Through procurement market intelligence, firms can gather and analyze relevant information to a company’s supply chain specifically for confident decision making in the procurement process. Additionally, procurement market intelligence can be used to discover new suppliers, the origin of capable suppliers, and new capabilities of existing suppliers.
Since procurement market intelligence solutions help clients identify the costs associated with materials, transportation, labor, and profits, many firms have started opting for procurement market intelligence studies to gain insights into the latest trends and developments, key risks, and procurement best practices.
The Procurement Pain Point and Insights Offered
A global market leader specializing in the design and manufacturing of oil and gas equipment, operating across multiple countries was facing high operational costs and had difficulty in managing their rapid growth. Additionally, the client also experienced excessive fees and cost pressures associated with the day-to-day operational materials and equipment. Furthermore, the client was also facing backlogs of Purchase Order (PO) issues and wanted to reduce freight and logistics costs. The primary scope of this engagement was to help the client manage procurement of vital items, including oil seals, pipe fitting valves, motors, small fabrication parts, and more.
At SpendEdge, the procurement market intelligence experts conducted a comprehensive industry analysis and followed a blended research methodology to cater to the specific category requirements of the client. This study also helped the client centralize the resources management desk and reinforced both sources to pay and order to cash initiatives inside the organization. Additionally, the client could maintain the allocated parts and sales order entry point for the in-stock system. Furthermore, with the help of our strategic insights, the client could implement best practices into the supply chain and accomplish a zero-defect transaction management.
Key questions answered in this market intelligence study include
SpendEdge’s procurement market intelligence study helped the client reduce the number of requirements for POs. Additionally, the client was able to significantly decrease the sales order to invoice process time and consequently achieve operational cost savings. SpendEdge’s procurement market intelligence study also helped them enhance their operations and improve their overall procurement capability.