Why Supply Market Intelligence is critical for the BFSI Sector?
Supply market intelligence is a compilation of relevant data, insights, strategies, and analytics regarding various external factors including, information on customers’ preferences, market trends and opportunities, competitors’ strategies, and suppliers’ approaches. In the highly crucial and rapidly transforming BFSI industry, the use of data and analytics has become a pinnacle requirement, and many companies are in search for the right information to improve operations. With the rise of digitization, automation, and AI, and consumer needs and demands changing as per the evolving market and technological trends, companies are in dire need of data-based decisions. Leveraging supply market intelligence can help develop unparalleled business plans, improve resource allocation, help meet consumers’ needs, capitalize on growth drivers, keep pace with trends, and stay ahead of competitors. The relevant and applicable data procured can also help companies in this industry prepare for upcoming changes, mitigate major risks, overcome significant barriers, and make necessary changes to their operations for improved efficiency and growth.
How can BFSI Industry Players Use Supply Market Intelligence?
Improving Customer Experience: Consumer-centric approaches have become the norm in all industries, and for the BFSI sector, the rise in digitization has led to sudden need for easier, more compliant, and consumer-friendly customer experiences. The ease, comfort, speed, and other positive characteristics of the customer experience can determine gaining or losing consumers, major clients, and loyal patrons. Data accumulated from supply market intelligence can provide companies with in-depth insights into consumer expectations, help them identify strategies adopted by industry leaders and key competitors, and enable adopting the ideal strategies to improve customer experience. With the help of data and analytics, BFSI industry players can develop a strong rapport with their clients, and reduce customer attrition rates substantially.
Better Decision-Making: Rising competition, constant change, regulatory fluctuations, and changing economic scenarios has led to many challenges for decision-makers, stakeholders, and CXOs in the BFSI sector, creating a need for better decision-making processes, and improved data. Supply market intelligence helps companies procure relevant data regarding various market dynamics, consumer behaviors and patterns, industry developments, and benchmarks, enabling well-informed decisions. It also provides companies with information about unmet needs in the market, major profitable opportunities, ideal and current technologies, novel supply chain strategies and trends, and the best approach to various challenges. Therefore, companies can make better decisions, with relevant data, unparalleled insights, and unique strategies.
Redesigning Organizational Structure: With the growing need for novel strategies and approaches, BFSI companies have felt the increasing need to modify and redesign their operations and organizational structure. Altering and adapting organizational structures and operations according to industry and company needs is crucial to keeping pace with the changes and overcoming the impact of rapidly transforming markets. As companies in the BFSI sector grow and expand, they face a significant challenge when it comes to providing the traditional offline facilities, and maintaining a robust digital and online presence. Consumers search for the ideal combination of both, and industry players are being forced to modify their structure and operations accordingly. Supply market intelligence helps them identify these needs, the best approach to required changes, and novel perspectives on traditional models.
Identifying Opportunities: A rapidly growing market with evolving business models, new approaches and ideas, redesigned operations and changing consumer demand is filled with various opportunities for growth, expansion, and success. However, the fast-paced and hectic nature of the market often leads to an inability to identify and capitalize on major current and upcoming opportunities. With supply market intelligence, companies can closely track changing market trends, stay a step ahead of potential risks and challenges, and efficiently identify significant opportunities in the market. They can also utilize the data and analytics to adopt or develop the ideal strategies required, and capitalize on said opportunities. To maintain a positive growth trajectory in a competitive market, businesses must always keep pace with the changing market, and continuously identify opportunities for growth.
Cost-Reduction and Quality Improvement: The rising demand for BFSI facilities and businesses has led to a significant increase in costs and prices, requiring companies to adopt cost-reduction strategies, implement cost-effective business goals, and identify opportunities for improved functioning. As the industry continues to grow, companies also face the constant pressure to maintain unparalleled quality of products, services, and provisions, and keeping pace with such a standard can be highly challenging. With the help of supply market intelligence, companies can gain insights into supplier costs, identify opportunities for reduced costs, negotiate better supplier contracts, stay ahead of market expenses with comprehensive planning, and reduce costs. Research and data also enable identifying the best suppliers, procuring high-quality raw materials, and implementing procurement, sourcing, and production strategies that ensure the best quality.
With rapid developments, increasing digitization, and challenging competition, companies in the BFSI sector find themselves struggling to keep pace with their fast-paced industry, and often fail to meet consumer expectations and industry needs. A renowned financial services provider in the APAC region was struggling to keep pace with the evolving market and witnessed a significant decline in customer attraction and retention rates, suffered major losses, and lost ground to competitors. Unable to identify the problem, the company chose to collaborate with SpendEdge and gain insight into the ideal approach to their challenges. Our experts closely reviewed the operations, organizational structure, digital capabilities, current technologies, and other crucial strategies, and identified various shortcomings and weaknesses. Utilizing supply market intelligence, SpendEdge experts helped the company overcome their strategic weaknesses, identify better suppliers, reduce costs, improve digital platforms and offerings, helped capitalize on major market opportunities, and developed a data-driven customer experience strategy. With these major changes, the company witnessed a significant change, as their customer attraction and retention rates increased, costs reduced enabling higher savings, operational strategies became more current and effective, and they surpassed competitors with novel and effective strategies.