The recovery of the global economy has resulted in a significant rise in disposable incomes among consumers, both in the emerging and developed markets. This has resulted in the steady growth of the beauty care products industry. Additionally, it has also been noted that the present generation individuals are becoming more fashion conscious, and are turning to beauty care products to express their individuality. However, selection of the right insurance brokers and suppliers directly impacts the profitability of the company. As a result, many beauty care products companies have started utilizing benchmarking analysis to measure the impact of commercial decisions on profitability.
Moreover, the benchmarking analysis studies offered by SpendEdge help beauty care products manufacturers to adopt best-in-class sourcing and procurement strategies to improve their profitability.
The Procurement Pain Point and Insights Offered
A leading beauty care products company wanted to evaluate the relative position of one of its key brands against the competitor’s brands, which were growing faster and offering innovative products. Additionally, the client wanted to reduce maverick spends by implementing an efficient and best-in-class procurement process across the supply chain.
The benchmarking analysis experts at SpendEdge carried out a comprehensive research methodology, which involved primary and secondary research coupled with qualitative and quantitative data collection methodologies to cater to the specific category requirements of the client.
During the course of this benchmarking analysis study, the beauty care products client was able to conduct an end-to-end value chain analysis to create a set of operational, financial, and strategic benchmarks across the supply chain. The client also gained an in-depth understanding on how functional drivers and commercial decisions impacted the brand cost structure and profitability.
Key questions answered in this benchmarking analysis study include
The benchmarking analysis study helped the beauty care products client identify markets for future investments. Also, our recommendations helped them achieve greater commercial success across the supply chain.