Industry giant Yara depend on knowledge about prices on raw materials to compete in a global market. Haive’s solutions ensures that the analysts all over the world can access updated and relevant information.
Yara’s mission is to responsibly feed the world and protect the planet. As they operate in a highly competitive commercial market, Yara depend on correct analysis of the world’s commodity markets and prices within their segment. The company operates in more than 60 countries and sell to over 160.
Correct pricing of goods in and out of the company is necessary to ensure profitable operations.
To make sure that all employees can access this information, they receive publications on a weekly basis that describe market developments. These publications are invaluable to Yara’s market analysts.
«We receive reports and publications every week from various consultancies regarding the developments in our markets. By using Haive’s solutions, the reports are automatically saved in a library where they are indexed and immediately become available for our analysts all over the world. In order for my department to do our job, making these reports quickly available is extremely important», explains Dag Tore Mo. He is head of Market Intelligence at Yara.
Valuable information automatically searchable
Yara operates in commodity markets that do not have the same size as e.g. the oil market. Hence, the insight is not easily available in the stock markets, and other forms of reporting is needed to get correct information.
«Although our use of the library itself is quite simple, the functionality is indispensable. The reports automatically become searchable in a user-friendly system, and we don’t have to worry about it. The analysts find the right information at the right time, and can ensure that the organization gets the insight they need», says Mo.
The insight is used by the organization globally to ensure correct cost prices on raw materials and determine correct pricing on the goods they sell.
“Without this information easily available, it would be difficult to know what our products are worth. We always need to consider the pricing in the markets where we operate. We cannot do without this insight when we purchase raw goods and price our own commodities”, says Mo.
Yara’s history dates back to 1905 and Norsk Hydro. Yara was listed on the Oslo Stock Exchange in 2004, following demerger from Norsk Hydro. In 1905, their goal was to solve the famine that swept over the European continent. This goal is still reflected in the company’s current mission. Today, they sell various types of fertilizers adapted for local conditions for food production, enabling precision farming in many parts of the world. Their work contributes to improved yields and better profitability for the farmers.
Main source of market information
“The reports in Haive’s database and search solution is used across our commercial system. The entire organization can access them, and 3-400 users regularly go to the reports. Some tens of people use the data actively to create further insights. Contracts can be linked directly to the publications to ensure that the prices and pricing is correct for each market”, says Mo.
Yara’s ambition is to have a world class procurement function through market intelligence and analytics, knowing and understanding suppliers and drivers, while having the expertise of what Yara needs.
“The reports supply us with objective input on the market developments and is our main source of market information. Haive ensures we can access them, and services us quickly if anything happens. We have a stable solution with minimal downtime”, concludes Mo.