Industry Benchmarking Analysis for an Auto Parts Manufacturer
Over the past five years, the auto parts manufacturing industry has grown steadily as automakers across the globe and end-users have benefited from the rising sales of automobiles. Increased disposable income and higher consumer confidence and have led to an increase in automobile sales. However, the demand for auto parts industry has seen a sluggish growth due to increased competition and life-cycle cost for auto parts. As a result, auto parts manufacturing industries across the globe have started adopting industry best practices benchmarking analysis to devise various skill sets and establish themselves in this market space.
A leading auto parts manufacturing firm wanted to identify the peer group companies, key suppliers, and assess their sourcing and procurement best practices. The benchmarking analysis would help them gain a stronger foothold in the auto parts marketspace. The client also wanted recommendations on superior approaches to innovation. Additionally, with benchmarking analysis, they wanted to adopt best-in-class sourcing and procurement strategies to cut down costs across the supply chain.
The benchmarking analysis experts at SpendEdge followed a blended research methodology, which included primary and secondary research coupled with qualitative and quantitative data collection procedures to cater to the specific category requirements of the client. During the course of this benchmarking analysis engagement, the auto parts client was able to identify the competitor group companies, key suppliers in the market space, and assessed their sourcing and procurement best practices. This helped them enhance their overall procurement process across the supply chain. The client was also provided with insights into the superior approaches towards innovation.
The benchmarking analysis study helped the auto parts manufacturing client adopt a scalable, lean, and best-in-class sourcing and procurement strategy to cut down cost across the supply chain. Additionally, the client was able to recognize and abandon inefficient and unproductive processes across platforms.
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