Petroleum Industry Client Leverages Procurement Market Intelligence to Pursue the Best Cost Country Sourcing Strategy
Category Overview Recently, the petroleum industry has been witnessing fluctuations in commodity prices, owing to the recent economic slowdown. The volatile state of the petroleum industry can also be attributed to the unconventional exploration activities, which take place to meet the rising demand for oil among the global audiences. Also, to effectively bridge the rising […]READ MORE >>
Recently, the petroleum industry has been witnessing fluctuations in commodity prices, owing to the recent economic slowdown. The volatile state of the petroleum industry can also be attributed to the unconventional exploration activities, which take place to meet the rising demand for oil among the global audiences. Also, to effectively bridge the rising demand-supply gap, leading organizations in the petroleum industry have started relying on procurement market intelligence studies. To effectively sustain themselves in this ever-changing competitive environment, organizations depend on procurement market intelligence solutions as it helps to gain accurate information about the recent procurement and supply trends in the market.
With years of expertise in offering services for a plethora of clients, SpendEdge’s procurement market intelligence solutions help the client identify the major factors that influence the growth of the oil and gas industry. Factors such as the significant economic slowdown in China, robust compliance issues, and volatility of prices are the key challenges hampering the growth of the petroleum industry.
The Procurement Pain Point and Insights Offered
Just like most leading companies in the petroleum industry, a renowned client with a considerable number of service offerings across the globe was facing predicament understanding their current market position, the current market dynamics, and potential growth drivers. Initially, the client witnessed a significant surge in their market shares. However, with recent fluctuations in commodity prices, the client witnessed a radical decline in their market shares. Additionally, the client also wanted to understand the competitive landscape in terms of the prevailing players, their supply chain facilities, and the supplier diversity.
To address the predicaments and meet the specific requirement of the client, the procurement market intelligence experts at SpendEdge carried out a blended approach comprising of primary and secondary research. Also, our procurement market intelligence experts further created a dashboard compiling information from various proprietary sources such as company journals, newsletters, and media platforms across the petroleum industry. With the help of this procurement market intelligence study, the client was able to identify the suppliers pricing and cost structure and devise an effective price model analysis to assess competitors’ category strategies. Furthermore, through a comprehensive SWOT analysis, the client profiled the list of suppliers in terms of their business profile, revenue, and financial structure.
Key questions answered in this procurement market intelligence study include
With the help of this procurement market intelligence study, the client was able to assess the latest trends and developments and develop the best cost country sourcing strategy. In addition, the procurement market intelligence experts helped the client identify the potential supplier risks and reduce the overall procurement costs. Furthermore, the engagement also helped the client gain suggestions on how to serve customers in an agile and seamless manner.