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steel market

Steel Market Analysis: Frequently Asked Questions (FAQs)

Global Steel Market Analysis

The global steel market is expected to witness rapid growth owing to the rising standard of living and strong demand from different sectors. Rapid industrialization and urbanization in the Asia Pacific and South American regions are expected to drive the overall iron and steel market.

Moreover, the infrastructure initiatives undertaken by governments in the developing economies is predicting strong growth for the steel market.  The end-user industries such as construction and automotive are one of the major reasons for such predictions.

Steel companies need to have a complete analysis of the steel market to plan their next move. Request a free demo from our experts to gain real-time insights regarding the growth of steel markets in different countries.

Steel Market Analysis based on Different Sectors

Buildings and Infrastructure

This the most prominent area for the steel market as half of the steel produced across the world goes into infrastructure. The rise in the world population by 2.7 billion in the next 30 years (2050) accompanied by urbanization will need construction solutions that can enable energy-efficient and low-carbon-neutral buildings.

Transport

Transportation services form an integral part of the globalized economy. Over 15% of the total steel produced is used to meet transportation needs. Also, it essential for related infrastructures such as roads, bridges, and airports.

Automotive

The use of conventional steel has taken a backseat as new vehicle designs are using Advanced High-Strength Steels (AHSS) to reduce vehicle weight. This will require the steel industry to come with innovations to meet the demands of the automotive sector.

Energy Production 

Energy is critical for development and steel is essential for supplying the world with energy.  Irrespective of the form of energy, steel is necessary for production, distribution and storage of energy. Also, steel has a major role to play in improving the efficiency of these energy resources.

To gain a comprehensive overview of different steel markets, request for more information.

Key Steel Market Challenges

Despite playing a vital role in different industries and being economically important, the global steel market is looking ahead at the challenges that are just over the horizon. Steel manufacturers and builders will have to adapt themselves to new innovations due to the demand for durable, lightweight designs.

Slow Demand Growth in the Steel Market

Although the steel demand has increased by 2.1% in 2018, still the slowing global economy and uncertainty surrounding trade policies suggest a possible moderation in the steel market. The growth of the circular economy, together with changes in consumer preferences, is not a very positive sign for the global steel market.

Downward Venture Capital Spiral

Lighter and stronger steels reduce the mass of steel required in a given application, which reduces the relative value of steel. This is creating problems for producers as they fail to generate adequate returns on these steels. Moreover, this value consuming spiral is expected to the demand growth in the steel market till the time steel is priced by ton.

Disruption  in Industry Scale Economies

The circular economy and climate change is leading to a proliferation of reduced-scale plants that are sized to match low-carbon production processes. In addition, the improvement in manufacturing technologies to produce high-cost alloys is creating further disruption in the global steel market.

Want to know more about the impact these challenges can have on steel prices?

Request a free proposal and access our service portfolio of procurement market intelligence solutions.

What are the Latest Steel Market Trends?

Rise in the Utilization of Iron Scrap

Countries are expanding the utilization of scrap iron to decrease their carbon footprint. The reusing of scrap not only improves the business’ economic viability but also lessens the ecological impact by eliminating the requirement of iron ore extraction for steel generation.

This is forcing companies to focus on reusing scrap to reduce carbon dioxide, save energy and decrease air pollution. On average, for each tone of scrap steel almost 1.787 tons of carbon dioxide is saved. That’s why the use of iron scrap increasing and is driving the growth of the stainless steel market.

Pre-engineered Buildings

Steel is heavily utilized as a part of pre-engineered buildings (PEB) for structural framework. It ensures the safety of buildings in adverse ecological conditions. The PEB market is estimated to surpass almost USD 15 billion by 2020.

Moreover, the automotive, logistics and warehouse, and quick moving consumer products offer immense development chances to the worldwide PEB advertise. Many PEB producers have joint efforts with coordination organizations or built their own logistics capabilities showing a positive sign for the growth of the steel market.

Rationalization of Capacity

China owns the biggest excess steel capacity in the world and sets the tone for conditions in the industry worldwide.  As per the Chinese government, the Chinese Steel Industry will be shifting towards a new financial model in the coming years to address excess steel capacity. Also, it aims to increase capacity utilization impacting the global steel market.

Understanding latest trends and challenges is crucial for companies.  Get in touch with our experts to know how these trends can help you in strengthening your position in the steel market.

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purchasing and procurement

Understanding the Basic Difference Between Purchasing and Procurement

What is Purchasing and Procurement?

Purchasing and procurement stand for far more complicated processes than simply bringing goods and services to an organization. They are the foundation of strong, collaborative relationships with suppliers. However, often, purchasing and procurement are used interchangeably and are misunderstood. Through this blog, our experts try to clear the difference between purchasing and procurement.

Procurement is a business management function that involves the acquisition of products and services. It covers a set of activities from identifying the need for goods and services in the organization to strategically acquiring them. The procurement process usually involves activities such as:

  • Selecting vendors
  • Establishing payment terms
  • Negotiating contracts
  • Purchasing goods

(more…)

healthcare supply chain

Strategic Advantages of Developing Effective Healthcare Supply Chain Management Capabilities

The healthcare sector has changed rapidly over the last decade. Companies of today are striving to align themselves to rapidly changing markets as the production of pharmaceutical and medical devices is getting increasingly complex. Also, due to the rapid global economic growth, the demand for affordable and effective healthcare products has increased substantially, especially in emerging economies. Improving the performance of the healthcare supply chain won’t just help companies address issues but will also provide numerous strategic benefits. First, it will reduce costs by shortening lead time and decreasing inventory levels across the value chain; and, second, it will improve access by reducing drug and device shortages in developed markets. (more…)

vendor management challenges

Vendor Management Challenges: Frequently Asked Questions (FAQs)

What is the Process of Vendor Management?

Vendors are the key stakeholders in any successful business, and you need to take a strategic approach to mitigate vendor management challenges. You might be working with hundreds of different vendors, all with different contracts terms, rates, and objectives that must be efficiently managed. And that’s when a vendor management system comes into play.

With an effective vendor management system in place, you can easily set service, cost, and quality goals and manage vendors who will help you address any vendor management challenges. Here’s a quick guide that can be followed:

Step 1: Vendor Selection

Select vendors who will help you save both time and cost. Every vendor has their own set of strengths and weaknesses and you need to classify them based on the needs of your organization. This requires creating a database of existing suppliers and classifying them on the basis of the nature of services they provide.

Step 2: Service Delivery

Your vendor management leaders need to monitor the performance of suppliers and ensure that the terms laid in the contract are being followed. They need to build an effective communication channel to analyze and approve changes, provide feedback, and develop relationships with vendors.

Step 3: Service Adjustment

Optimize already established relations with your vendors. This will help you to identify areas of change and improve them based on previously defined KPIs. Implement vendor management strategies and conduct audits and assessments on a regular basis to proactively address vendor management challenges.

Step 4: Contract Review

Conduct a review meeting with your vendors as per the strategy defined. This should be held periodically i.e. once a month, quarterly, half yearly, or yearly depending on the strategy and client expectation. The agenda of meetings should necessarily include:

  • Analysis of performance based on different metrics.
  • Action points from review meetings.
  • Areas of improvement.
  • Support need to deliver the project.

Building a robust vendor management process can help procurement leaders to successfully mitigate vendor management challenges.  Request a free demo and know how our experts can assist you in addressing key vendor management challenges.


Top Vendor Management Challenges

The vendor management challenges faced by your company can depend on the size of the company and industry you are operating in.  For instance, vendor risk assessment can be a priority for larger enterprises, but it may not be the same for start-ups or mid-sized businesses. Therefore, we have compiled a list of vendor management challenges based on the size of companies.

Vendor Management Challenges Faced by Large Enterprises (Annual Revenue: Above $ 1 billion)

Challenge 1: Complex Vendor Ecosystem

Associating with large number of vendors brings innovative solutions to the business but at the same time exposes your organization to different types of security and compliance risks. It is crucial for your vendor management leaders to collaborate with vendors to ensure compliance despite having a complex vendor ecosystem.

Challenge 2: Risk Assessment Process

Understanding the risk posed by each vendor relationship is very important for your organization. It helps you determine if the vendor is critical or non-critical to the organization. It might seem easy, but for organizations having hundreds of vendors, completing a risk assessment becomes a herculean task.

Vendor Management Challenges Faced by Small and Medium Enterprises (Annual Revenue:  $ 10 million- $1 billion)
Challenge 1: Contract Management

Usually, contract management involves many people from different departments. There is no single contract management “department” in most organizations, this makes it challenging for vendor management leaders to manage contracts and review them on a regular basis.

Challenge 2: Getting Documentation from Vendors

Getting the documentation from vendors is one of the key vendor management challenges faced by organizations of today. It leads to unnecessary delays in legal reviews and makes your organization vulnerable to unprecedented risks.

Want to classify vendor management challenges based on the industry you are operating in and the size of your company?

Request a free proposal and access our complete portfolio of vendor management solutions.

Vendor Management Challenges Faced by Start-ups (Annual Revenue: Below $10 million)

Challenge 1: Increase Efficiency

Outdated cultures and organizational structures are among the top major vendor management challenges faced by start-ups, globally.  It hampers the efficiency of companies and creates the need to integrate the latest technology.

Challenge 2: Cost Optimization

Cost optimization requires the identification of sourcing opportunities that can streamline and standardize business processes while meeting organizational goals. This can be a tough task for start-ups as the processes are new.

To know more about the top vendor management challenges faced by companies, request more information.

Strategies to Mitigate Vendor Management Challenges

Solution 1: Get a Dashboard

You need to consolidate all the vendor-related data in one place and manage it. This will help you to overcome vendor management challenges that can be overlooked while dealing with multiple vendors.

Solution 2: Standardize Process and Centralize Requisitions

When hiring managers operate independently throughout your organization, it’s hard to gain a clear picture of your suppliers and address vendor management challenges. By setting up a centralized and simplified process, you can streamline the work for teams and gather all information in one place.

Solution 3: Scrutinize Billing and Payment Process

Supplier and vendor data is often disorganized and results in double billing, data entry errors, and incorrect time reporting. Automation and a systematic validation process can result in cost optimization and help you to address vendor management challenges.

Solution 4: Ensure Compliance

Most companies fail to classify employees. The risk of non-compliance arises when a hiring manager gets “creative” and starts hiring what should be full-time employees as independent contractors. You should avoid this misclassification of independent contractors and ensure full compliance with the federal law.

Solution 5: Develop Contracts and Monitor Them

Contracts are often assigned to the teams involved with vendors. This seems to be inefficient in the current scenario. Therefore, all the relevant stakeholders should be involved in the decision-making process to maximize vendors’ operational performance and mitigate vendor management challenges.


Mitigating vendor management challenges is crucial for companies looking to sustain themselves in the corporate landscape. Get in touch with our experts and know how they can guide you in devising strategies that can help you overcome vendor management challenges.

procurement risks

A Holistic Plan to Address Procurement Risks in the Wake of Brexit

Whilst negotiations are ongoing between the UK government and the European Union, many businesses are still unsure about the steps needed to mitigate procurement risks associated with Brexit. Download the full article and know the steps that companies can take to address the procurement risks.

Introduction

Brexit has brought about one of the biggest changes to global trading rules over the last years. It is impacting the procurement processes and supply chains of companies having significant operations in the U.K. and disrupting their operations. Financial plans are shredding and companies are facing major procurement risks and challenges. The probability of the UK and the EU arriving at a trade agreement seems difficult and the period of uncertainty is likely to be prolonged.

At SpendEdge, we understand that this period of uncertainty can pose major financial and procurement risks for companies. Therefore, we have listed out the major procurement risks faced by companies and shown how procurement leaders can prepare for Brexit in our new free resource, which is now available for free download.

Want to know how you can improve your procurement system? Request a free demo and access our SpendEdge Insights platform for free!

Procurement Risks that Companies Need to Address

SpendEdge has identified the key procurement risks that companies need to address in order to curb the rising uncertainty among companies and procurement leaders.

  • Exchange Rates: The declining value of GBP against the USD is one of the major concerns for companies. The UK’s decision to exit the European Union is not only increasing import costs but also influencing the movement of goods across borders. Supply chains are becoming expensive and companies need an effective procurement strategy to address this situation.
  • Contract negotiations: Contracts that were made earlier are now proving to be inefficient and are unable incorporate changes coming from currency fluctuations and new tariff rates. Companies require new terms and agreements that can ensure the right level of flexibility against different Brexit scenarios.
  • Compliance risk: The UK government’s strategy to explore new trade deals is increasing regulatory burden for companies. Also, it is pressurizing procurement leaders to focus on network planning and identify delivery locations for commodity groups.
  • To know more about the procurement risks faced by companies, request more information. 

 

What’s in it for you?

  • Gain detailed insights to address high import costs occurrinWP Cover Imageg due to decline in GBP against the USD.
  • Figure out contractual terms for new agreements to ensure flexibility against different Brexit scenarios.
  • Determine the impact of new trade agreements on different sectors.
  • Analyze the key strategies imperative for companies to comply with multiple regulatory systems.
  • Learn the procurement strategy to manage increased costs due to new tariffs and duties.
  • Discover the skill requirements needed for procurement professionals to navigate currency change.

Managing procurement risks is imperative for companies looking to gain a competitive advantage. Request a free proposal to gain a comprehensive overview of our procurement risk management solutions portfolio.

Why SpendEdge:

SpendEdge delivers robust, real-time procurement market intelligence solutions to help sourcing and procurement professionals to manage procurement risks. Our innovative procurement solutions help enterprises to transform the structural capabilities of businesses and improve execution efficiency. Our state-of-the-art procurement risk management solutions also help enterprises to transform structural capabilities, improve execution efficiency, and achieve better cost savings. We provide businesses with actionable insights and techniques to improve their procurement system.


Want to the know more about the procurement risks that companies can face in the wake of Brexit? Contact us below.

future of manufacturing

Top Trends for the Future of Manufacturing Sector in the US

Since the start of the First Industrial Revolution, manufacturing has been one of the major reasons for transformation in the US. Today, we’re in the midst of another revolution, with newer technologies and equipment transforming the future of manufacturing in the US. The latest industrial machinery are outfitted with smart sensors to collect data in real-time data. And with substantial developments in the field of artificial intelligence, companies can now analyze the data effectively and identify gaps in their manufacturing processes. 

Manufacturing companies of today are no longer just equipment makers, they are the thread that connects the entire lifecycle of a product. 

At SpendEdge, we understand the impact of newer technologies on the future of manufacturing in the US. And to help manufacturing companies stay a step ahead of their peers, we have compiled a list of top manufacturing trends that will empower manufacturers to design intelligent operations and increase process efficiency.

Identifying new manufacturing trends and implementing a robust manufacturing strategy is a must for companies. Request a free demo and know how our experts can help you devise strategies that are vital for the future of manufacturing companies.

Key Trends Impacting the Future of Manufacturing in the US

future of manufacturing

#1 Future of Manufacturing: IT and OT Converge

In the past, IT provided top-down technology support for the management. However, over the last few years, the expansion of the Internet of Things (IoT), big data, and advances in connectivity have opened new avenues for intelligent manufacturing technologies. Today, data-optimized, smart machines can receive inputs from different sources – right from customer order data to production data – to enable agile manufacturing,  increase production efficiency, and provide greater visibility into operational performance.

#2 Future of Manufacturing: Collaborative Robots (Cobots)

The use of robots in the US manufacturing sector is not new. They are built with artificial intelligence and machine learning and have powerful cognitive capabilities. These robots are advanced enough to use computer vision to quickly inspect large quantities of items for flaws, automate transportation process, and avoid hazards.

Cobots are primarily being used to reduce human labor. They take on dangerous, physically strenuous, and repetitive tasks, and make factories safer and efficient for their human counterparts. While many fear the loss of jobs due to cobots, market studies suggest that AI will only solidify the future of manufacturing sector by adding jobs to the market.

Wondering how the advent of new manufacturing trends can impact the future of manufacturing companies?

Request a free proposal today! 

#3 Future of Manufacturing: The Servitization of Manufacturing

With markets becoming saturated with feature-rich products and costs being cut down to spur demand, customer-centricity seems be the new law governing the future of manufacturingExploring service-based models and adding services to their portfolio allows manufacturing companies to differentiate their offerings and gain a competitive edge over their peers.

In addition, digitization is also changing the way products are designed and the way manufacturing companies produce those products.  This has led to the widespread popularity of Manufacturing-as-a-Service, where manufacturing companies can leverage a shared network of manufacturing infrastructure to produce goods.

#4 Future of Manufacturing: Intelligent Manufacturing

Developments such as IoT, cloud computing, and cognitive computing have resulted in the advent of concepts such as smart factories and intelligent manufacturing. Intelligent manufacturing combines self-monitored manufacturing processes with automated quality assurance processes. In this model, AI-enhanced computers detect anomailes and report on the status of manufacturing processes.

The most exciting outcome of intelligent manufacturing is its potential to transform the future of manufacturing companies and how they relate to partners at every level of their value chain. With Industry 4.0, manufacturing companies can expect better system integration, where firms, suppliers, and even customers are more tightly integrated. To gain more detailed insights on the manufacturing trends that will impact the future of manufacturing companies, request for more information.

#5 Future of Manufacturing: Advanced materials

Advanced materials include everything from super-strong composites and exotic alloys to bio-materials that can “heal” themselves and lightweight fabrics that can solidify with a single touch. Our studies show that the future of manufacturing will be dictated by computer modeling tools, which will allow manufacturing companies to design materials in a much more cost-effective way.

With the help of such tools, a manufacturer can determine required properties, such as conductivity and elasticity, and search for appropriate materials. 


Want to know more about the trends shaping the future of manufacturing sector in the US. Get in touch with our experts and know how we can help you better predict the future of manufacturing.

vendor risk

A Comprehensive Guide to Manage Vendor Risk

SpendEdge recognizes that organizations lack the capacity, investment support, and skills to effectively manage the diverse number of vendors and suppliers found in today’s large corporations. This results in:

  • The potential for a large (or public) cyber security breach, accredited the cyber practice failings of a vendor.
  • The lost value within commercial relationships.
  • Increased likelihood of supplier service failure or non-compliance.
  • Failure to abide by contractual obligations.

(more…)

third party risk management

How to Gain Excellence in Third Party Risk Management Amidst Changing Regulatory Environment?

With the new regulatory thrust posing substantial challenges for financial institutions, companies of today have started emphasizing on improving their third party risk management capabilities. To know more about the best practices that your competitors are following, download the full article.

Why is Third Party Risk Management Important?

All major financial regulators in the United States such as Federal Reserve, Federals Open Market Committee, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have started taking a keen interest in guarding financial consumers. The recent Economic Growth, Regulatory Relief, and Consumer Protection Act passed by the US government has increased regulatory scrutiny for financial institutions with more than $250 million in assets. This increase in the federal oversight apart from the Dodd-Frank Wall Street Reform has left no scope for financial firms to outsource the responsibility of consumer protection to their third parties.

Moreover, the Consumer Financial Protection Bureau, which was created for providing financial security to consumers, has registered thousands of complaints covering different issues. It has fined some of the well-reputed firms to settle charges of deceptive marketing practices on behalf of third-party suppliers.

At SpendEdge, we understand the risks that third parties bring along with them. And to help firms address those risks, we have answered questions such as “why is third party risk management important?” and “how to mitigate third party risk?”. We have also listed some of the best practices in third party risk management in our new free resource, which is now available for free download.

Looking to gain more information about best practices in third party risk management? Request a free demo and access our SpendEdge Insights platform for free!

Best Practices in Third Party Risk Management

SpendEdge has analyzed some of the best practices to help financial institutions improve third party risk management and meet regulatory compliance. They include:

  • Detailed insights into third parties: A third party risk assessment is the first step towards managing third party risk. Companies need to collate a list of third parties engaging with the institution. Enterprise-wide surveys and a third party risk management framework can prove to be of great help in gaining such insights.
  • A checklist of customer risks posed by third parties: The third party risk management process cannot be effective until a firm understands the risks run by third parties. Adopting a master risk register that complies with the CFPB can improve third party risk management capabilities substantially.
  • Segregation of risks: Firms can categorize supplier relationships based on the level of risk posed to customers by implementing third party risk management framework. Even a simple process of “high”, “medium” and “low” risk categories can prove significant to them.
  • To know more about best practices in third party risk management, request more information. 

What’s in it for you?

WP Cover Image (2)

  • Gain vital insights to build a single repository for all third parties.
  • Understand the relevance of due diligence tests.
  • Determine the impact of changing regulatory norms across business units.
  • Analyze the role of risk-based segmentation for firms.
  • Scrutinize third parties to ensure compliance with regulations that govern their activities.

 

Not complying with the regulatory norms can result in heavy penalties for companies. Request a free proposal to gain a comprehensive overview of our solutions portfolio for third party risk management.

Why SpendEdge:

SpendEdge delivers robust, real-time procurement market intelligence solutions to help sourcing and procurement professionals to improve third party risk management capabilities. Our innovative procurement solutions help enterprises to transform the structural capabilities of businesses and improve execution efficiency. Our state-of-the-art third party risk management solutions also help enterprises to transform structural capabilities, improve execution efficiency, and achieve better cost savings. We provide businesses with actionable insights and techniques to improve their procurement capabilities.

Want to gain detailed insights into third party risk management best practices? Contact us below.

vendor risk assessment

How to Conduct Vendor Risk Assessment Successfully?

Risk exposure is indiscriminate. Irrespective of the size of your firm, your business may face severe fines, penalties, or regulatory red tape – especially if you fail to understand and comply with the applicable rules and regulations. This makes it indispensable for you to track your company’s risk exposure levels and conduct a comprehensive vendor risk assessment.

The best practices mentioned below will help you realize the role of vendor risk assessment in vendor vetting and ongoing monitoring processes. And will act as a vendor risk assessment checklist which you can depend on to gain a better understanding of the risk posed by each vendor relationship.

At SpendEdge, we understand that an effective vendor risk assessment requires a deal of expertise and systematic approach. And to help you ease the process, we have listed three critical steps that can minimize your risk exposure while working with vendors.

Assessing vendors can be a tumultuous task for companies. Request a free demo and know how our experts can help you improve the vendor risk assessment process for your company.

What are the Best Practices for Successful Vendor Risk Assessments?

Catalog Vendors

Although assessing vendors and maintaining ongoing records seems like an obvious task, not many companies practice this. A majority of them have a disorganized approach when it comes to hiring third parties or vendors.  In fact, some even lack the purchasing strategy that is crucial for vendor risk assessment.

On the contrary, best-in-class companies develop a catalog of all their vendors and suppliers promulgating the information about services they provide and domains they serve within the organization. To know more about the best practices for cataloging vendors, request for more information.

Gauge Inherent Risks

Develop vendor profiles during the selection process by questioning the business unit engaging with them. This will help you to analyze the importance of a vendor’s products or services to the company and provide vital insights about the information they will be handling. In addition, the vendor profile determines strategies that you need to devise to mitigate risks associated with vendors.

Categorizing vendors on the basis of the industry that you are working, facilitates vendor risk assessment. For example, companies in the healthcare sector can categorize their vendors on the basis of insurance, lab services, and a medical equipment provider.

Interested in categorizing vendors based on the risk they can pose for the organization?

Request a free proposal and access our complete portfolio of vendor risk assessment solutions.

Conduct On-site Audits

Each relationship should be risk rated depending on the vendor’s practices. This may require you to conduct an on-site audit since it can provide an in-depth evaluation of vendors’ activities. On-site audit depends on the parameters of the vendor risk assessment process.

Sites can provide a great deal of information to you but meeting the client-facing staff can help you flesh out potential risk issues. Moreover, it can provide you a better understanding of the organization and the security measures.

Wondering how a vendor risk assessment process can help you identify and mitigate risks? Get in touch with our experts today!

supply chain risk

Why is Supply Chain Risk Management Important for Businesses Today?

With the globalization of supply chains, the number of third-party logistics (3PL) providers has increased, substantially. However, business strategies such as outsourcing, supplier consolidation, and low-cost sourcing offer immense opportunities but have several risks associated with them. This has forced decision-makers to think about why is supply chain management important and what are some of the best practices to mitigate supply chain risk.

At SpendEdge, we understand the risks associated with a global supply chain and to help companies answer questions such as “why is supply chain management important?” and “how to mitigate supply chain risk?”, we have listed below some of the best practices for managing a supply chain.

Why is Supply Chain Risk Management Important? 

With companies across the globe focusing on becoming more efficient, supply chains have become extremely vulnerable to risks. Most firms fail to perform an effective supply chain risk assessment before outsourcing their products and services. At times, they simply rely on annual risk registers, which are usually created for insurance companies. A failure to identify and minimize these risks can lead to supply chain disruptions and profit losses. By improving supply chain risk management capabilities, companies can easily analyze dynamic factors that may lead to risks.

Want to know more about supply chain risk management best practices and how you can mitigate supply chain risks? Request a free demo and access our SpendEdge Insights platform for free!

Supply Chain Risk Management Best Practices

SpendEdge has identified some of the best practices to help companies manage risks in the global supply chain and achieve better consistency and value. They include:

  • Innovations in contract management: Companies can adapt to newer styles of contract design rather than following old-styled onerous ones. This will enable them to streamline contracts by understanding the significant cost of creating and negotiating old-style “legalese” contracts.
  • Supplier insurance and limitations of liability: Organizations using external suppliers for products or services, either upstream or downstream, necessarily need to evaluate potential liability exposure. Every contract must have provisions of protections by limiting liabilities, ensuring security against legal liabilities, and insurance of suppliers. 
  • Visibility of suppliers’ financial stability: By leveraging predictive financial stability data, companies can gain highly positive SCRM visibility to a firm’s management team for free. Additionally, it can warn procurement professionals of potential supply chain failures.

What’s in it for you?

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  • Gain detailed insights into the best strategies to improve visibility in the global supply chain.
  • Learn to reduce the complexity of a supply chain risk and prevent it altogether.
  • Proactively identify any global supply chain risk and ensure timely delivery of products.
  • Obtain a comprehensive overview of flow of materials and products.
  • Maintain business operations by efficiently addressing potential supply chain disruption.

Managing any type of supply chain risk is a taxing job and can result in major profit losses for companies. Request a free proposal to gain a comprehensive overview of our solutions portfolio for managing supply chain risk.

Why SpendEdge:

SpendEdge delivers robust, real-time procurement market intelligence solutions to help sourcing and procurement professionals to improve supply chain risk management capabilities. Our innovative procurement solutions help enterprises to transform the structural capabilities of businesses and improve execution efficiency. Our state-of-the-art supply chain risk management solutions also help enterprises to transform structural capabilities, improve execution efficiency, and achieve better cost savings. We provide businesses with actionable insights and techniques to improve their procurement capabilities.

Interested in gaining a comprehensive overview of supply chain management best practices for your industry?

Request free proposal