Top Five Benefits of Adding Market Intelligence to Your Supply Chain
The supply chain in the manufacturing sector is dynamic and complex. One can expect constant changes in the supply market scenario, raw material prices, and several other factors within the market. Today’s enterprise resource planning (ERP) systems are great management tools, but they are mostly blind to this external data. Their ‘inside-out’ approach can leave businesses flat-footed when planning and implementing competitive sourcing and procurement strategies.
However, with the advent of new and advanced market intelligence tools, the outdated approach is being flipped on its head. Supply market intelligence based solutions can now incorporate real-time insights on suppliers, demand-supply scenarios, customers, and competitors, thereby creating an ’outside-in’ perspective to reduce risks and create a competitive advantage. Here are the top five benefits companies can realize with a procurement market intelligence driven supply chain:
- Better sourcing strategies and hence better supplier management
- Superior supply chain strategies
- Increased customer satisfaction
- More effective supply chain operations
- Advantage over competitors
About the Client
The client- a market leader in the U.S manufacturing sector.
With rapid progressions taking place in the manufacturing sector the client wished to carefully assess and plan their supply chain functions by gauging the impact of various events on their supply chain operations. Their massive scale of operations not only leveraged their position as a market leader but also presented a myriad of challenges for its supply chain managers. Facing several such supply chain challenges the manufacturing sector client turned to SpendEdge to leverage its supply market intelligence expertise and glean insights into the supply market, supplier strategies, and events that can open up new opportunities and provide early warning to threats.
To assess the manufacturing sector company’s supply chain operations and to keep track of the essential data, the supply market intelligence experts at SpendEdge tailored an extensive research methodology. The methodology in the approach encompassed primary and secondary research on the manufacturing sector coupled with qualitative and quantitative research techniques focused on procurement market intelligence.
With the help of the customized supply market intelligence solutions, the manufacturing sector client gained better visibility into the procurement process. It also enabled them to leverage procurement market intelligence to profile and shortlist the supply chain risks in the manufacturing sector. This subsequently helped the client cut down direct and indirect costs and altogether helped the manufacturing industry company develop better sourcing strategies, enhance market share, improve ROI, and achieve an annual cost savings of $15 million.
The two-fold benefits offered by our supply market intelligence solutions included:
- Gathering and analyzing the supply market data helped build up a keen sense of supply market trends and the intense market competition to bolster a holistic external market awareness without which any company in the manufacturing sector would toil in a vacuum.
- The external signals and data obtained through the supply market intelligence study helped refine product plans, identify competitive opportunities and map the execution of better sourcing strategies to support the overall business requirements.
Want to know more about our supply market intelligence solutions? Get in touch today!