Furniture and furnishings play an important role in the interior decoration industry, as they not only provide comfort but also help enhance the aesthetic appeal of indoor and outdoor spaces. They are also used to make a statement pertaining to creativity and individuality. Currently, modular and ergonomically designed products are in most demand among buyers as workspaces are shrinking and there is increased awareness regarding health issues arising from long working hours spent in seated positions.
The Procurement Pain Point
One of the leading media agencies was relocating to a new office and was facing challenges negotiating contract terms and conditions and pricing with the furniture suppliers. The client approached SpendEdge to carry out a market intelligence study to help them with better supply market insights, pricing models, cost-saving opportunities, and the latest trends in procurement. Further, the client wanted a detailed analysis of the suppliers’ operational and functional capabilities, benchmarking standards, and major regulatory framework.
Procurement Insights Offered and the Outcome
To provide a better understanding of sourcing and procurement best practices, SpendEdge deployed a team of analysts to perform a detailed procurement market intelligence study on various aspects of procurement market including category spends, major growth constraints, strategic sustainability practices, and category risk evolution. Our analysts carried out in-depth research comprising of primary and secondary research methodologies backed by quantitative and qualitative data analysis. Our team of analysts referred to a large database of secondary resources and carried out detailed discussions with the industry leaders, client consultants, procurement heads and managers, and client account heads to get a better perspective of the category, service level agreement terms, and category negotiation strategies.
This study offered the client with a better understanding of the supply market which helped them identify the best-suited furniture and furnishings supplier. Moreover, our solutions helped the media company devise effective price negotiating strategies and supplier engagement models.
This case study offers comprehensive information on how our supplier market intelligence engagement helped a global client understand the furniture and furnishing industry.