The client wanted to enhance their product offerings by refining their product development strategies. To identify and capitalize on new opportunities, the bioelectronics company approached SpendEdge to help them gain a better understanding of their customers, different supply chain categories, and disruptive forces in the marketplace.
A detailed subjective and quantitative analysis of different supply chain categories was carried out to identify the category specific best practices. Our category market intelligence solution also enabled the bioelectronics firm to generate new business ideas, which, in turn, helped them to enhance their product offerings.
About the Client:
A multinational bioelectronics manufacturer – The client is a leading player in the biotech industry with several well-established subsidiaries operating in over 25 developed countries.
The bioelectronics manufacturing company was facing difficulties in enhancing their product development strategies.
How did SpendEdge Help the Client:
- Step 1: Developed a three-step methodology to strategically address the challenges across different categories
Our category market intelligence experts followed a structured approach to develop a precise product development strategy.
- Step 2: Continually benchmarked the existing product line to better meet customer demands and preferences
Overcoming the rigidity caused by the clients’ inefficient product development strategies required the creation of benchmarks to differentiate product features and position by comparing them with similar competitive products in the market.
- Step 3: Detailed examination of customer needs across different categories to generate new product ideas
A detailed understanding of customer demands and factors influencing them was obtained by implementing category market intelligence based solutions. It included detailed insights obtained through product perception mapping studies, usage studies, and product development trends.
Benefits of the Engagement:
Our category market intelligence solution helped the bioelectronics firm to improve their product offerings and monitor the impact of product development strategies on different categories across their supply network. Our market intelligence experts also helped the client to gather relevant information to deliver actionable insights to category managers in the form of industry reports, periodic newsletters, and annual updates among others.
Why incorporate category market intelligence?
Category market intelligence based solutions help category managers to reduce the time spent on collecting and analyzing relevant data; thereby, enabling them to focus on the development of category management initiatives. Also, market volatility is severely affecting commercial operations in many categories leading to monopolistic or oligopolistic market situations. Therefore, to develop a competitive advantage, it’s essential to have access to pro-active market intelligence based information on market dynamics of raw materials, indirect and direct spend categories, energy requirements, and logistics across different categories.
Key questions answered in this category market intelligence study include:
Product development strategies offer a framework for developing new products and enhancing the quality of existing products. They also help companies in achieving their business goals – entering new market segments, winning business from competitors, and enhancing products offerings. A well-planned strategy can assist organizations to increase revenue in several ways. However, it requires careful planning to reduce the impact of associated risks.
Though leading bioelectronics companies are now familiar with category management and market intelligence mechanisms, they fail to incorporate it while developing new product strategies. It is essential to incorporate category market intelligence to identify important performance factors and set measurable targets for improvement.