The global car accessories industry is expected to witness significant growth in the coming years as it is primarily driven by the increasing demand for cars and increasing inclination towards vehicle customization. According to SpendEdge’s specialists, it has been noted that the high cost of quality car accessories is one of the factors restricting the growth of car accessories industries as advanced technologies are pricier than the conventional accessories. As a result, many car accessories firms have started adopting strategic sourcing studies to standardized, centralized, and streamline their procurement process.
Moreover, the strategic sourcing studies offered by SpendEdge, help car accessories manufacturing firms decrease turnaround time for their procurement processes.
The Procurement Pain Point and Insights Offered
A leading car accessories manufacturing firm wanted to achieve effectiveness and efficiency through standardization, centralization, and spend management capabilities while tracking key savings metrics. They also wanted to establish a flexible and fast resource deployment model and improve the productivity of internal operations. Furthermore, the client wanted recommendations on metrics and standardized reporting tools.
To cater to the specific category requirements of the client, the strategic sourcing specialists at SpendEdge carried out a blended research methodology, which included primary and secondary research coupled with qualitative and quantitative data collection methodologies.
During the course this strategic sourcing study, the client was able to achieve a centralized and standardized procurement process. Additionally, the client was recommended tools and processes to establish a quick strategic procurement process. This helped the car accessories manufacturer achieve significant cost savings.
Key questions answered in this strategic sourcing study include
The strategic sourcing study helped the client create and implement processes and tools to identify and leverage opportunities for strategic sourcing. Additionally, the client was able to significantly streamline their firm’s procurement efforts. Furthermore, the client was able to streamline numerous operations across their suppliers and reduce costs.