In recent years, retail industry players are facing uncertainties in terms of frequent fluctuations in the economy and rapidly changing demographics. As a result, retail industry players have started looking for strategies to drive traffic and gain traction in this ever-changing dynamic competitive environment. Also, to understand the spend patterns across the supply chain, leading organizations in the retail industry space have started adopting category management studies. Category management studies ensure better visibility into the procurement process by allowing the category managers to focus on decreasing their procurement lead time efficiently.
With the help of robust category management solutions, players operating in the retail industry space can enhance supplier performance, mitigate supplier risks, and administer innovations.
Moreover, the category management solutions offered by SpendEdge help retail industry firms reduce their overall inventory spending.
The Procurement Pain Point and Insights Offered
A global retail industry client was facing predicaments in gauging the customer data and make informed business decisions. As a result, they wanted to develop a strategic procurement intelligence report to analyze the customer data efficiently. The client also wanted to gain strategic insights into the suppliers’ diversity, suppliers pricing, cost structure, and assess competitors’ best practices.
To address the specific business requirements of the retail industry client, the category management experts at SpendEdge carried out a two-step blended research methodology, which involved primary and secondary research coupled with qualitative and quantitative data collection methodologies.
This category management study helped the retail industry client gain better visibility into the procurement process. Additionally, with the help of a comprehensive SWOT analysis, the client was able to evaluate the dynamics of the market and gain insights into the supplier’s pricing and cost structure across the supply chain.
Fundamental questions answered in this category management study include
The client was able to create a robust strategic procurement intelligence report after a comprehensive data analysis. Furthermore, the client was suggested with tools to improve their supplier selection decisions and reduce maverick spends across the supply chain.