Over the years, the ICT industry has become dynamic due to the rapid technological advancements and developments. Additionally, the growth of the ICT industry is driven by the rapid emergence of cloud computing technologies in several areas including consumer IT, healthcare, and enterprises. Also, significant developments in the field of mobile and wireless communication technology have created numerous growth opportunities for the ICT industry. However, according to SpendEdge’s commodity price monitoring experts, the significant challenge in adequately planning and financing the use of ICT in development programs and pressure to minimize management and administrative costs is one the primary reasons for the industry’s sluggish growth.
Consequently, to retain their foothold in this market space, ICT industry players have started adopting commodity price monitoring solutions. Moreover, SpendEdge’s commodity price monitoring solutions help clients to stay on top of the price fluctuations and improve procurement decision making.
The Procurement Pain Point and Insights Offered
A global player in the ICT industry wanted to assess the impact of sourcing raw material on the supply chain. Additionally, the client wanted to obtain a list of key suppliers and gain insights on the latest price trends and fluctuations in the market space to negotiate better contractual terms with their current suppliers and gain a competitive edge over their peers.
SpendEdge’s commodity price monitoring experts followed an in-depth two-step research methodology, which included primary and secondary research coupled with qualitative and quantitative data collection procedures to address the client’s issue.
During the course of this commodity price monitoring engagement, the ICT industry client was able to monitor the price pressures and identify risks across the supply chain. The client was also able to compare their cost structure and products to that of their peers through a comprehensive competitive analysis. This helped the client gain a competitive advantage over their competitors and manage price risks of raw materials across the supply chain.
Fundamental questions answered in this commodity price monitoring study include
This commodity price monitoring engagement helped the ICT industry client stay on top of the price fluctuations and improve procurement decision making. Additionally, the client gained insights into the price forecasts for the upcoming months.