Ferrous Metals Market Category Management: How the Company Implemented a Best-Fit Category Management Strategy
Engagement Overview A leading ferrous metals market player wanted to develop a strategy that aligns with their business goals. To implement an integrated category management strategy, the ferrous metals market client approached SpendEdge to devise a comprehensive approach to category management. A detailed quantifiable analysis of various categories within the supply chain was carried out […]
A leading ferrous metals market player wanted to develop a strategy that aligns with their business goals. To implement an integrated category management strategy, the ferrous metals market client approached SpendEdge to devise a comprehensive approach to category management.
About the Client
A major in the ferrous metals market with business units spread across 10 countries.
The ferrous metals market client was facing challenges in developing an integrated category management strategy to analyze their supply chain processes and increase focus on key areas that drive business value.
How did SpendEdge Help the Client?
Step 1: Devised a three-step strategic implementation plan
The application of the developed category plan was carried out in a three-step approach. It included all the key implementation processes, making it easier for the category management team to follow.
Step 2: Developed a category plan based on market insights and recommendations
The category plan helped the client address key areas of category management. The plan included category strategies, goals, opportunities, gaps, product assortment, placement, pricing, and targets.
Step 3: Compiled questions to be answered in the category plan
This step of the assessment was aimed at gathering data from several sources and identifying the key questions that had to be addressed in the category plan.
Key questions answered in this category management engagement
Benefits of the Engagement
The ferrous metals market client was able to eliminate the fragmented buying behavior of their clients to achieve sustainable savings across the organizations spend profile.
Why incorporate category management?
Today, the gradual deregulation in the energy industry has initiated several expansion plans that have subsequently given rise to a supply-demand mismatch in corresponding end market segments. Factors such as these are compelling leading companies to adopt precise category plans. Moreover, category management is a proven and effective way to utilize market data and increase sales.
Category management also enables category leaders to influence, control, and manage the category to drive significant savings. However, implementing a best-fit category management strategy is the key to open a whole host of new opportunities for businesses across ferrous metals market.
With the help of SpendEdge’s category management solutions, companies in the ferrous metals market can reduce wasteful spending; thereby, helping companies to compete more effectively. Furthermore, a robust category management solution acts as an instrumental technique to improve category sales and deliver operational excellence.