Overview of the Global Metals Market
The global metals market comprises of firms who are engaged in the production of metals, including precious metals, base metals, and aluminum. The increase in the demand for metals among the end-user segments such as heavy machinery and equipment, automobiles, and construction are fueling the growth of the metals market. Lately, the global metals market has started to change drastically owing to the political changes across nations, the threat of new entrants, and the disruptive forces of technology. As a result, leading firms in the metals market space have started investing highly in technologies to improve the quality of the products offered, automate operations, and drive efficiencies.
However, several factors are expected to influence the growth of the market. Some of the factors include:
- Lack of supply chain visibility: A lack of clarity in the supply chain process is expected to hamper the overall operations and performance in terms of planning and execution for metals market players. Discrepancies in the supply chain are some of the key concerns for this industry as it is one of the leading aspects to bridge the demand-supply concerns. As a result, firms are finding it essential to effectively respond to supply chain disruptions while maintaining the quality of the offerings.
- Volatility in the price of raw materials: Lately, the global economic slowdown has affected the prices of raw materials, which are used to manufacture end products in the metals market. As a result, it is essential for the metals market players to increase investments and maintain consistency in their offerings.
Many such factors are compelling metals market players to leverage the use of spend analysis solutions.
The Business Challenge and Journey
The client, a leading company in the metals market with a considerable number of business units spread across the globe, wanted to classify their spend and gain better visibility into their overall process. Additionally, the client wanted to obtain accurate, consistent, and timely insights into the spend across the supply chain and enhance their decision-making process.
To help the client achieve substantial savings, the spend analysis experts at SpendEdge carried out extensive research comprising interviews and discussions with prominent stakeholders in the metals market. The experts also collected information across a wide array of reliable sources trade shows, industry forums, and company presentations to help the client enhance their decision-making process.
During the course of this spend analysis engagement, the metals market client was able to identify the bottlenecks and prioritize savings opportunities. The engagement also helped the client compare their spends with that of the peers. This helped them achieve substantial savings across the supply chain.
Key questions answered in this spend analysis engagement
The spend analysis engagement helped the client monitor KPI performances and gain granular insights into the spending trends and buying activities. Additionally, the client was able to categorize and prioritize sourcing opportunities and devise an effective spend management strategy across their business units.
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