These days, the customer’s shopping behavior is changing and are shifting toward luxury products due to the recent increase in disposable income across the globe. Factors such as the superior quality, value, and durability associated with these luxury products are further compelling the customers to purchase these products. As a result, players operating in the luxury products manufacturing space have started implementing strategies to gain traction and increase traffic in this ever-changing dynamic competitive setting. Also, to understand the spend patterns across the supply chain, leading organizations in the luxury products manufacturing space have started adopting category management solutions. These solutions help clients improve supplier performance, mitigate supplier risks, and administer innovations.
With years of expertise in offering a wide array of similar solutions, SpendEdge assists players operating in the luxury products manufacturing space to gain better visibility into the procurement process thereby, allowing the category managers to increase their focus on decreasing the overall procurement lead time.
The Procurement Pain Point and Insights Offered
A leading luxury products manufacturing client was facing predicaments in assessing the customer data which would help them make informed business decisions. As a result, they wanted to develop a strategic procurement intelligence report to gauge the customer data efficiently. Additionally, the client also wanted to implement procurement best practices and gain strategic insights into the suppliers’ pricing and cost structure.
To address the specific predicaments faced by the luxury products manufacturing client and assist them in implementing procurement best practices across the supply chain, the category management specialists at SpendEdge tailored a unified research methodology, which involved primary and secondary research coupled with quantitative and qualitative data collection methodologies. The category management solutions offered by SpendEdge helped the luxury products manufacturing client gain a deeper understanding of the supplier’s pricing and cost structure across the supply chain. This helped them devise superior sourcing and negotiation strategies with their suppliers.
Fundamental questions answered in this category management study include
This category management engagement helped the luxury products manufacturing client improve their decision making on the supplier selection. Additionally, the client was able to implement procurement best practices and reduce maverick spends.
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