The machine tools manufacturing industry is driven by the advent of robotic-assisted technologies, advanced grinding techniques, surging automation in end-user industries, and rising popularity of carbon fiber-reinforced polymers. Additionally, investments in expanding manufacturing capabilities for durable goods is also helping the machine tools production firms.
However, according to SpendEdge’s procurement market intelligence experts, the evaluation of market dynamics, drivers and niches, and supplier diversity poses a significant challenge for the machine tools manufacturers. As a result of these challenges, many machine tools manufacturing firms have started opting for procurement market intelligence studies to assess suppliers’ pricing strategies.
Moreover, the procurement market intelligence studies offered by SpendEdge also help machine tools manufacturers to achieve superior supplier relationship management.
The Procurement Pain Point and Insights Offered
A leading machine tools manufacturer wanted to assess suppliers’ pricing strategies to serve their customers better. Additionally, the client also wanted to gain a detailed understanding of the supply market and evaluate their overall procurement competence across the supply chain. They also wanted recommendations on ways to enter into a better contract negotiation with the current suppliers.
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 market intelligence study, the machine tools manufacturer was able to assess suppliers’ pricing strategies. This helped them to enter into a better contract negotiation with the current suppliers. Additionally, the client was able to gain a detailed understanding of the supply market and evaluate their overall procurement competence across the supply chain to serve their customers better.
Key questions answered in this procurement market intelligence study include
This procurement market intelligence study helped the machine tools manufacturer client assess suppliers’ pricing strategies. Additionally, the client was also able to identify potential supplier risks and save huge amounts in their procurement operations. Furthermore, the client was recommended suggestions on the supply market to serve their customers better.