growth while supporting its suppliers in scaling alongside its expanding footprint.
With this supplier-centric approach, iD Fresh is poised to enhance its market presence, drive efficiency, and meet consumer demands with consistency and quality.