Over the past few years, the paint manufacturing industry has proliferated due to the strong growth in construction activities across the globe. Additionally, technological advances, such as nanostructured coatings, is expected to drive the growth of this market as they open new applications by providing self-cleaning, anticorrosive, antimicrobial, sound-dampening, and light-emitting functions. However, according to SpendEdge’s market intelligence specialists, the competitive pressures on paint manufacturing firms are increasing today due to the globalization of supply alternatives. This is increasing the demand for more technically capable suppliers offering more capabilities and services at reduced prices.
As a result of such challenges, paint manufacturing clients across the globe have started adopting market intelligence solutions reduce their procurement spends and offer superior service to their clients.
Moreover, the market intelligence solutions offered by SpendEdge, help paint manufacturing clients identify the risks and achieve savings across the supply chain.
The Procurement Pain Point and Insights Offered
A global paint manufacturing client was facing high procurement costs across the supply chain and had difficulty in managing their processes due to the rapid growth. Additionally, the client wanted to gain a comprehensive understanding of the competitors, their spending, products, direct and indirect costs against theirs. This would help them cut down on their principal spends across the supply chain.
SpendEdge’s market intelligence specialists conducted a comprehensive industry analysis which included primary and secondary research coupled with qualitative and quantitative data collection methodology to cater to the business requirements of the client.
During the course of this market intelligence study, the paint manufacturing client was able to devise new sourcing strategies, prioritized action plans, implemented best practices to cut down direct and indirect costs, and established a lean centralized procurement process.
Fundamental questions answered in this market intelligence study include
This market intelligence study helped the paint manufacturing client reduce procurement spend across the supply chain. Additionally, the client was able to enhance their procurement and sourcing operations and capability.