How Oda Transforms F&B Procurement: Insights from CEO Jin Lee

TL;DR

Oda is a platform designed to streamline procurement processes for the F&B industry, allowing restaurants to order from multiple suppliers efficiently. By centralizing data and simplifying ordering, Oda reduces costs and enhances transparency, addressing common challenges like reporting inefficiencies and supplier management. The platform supports both buyers and suppliers, aiming to expand beyond Vietnam into other regions.

Transcript

good morning everyone welcome to another episode of Vietnam innovators I'm your host Hal uh we have a guest today that I've known for five years six years uh his name is Jin Li he's the CEO and co-founder of Oda not Oda Oda oh that yes it is uh Oda is a food and beverage procurement platform a startup that's recently raised some capital from Touchs... Read More

Key Insights

• Oda is a procurement platform for F&B businesses, simplifying ordering from multiple suppliers.
• The platform centralizes data, improving reporting efficiency and reducing procurement time.
• Oda addresses transparency issues in restaurants, reducing opportunities for procurement fraud.
• The system helps save approximately 15% on food costs and 50% on procurement labor costs.
• Oda's business model is free for single restaurants but charges chains for additional features.
• The platform benefits suppliers by acting as a sales channel, potentially increasing their customer base.
• Oda is expanding in Vietnam and Cambodia, with plans to enter other international markets.
• The company focuses heavily on technology, with a significant portion of its team being engineers.

Questions & Answers

Q: How does Oda help restaurants manage procurement more efficiently?

Oda centralizes the procurement process by allowing restaurants to order from multiple suppliers through a single platform. This reduces the time spent on ordering and data collection, improves reporting efficiency, and addresses transparency issues, ultimately saving restaurants up to 15% on food costs and 50% on procurement labor.

Q: What transparency issues does Oda address in the F&B industry?

Oda addresses transparency issues by providing a centralized system where all procurement data is accessible and visible. This reduces opportunities for procurement fraud, such as kickbacks, by ensuring that all transactions are monitored and transparent. The system helps maintain consistent quality and pricing across the supply chain.

Q: What are the benefits of using Oda for suppliers?

Suppliers benefit from Oda by gaining access to a wider customer base without additional effort. The platform acts as a sales channel, allowing suppliers to reach hundreds of potential new customers. Suppliers can choose to use Oda's system for order management, either paying a commission or a fixed system use fee.

Q: How is Oda expanding its operations beyond Vietnam?

Oda is expanding its operations by entering new markets such as Cambodia and planning to enter other international regions. The company's focus on a technology-driven, asset-light model allows it to scale efficiently. Oda aims to bring its procurement solutions to the global F&B industry, leveraging its robust system.

Q: What challenges does Oda face in digital transformation for F&B businesses?

Oda faces challenges in digital transformation due to resistance from traditional practices and reluctance to adopt new technologies. However, the company is overcoming these challenges by demonstrating the efficiency and cost-saving benefits of its platform. The push for digitalization by governments and industry trends also supports Oda's efforts.

Q: How does Oda's business model work for restaurants and suppliers?

Oda's business model offers its platform free for single-location restaurants, while chains pay a fee for additional features. For suppliers, Oda provides a choice between a commission-based model or a fixed system use fee. This flexible approach ensures that both buyers and suppliers can benefit from the platform without significant upfront costs.

Q: What role does technology play in Oda's operations?

Technology is central to Oda's operations, with a significant portion of its team dedicated to engineering and development. The platform relies on advanced technology to streamline procurement processes, manage data efficiently, and provide a user-friendly interface for both restaurants and suppliers. Oda's tech-driven approach enables it to scale and adapt to market needs.

Q: What future plans does Oda have for growth and expansion?

Oda plans to expand its operations beyond Vietnam and Cambodia, targeting other international markets. The company aims to leverage its technology-driven, asset-light model to enter new regions efficiently. Oda's long-term vision includes becoming a leading procurement platform for the global F&B industry, offering solutions that benefit both buyers and suppliers.

Summary & Key Takeaways

• Oda is a platform designed to address inefficiencies in the F&B procurement process. By centralizing data and simplifying the ordering process, it helps restaurants save on costs and improve transparency. The platform is free for single restaurants but charges chains, and it offers benefits for suppliers by acting as a sales channel.

• Oda's technology-driven approach allows it to efficiently manage procurement for F&B businesses. The platform saves restaurants up to 15% on food costs and 50% on procurement labor, while also addressing issues of transparency and fraud. Oda is expanding its operations beyond Vietnam, with plans to enter other regions.

• With a focus on technology, Oda has developed a strong engineering team to support its platform. The company aims to transform the F&B procurement landscape by offering a solution that benefits both buyers and suppliers. Oda's expansion plans include entering new markets, leveraging its lightweight and scalable system.