The home care products industry is growing considerably due to the growing health awareness, increase in per capita income of people, and improving standards of living. Additionally, the availability of a wide range of products and variation in product prices is also fueling the growth of the home care industry.
According to Spend Edge’s procurement market intelligence experts, home care products firms are finding it increasingly difficult to maintain standards and monitor practices across all employees and suppliers. As a result, many home care products firms have started opting for procurement market intelligence studies to identify potential supplier risks and take timely decisions. Moreover, the procurement market intelligence studies offered by SpendEdge also help home care products firms identify metrics for a superior supplier relationship management.
The Procurement Pain Point and Insights Offered
A leading manufacturing firm specializing in home care products wanted to assess the overall market dynamics and gain insights on the key drivers and niches. They also wanted to gain an overview of suppliers and their diversity across the supply chain. Furthermore, the home care products client wanted to evaluate risks, compliance, and responsibilities of the suppliers and take timely decisions.
The procurement market intelligence experts at SpendEdge carried out an in-depth industry analysis, including primary and secondary research coupled with qualitative and quantitative data collection methodologies, to cater to the specific category requirements of the client. During the course of this competitive intelligence study, the home care products client was able to gain an in-depth understanding of the risks affecting suppliers across the supply chain. Additionally, they also gained insights about the pricing and cost structure of the suppliers through SpendEdge’s price model analysis.
Key questions answered in this procurement market intelligence study include
This procurement market intelligence study helped the home care products client identify potential supplier risks and take timely decisions. This helped the client save massive amounts in their procurement operations. Additionally, the recommended metrics for a superior supplier relationship management helped them serve their customers better.