In today’s competitive business scenario, establishments are accelerating at a rapid pace with no limitations. Notably, the global chemical industry is susceptible to price changes, due to the rising need to reduce costs among the target audiences. Hence, to effectively keep track of the expenses, leading procurement organizations in the chemical industry have started leveraging procurement intelligence studies. Additionally, firms operating in the chemical industry space are planning to break stereotypes of not being confined to a region and are heavily investing in expansion strategies to showcase their product offerings.
Moreover, the procurement intelligence solutions offered by SpendEdge, help clients gain a deeper understanding of the key risks, latest developments and trends, and recommendations on devising procurement best practices across the supply chain.
The Procurement Challenge and Insights Offered
A global chemical industry client was facing predicaments in understanding the supply market dynamics, current market position, and potential growth drivers. Additionally, the client wanted to understand the supplier landscape in terms of the dominant players, their supply chain capabilities and facilities, and the supplier diversity programs adopted. They also wanted recommendations on ways to enter into a superior contract negotiation with the current suppliers.
To address the business issue and meet the specific requirement of the client, the procurement intelligence analysts at SpendEdge carried out a blended approach comprising of primary and secondary research.
With the help of this procurement intelligence study, the chemical industry client was able to identify the supplier’s cost and pricing structure and develop a compelling price model analysis to evaluate competitors’ strategies. Additionally, through a comprehensive SWOT analysis, the client developed a list of suppliers in terms of their business profile, financial structure, and revenue.
Fundamental questions answered in this procurement intelligence study include
This procurement intelligence engagement helped the chemical industry client to identify the potential supplier risks and reduce the overall procurement costs. Additionally, the client gained suggestions to serve customers seamlessly.