Over the past few years, the unremitting growth of technology has put automobile industry manufactures under tremendous pressure to increase their visibility through robust product offerings. Additionally, suppliers in this industry space play a crucial role for automobile industry manufacturers to efficiently track and monitor their production line. As a result, leading firms in the automobile industry space are effectively working towards enhancing their supplier relationship and building trust with suppliers to improve profits and ROIs. Firms have also started adopting supplier risk analysis studies to assess the risks associated with the procurement of automotive components and improve the quality and delivery of supply chain activities.
The Procurement Pain Point and Insights Offered
A renowned client in the automobile industry was facing predicaments in understanding the macro and micro-economic risks associated with the procurement of automotive components. The client further wanted to understand and profile their suppliers and comprehend the risks associated with them. Moreover, to gain a stronger foothold in the automobile industry, the client wanted to devise superior mitigation strategies across the supply chain.
The supplier risk analysis experts at SpendEdge devised a comprehensive two-step research methodology that comprised of primary and secondary research coupled with qualitative and quantitative data collection methods to cater to the specific category requirements of the client. During the course of this supplier risk analysis engagement, the renowned automobile industry client was able to identify the significant risks associated with subsidiaries across the globe. Additionally, the client was also able to monitor the supply chain, enhance supplier service, shorten time-to-market, and improve product quality.
Fundamental questions answered in this supplier risk analysis study include
This supplier risk analysis engagement helped the automobile industry client assess risks associated with the procurement of automotive components and devise robust mitigation strategies across the supply chain to minimize the risks. Additionally, the client was able to gauge the pricing strategies under fluctuating market conditions with the help of a flexible modeling tool.