The Procurement Pain Point
One of the leading molten salt tank manufacturers in the industry was looking for procurement market analysis, identification of cost categories, and assessment of cost impact of individual components to improve profit margins and identify opportunities for cost reduction. Moreover, the client wanted to get an in-depth understanding of the supplier market landscape, pricing models, and key market drivers.
Procurement Insights Offered and the Outcome
To meet the requirements specific to the needs of the client, we carried out a blended research methodology consisting of primary and secondary research based on quantitative and qualitative data analysis. Spendedge’s highly experienced analysts accessed the vast database of secondary research resources and analyzed crucial inputs from category experts to help the client with deep-dive procurement market insights.
We follow a three-phase research process commencing with data collection from various sources, followed by detailed discussion with industry experts to get a holistic overview of the latest trends and growth drivers in the market. This was followed by the identification of key data points including cost elements and structure, market prices of raw materials, process innovations, and industry best practices.
This procurement market intelligence study offered the client a deep-dive assessment of each of the cost components and drivers to be included in the cost model and impact of labor cost specific to the location. Furthermore, this study also helped the client gain deep insights into the suppliers’ operational and functional capabilities, suppliers’ evaluation and selection criteria, pricing models, and best-in-class procurement practices. The focus was to develop a robust cost model based on direct and indirect cost categories, and key cost drivers to assist the client with consistent cost reduction and increased profitability and stakeholder returns.
This procurement intelligence study offered the client category assessment, supplier market landscape analysis, and procurement best practices.