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supply chain sustainability

Supply Chain Sustainability: Key Approaches to Achieve Continuous Improvement

In today’s globalized economy, outsourcing has become an integral part of business operations. This simply doesn’t mean outsourcing risks – or that a company’s responsibility ends once the product is sold. Top companies in the market understand that they have a greater role to play in the lifecycle of their services and products. Ensuring supply chain sustainability is key to maintaining the integrity of a brand, managing operational costs, and protecting the long-term viability of their business. 

There are a plethora of reasons why companies focus on supply chain sustainability journey. Primary among them is to meet compliance requirements and adhere to and support international principles for sustainable business conduct. In addition, creating better social, economic and environmental impacts can act in businesses’ own interests, the interests of stakeholders and the interests of society at large. In this article, we discuss the key approaches for companies to ensure supply chain sustainability.

Want to know how top companies in different categories are ensuring supply chain sustainability? Request a free proposal and our experts we will get back to you in 48 hours with customized sustainable supply chain management solutions. 

Steps to Ensure Supply Chain Sustainability 

Scrutinize the supply chain

To analyze the impact of making consumer products, companies must understand how natural and human resources are used at every step of the production process and the supply chain. They must consider a wide range of environmental, social and economic issues and develop frameworks for identifying supply chain sustainability issues. Companies can also build a set of performance indicators for measuring supply chain risks and a reporting system highlighting sustainability hot spots for different consumer product categories.  

Wondering how our expertise can help you devise a sustainable supply chain strategy and better manage the supply chain?

Contact us, to know more about factors impacting supply chain sustainability.   

Align supply chain sustainability goals with global sustainability agenda 

Once businesses identify supply chain issues, they must set goals for lessening the resulting impact. Scientists’ recommendations for bringing various types of sustainability impact under thresholds should be taken into consideration to improve human well-being. Companies should set aggressive carbon reduction targets to meet global targets defined by scientific bodies such as the Intergovernmental Panel on Climate Change ahead of receiving mandates from their customers. 

Streamlining supply chain sustainability goals with global sustainability agenda is crucial for companies to realize greater returns on their investments in reducing carbon emissions. Stay a step ahead by requesting a free demo of our procurement platform to gain exclusive insights into approaches to ensure supply chain sustainability. 

Consult with suppliers and stakeholders

Consumer companies and retailers hold significant purchasing power. This gives them the authority to influence their suppliers’ business practices. Companies can use this influence to get their suppliers to reduce supply chain sustainability impact.

In recent years, many companies have adopted sophisticated and effective methods to change their suppliers’ practices. They are implementing codes of conduct and performing audits to help suppliers design and implement sustainability programs that support companies’ objectives.  

To know how you can ensure supply chain sustainability, request more information from our analysts.

retail supply chain

How is the UK Retail Supply Chain Different from Other Countries

Our experience with different companies shows that Irish and UK retail supply chains are ahead of their continental European counterparts. The level of satisfaction regarding supply chain planning and forecasting system is slightly higher for the UK and Irish retailers in comparison to their counterparts. However, organizations will be confronted with the full impact of Brexit in January 2021. Businesses must start scenario planning and prepare in earnest for all possible eventualities. They must use the transition period till 31 December 2020 to gain a comprehensive understanding of their options and run simulations to determine the solutions that may be best for them post-Brexit. But before that, let’s understand how the UK retail supply chain differs from the rest of Europe.  

Want to know how companies can improve the retail supply chain process flow while dealing with market uncertainties? Request a free proposal and our experts we will get back to you in 48 hours with retail supply chain management best practices. 

Ways the UK Retail Supply Chain Differs from the Rest of Europe

Retail supply chain processes

Retail supply chains in the UK are slightly more responsive when compared to their European counterparts. They have comparatively more reporting features in their supply chain processes. However, there persists a high level of dissatisfaction with processes. Most of the UK retailers require accurate forecasts of future out-of-stocks, as the most desired feature to improve their retail supply chain management. 

Awareness of space data 

Retailers in Europe consider space as part of their replenishment process. The overall awareness of space data such as minimum display requirements and changes in the amount of space in individual stores is relatively low. However, retailers in the UK have a slightly higher awareness of space data as they tend to be early adopters of space management systems. Also, they are more likely to have processes that integrate external data (such as weather or social media sentiment analysis) into their forecasts when compared to different countries in Europe.

Wondering how our expertise can help you gain specific insights and devise cost-effective retail supply chain strategies?

Contact us, to know more about strategies to improve the retail supply chain management process.   

Forecasting issues in different markets 

Forecasting for new products and promotions is one of the top challenges concerning retailers in Europe. While this is a challenge for companies in Europe, retailers in the UK report fewer forecasting issues than other markets and express fewer inaccuracies in most forecasting categories. The higher concentration of multiple retailers and domination by the retail supply chain in the UK could be a few of the reasons contributing to this. However, it provides UK retailers the possibility to aim for economies of scale, something independent retailers in Europe can’t.

Inability to address forecasting issues can make it difficult for retailers to ensure their presence in the market. Stay a step ahead by requesting a free demo of our procurement platform to gain exclusive insights to devise effective retail supply chain management and logistics strategies. 

Single stock pools

Rather than reserving the stock for individual channels, retailers are operating a single stock pool to serve all their sales channels. However, the number of retailers running a single stock pool in the UK are not many, despite being a long-running European leader in operating sophisticated omnichannel retail.

UK retailers should consider moving to a single stock pool to reap the added benefits of reducing overstock and expediting replenishment. They should start looking at overcoming the possible complexities of switching to a single stock pool. 

To know more about the latest retail supply chain trends and strategies to improve the process, request more information from our analysts.

Industrial Machinery Market

Trends Impacting the US Industrial Machinery Market

Despite experiencing continued growth, the US industrial machinery market has slowed due to the risk of a downturn in global manufacturing. Companies need to leverage the latest advancements in technology to face challenges head-on and continue their upward momentum. The fourth industrial revolution is providing manufacturers with the opportunity to utilize advanced manufacturing capability and information technology through the product lifecycle. This could increase visibility into operations, improve cost savings, and faster production times.

The only way manufacturers can reap such benefits in today’s quickly morphing market is by embracing change. Companies that wish to thrive and not just survive can leverage the latest technologies.

Companies in the US industrial machinery market are losing grounds due to their inability to embrace changes. Request a free proposal to gain customized market intelligence solutions. 

US Industrial Machinery Market Trends 

Focus on getting “houses in order”

Many companies in the US industrial machinery market made advancements in 2019 to streamline operations and double down on the core of their portfolio. They are increasingly focused on realigning around key markets or customer segments to drive results and crystallize companies’ value propositions to customers and markets. Some are turning to mergers and acquisitions to get their “houses in order”. The increasing pressure from shareholders, customers, and broader financial markets is considered to be the key reason behind this diversification. Such ongoing trade uncertainties could drive significant changes.

Wondering how companies operating in the US industrial machinery market can identify potential suppliers and investors for mergers and acquisitions?

Reach to our experts for more insights on our solutions    

Digital proficiency

 The fourth industrial revolution is challenging manufacturers in the US industrial machinery market to keep up with digital progress. Early successes have led to digital exploration and investments. But labor and trade uncertainties could stall digital progress. Companies, therefore, must shift towards digital projects that could build agility and scalability. 

Improving digital proficiency could increase flexibility in supply chains and facilitate industrial machinery manufacturing companies to make faster changes to operations and respond to market-based threats or opportunities. 

Incapability to keep pace with emerging and evolving digital technologies can make it difficult for companies to sustain in the US industrial machinery market. Stay a step ahead by requesting free platform access from our procurement experts to gain detailed market insights.   

Mobilizing partnerships 

As companies in the industrial machinery market are progressing to build an agile supply chain, there is an increasing realization that these efforts require a strong ecosystem. Manufacturers are actively mobilizing partnerships within their targeted ecosystem to drive targeted business goals. Most of the deals in the manufacturing space in the last few years can be linked to companies with digital value propositions, and the appetite for such capabilities to is likely to continue. Given the industrial machinery market scenario, 2020 ‪is more likely to bring partnerships and joint ventures rather than outright acquisitions.

To gain detailed insights into the trends impacting the industrial machinery market, request more information from our analysts.

supplier quality

5 Reasons Why Companies Need Supplier Quality Management

In today’s complex and fast-paced business environment, establishing a robust supplier quality management system is not only desirable but critical for sustaining compliance and achieving process excellence. Companies must cultivate cordial relationships with global suppliers and build a supplier quality management procedure with well-defined metrics around quality and compliance. However, firms are mostly dealing with increasing regulatory oversight, intense competition, and market fluctuations. Managing supplier quality, therefore, takes a secondary position among organizations. They find it time-consuming and complicated to analyze data, uncover supplier insights, and gain a clear understanding of supplier capabilities. This results in data inconsistencies and deterioration of supplier performances.

Wondering how your organization can minimize supplier risks and uncover supplier insights? Request a free proposal to access our supplier quality management solutions.  

Benefits of Supplier Quality Management 

Minimizes risks 

Extended supply chains, outsourcing, and globalization accompany a significant amount of risk. These risks are usually related to quality, safety, business continuity, cost volatility, supply disruption, non-compliance, and many more. Having an effective supplier quality management process allows companies to effectively audit the supply chain and identify each specific risk. This helps businesses to reduce risks and avoid potential costly fallout.

Improves contract management and supplier relationships

For businesses to gain ground, it is crucial for companies to reduce costs, streamline contract management, protect brand reputation, and achieve long term profitability. The process becomes much easier when tasks such as supplier prequalification, supplier audits, vendor management, insurance monitoring, and analytics are taken care of. With a robust supplier management process, companies can easily maintain good relationships with suppliers while carrying supplier quality audits regularly. They can easily improve and grow a cross-beneficial business relationship.

Want to develop an effective supplier quality management strategy to improve profitability?

Reach to our experts for detailed insights into strategies.    

Enhances procurement decisions 

Most procurement decisions are under immense pressure to find, qualify, monitor, and manage suppliers while lowering the costs of doing so. With supplier quality management, CPOs can make informed procurement decisions by mitigating supplier risk through communication, evaluation, selection, and monitoring services. They can gain unprecedented visibility into safety statistics risk profiles and historical data. Moreover, improving supplier quality management can enhance the procurement process and reduce the lead time apart from maximizing data quality on the entire supply chain.

Inability to analyze suppliers can impact the efficiency and procurement process of organizations. Stay a step ahead by requesting free platform access to improve the supplier quality management process and gain specific insights. 

Meets compliance requirements 

Businesses usually have to maintain compliance with, country-specific regulations, industry standards and regulations, corporate policies and standards. Working with a huge number of suppliers makes it difficult for companies to align with compliance standards. However, potential costs, disruptions, and damages can be avoided when a company is proactive in its approach to supplier compliance and supplier quality management.

Fosters sustainable performance 

While most companies have strategies in place to manage health, safety, behaviors within the organization, they fail to ensure the same with suppliers, contractors, and vendors. Supplier quality management actively fosters an aligned culture of health and safety through contractor prequalification, document management, auditing, employee-level qualification and training, business intelligence, and insurance verification.

To know in detail about supplier quality management benefits and strategies to reap them, request for more information from our analysts.

Strategic Sourcing Best Practices

Uncovering Strategic Sourcing Best Practices for Healthcare Companies

Healthcare companies have been throwing around the term, ” strategic sourcing” for years to mean just about anything involved in the procurement process. In reality, this term is all about analyzing all of your sourcing options to continuously improve spend management and service quality. Existing models of health care are becoming economically unsustainable and new ways must be found by healthcare companies to control costs.

Strategic sourcing best practices are a particularly effective way to lower costs rapidly. But strategic sourcing isn’t just identifying cost-effective suppliers. You must consider adopting best practices and more procure-to-pay alternatives to receive the full benefits of strategic sourcing. A whole new “mindset” needs to be developed to optimize sourcing strategies beyond just investigating, bidding and negotiating with a new supplier.

Want to know about strategic sourcing best practices adopted by top healthcare companies to improve spend management and service quality? Request a free proposal and we will get back to you with detailed insights into our customized solutions. 

Strategic Sourcing Best Practices for Healthcare Companies

Strategic sourcing best practices #1: Create a portfolio of strategic alliances

Local or regional regulations play a critical role in defining the types of alliances a procurement group can consider. The European Union, for instance, requires public-sector companies to tender all contracts above certain amounts, making it difficult for healthcare companies in the EU member countries. However, companies can find ways to establish alliances to capture savings. They can put out a tender to expand their purchasing and logistics efforts apart from developing internal procurement capabilities, including strong ties with clinicians to capture a range of new savings opportunities. Not only this, healthcare companies can expand their efforts into product design and co-develop surgical products. 

Wondering how strategic alliances can help healthcare companies to expand their purchasing and logistics efforts?

Reach out to our experts for insights into the strategic sourcing best practices adopted by companies in the healthcare industry.    

Strategic sourcing best practices #2: Identify technology that works for you 

Technology is vital to enable and sustain new processes and capabilities in any industry. The Affordable Care Act is a major factor driving healthcare companies to expand the use of technology. New and emerging technologies can point new and innovation capabilities. Established healthcare companies are scanning the horizon for new technology to meet new regulations, better track, and account for products, and to enhance the speed of the production process. Leveraging technologies can help companies to gain end-to-end visibility across all parties in the supply chain. Also, visibility technologies can improve the sourcing process, thereby lowering inventory costs, enhancing service to customers, improving tracking and alerts, and reducing delivery times.

Strategic sourcing best practices #3: Shift contracts under the supply chain function 

Procurement teams often negotiate significant potential savings during the sourcing process, but they fail to realize those savings. One of the key reasons includes a failure to communicate contract terms and monitor contract compliance. Many companies are shifting the responsibility of contract management from purchasing, legal, finance, or operations to the supply chain organization. This ensures the contracts are collected and maintained in a central repository. The migration of contract management function allows healthcare companies to effectively leverage the companies spend, especially in the area of services.

Inability to manage contracts can impact the profit margins of healthcare organizations. Give SpendEdge a try by requesting a free demo of our procurement platform to identify strategic sourcing best practices and gain exclusive access to 1000+ reports. 

Strategic sourcing best practices #4: Analyze and minimize risks 

Lack of a robust process to identify, prioritize, and mitigate risks is a clear threat to the supply chain. Most healthcare companies do not have a formal supply chain risk management process in place. The healthcare supply chain faces a higher risk than the supply chain in most other industries. Companies must integrate risk-mitigation methodologies into their sourcing decision process. It includes identifying risk elements, determining the probability of the risk event occurring and analyzing the dollar impact on the sourcing process if the risk event takes place.

Willing to explore more about strategic sourcing best practices in the healthcare industry? Request for more information from our experts. 

electric vehicle market

Why is Electric Vehicle Market the Biggest Investing Sector for Next Decade?

Electric Vehicle Market Outlook 

The electric vehicle sales are expected to reach over 5 million units, globally in the next five years. Europe is expected to witness the fastest growth in the market due to rapidly rising adoption of electric cars in countries such as Norway, Germany, and the UK. Moreover, the rollout of several policies related to electric vehicles is expected to benefit the growth of the electric vehicle market.

Market consolidation and joint ventures among the major firms are being seen as a key factor in the electric vehicle market. Automotive companies have been involved in the geographical expansion of their business through partnerships with domestic firms. These companies are also aiming at synergies to develop more-advanced electric vehicles to meet the demand of the market with technological expertise. Apart from this, the growing demand for longer-range electric is projected to create ample growth opportunities for the electric vehicle market companies as these are expected to replace most of the internal combustion engine (ICE)-powered cars.

Companies in the electric vehicle market are addressing market demands to increase their presence in the market. Request a free proposal to gain customized supply market intelligence solutions. 

Electric Vehicle Market Trends

Monetary government subsidies 

The electric vehicle market has high growth prospects despite the low market size. Governments have plans in place to invest significant amounts to make electric vehicles attractive, but their policies are yet to be implemented. Purchase credits, the free use of charging stations, establishing charging stations, and free parking for electric vehicles are some of the initiatives that will be undertaken by the government to boost the domestic electric vehicle market. Companies should also consider investing in European nations. The size of markets is not yet large, but firms should make use of the dynamic conditions, which are primarily driven by the political agenda. They should be prepared to make use of existing governmental regulations to support electric vehicle purchases.

Would you like to obtain specific insights into supply market conditions?

Reach to our experts to perform electric vehicle market analysis.   

Shared mobility services

The use of shared mobility services is rising quickly. Over a billion people across the globe now use some form of the ride-hailing app. Such services will continue to grow and reduce the demand for private vehicle ownership. Shared mobility services will adopt EVs faster than private owners, due to attractive economics and government policies. Today, electric vehicles account for approximately 2% of the shared mobility fleet. By the end of the decade, we expect electric vehicles to hold a major portion of the shared mobility fleet.

Incapability to keep pace with the shared mobility fleet category can negatively impact the electric vehicle market growth. Stay a step ahead by requesting free platform access from our procurement experts to gain detailed market insights.   

Technology advances 

Recent technology progress for battery storage has been escalated by high demand for batteries in consumer electronics. Structural elements indicate continued cost reductions and are linked to developments such as changes in battery characteristics and the scale of manufacturing plants underway in the automotive sector. The development of manufacturing capacity for automotive batteries reflects the dynamic developments of battery technologies and the importance of electric vehicles to achieve further cost reductions in battery storage, thereby boosting the electric vehicle market.

To gain detailed insights into the electric vehicle market value, request more information from our analysts.

electronics industry

Supply Chain Challenges in the US Electronics Industry

US Electronics Industry Overview

Today, the electronics industry is governed by how the products are placed, bought and reordered. The plenty of features offered by these products are exciting, but they also lead to unpredictable lifecycles. This creates uncertainties in product lifecycles and increases pressure on the supply chain of companies. Demand variability and supply variability coupled with re-ordering ease and lower lead times are few of the factors that influence the consumer demand trends that the US electronics industry needs to respond to. The supply chain is a big business for most companies and there are certain key challenges that companies operating in the US electronics industry must be aware of.    

Want to gain a comprehensive US electronics industry report? Request a free proposal and we will get back to you with industry-specific insights.

 

Supply Chain Challenges Facing the US Electronics Industry

Comparatively short product lifecycles

Short product lifecycles expose the US electronics industry to an atmosphere full of risk. Companies always have to carry extra inventory to meet customer demand due to the changes happening over the course of the lifecycle. This increase carrying costs and risks to the company’s bottom line, if in case the product fails to perform in an expected way. However, companies can create multiple supply chain policies that show reflecting life cycle demand. These patterns allow companies to compare plans based on price curves and customer segments and find the best results.   

Wondering how the latest relatively short product lifecycles can create challenges for manufacturers in the US electronics industry?

Reach out to our experts for detailed insights into the US electronics industry.    

Globalization

There are numerous stakeholders involved in the product’s journey from raw materials to delivered finished goods. With so many partners involved, companies are required to collect and organize various sets of data. Strong visibility across the supply chain then becomes a necessity for firms to ensure that you’re not constantly reworking on plans and dealing with communication problems. Lack of visibility into the supply chain can make companies miss discrepancies and result in unprecedented risks.

An end-to-end supply chain network is crucial for companies that can capture all master and transactional data with one system – including details from your partners. This will reduce the time taken to reduce the current data and search for any supply chain issues.

Inability to organize latent data sets can make it difficult for companies in the US electronics industry to identify risks. Give SpendEdge a try by requesting a free demo of our procurement platform and gain exclusive insights regarding the most pressing US electronics industry challenges. 

Mergers and Acquisitions

Mergers and acquisitions are important for the expansion of companies in the US electronics industry. The longer a company takes to integrate data from a newly acquired company, the slower it’ll see the payoff. Companies require a variety of enterprise resource planning (ERP) systems that can work well together. The faster the company merges data, planning, and analytics, the sooner it can reap the benefits of investment. The planning solution should be efficient enough to pull data and model the behavior of multiple ERP systems. Once the ERP system pulls data into a standard format, companies can easily manipulate and analyze it to bring down their inventory and cost risks. 

Willing to invest in the US electronics industry? Request for more information to obtain the US electronics industry overview. 

medical packaging

Category Scan: Medical Packaging Market – Procurement Best Practices

The medical packaging market is forecasted to grow at a CAGR of 6-8 until 2024. Increasing life expectancy rates globally are creating scope for companies operating in the pharma and medical packaging market. The growth of the pharmaceutical, biotechnology, and health science industries substantiated by the incremental spend in the development of newer drugs is further expected to drive the growth of the market.

However, there is more to medical packaging, as it involves many disciplines involving material manufactures, device manufacturers, material converters, educational institutions, package testing facilities, and test equipment and medical packaging equipment manufacturers. The strict quality and regulations governing medical materials have forced companies to ensure the quality of their processes and on-demand availability. Medical packaging companies are required to manage inventory in-house to ensure the implementation of GMP (Good Manufacturing Practice) and GDP (Good Distribution Practice).

Want to gain a comprehensive global medical packaging market report? Request a free proposal and we will get back to you with industry-specific insights.

 

Procurement Best Practices for the Medical Packaging Market

Analyze prices

Companies in the medical packaging market must understand the price behaviors of underlying raw materials and intermediates that influence the costs of packaging materials. They should consider shifting their production bases to reduce costs while assuring quality, capacity, capability, financial viability of suppliers and supplier assurance.

Purchase timing 

This is another crucial aspect that companies need to cover while sourcing medical packaging materials. They must determine the right time for sourcing after analyzing inventory levels and the demand-supply scenario for raw materials and intermediates. The lead time with suppliers should be negotiated to less than 10 working days to provide the material in reduced timelines for repeat orders. However, for new products, lead time should be additionally factored to enable suppliers to create master designs and obtain approvals from the concerned authorities.

Wondering how you can identify prices and determine the right time for sourcing raw materials?

Reach out to our experts for detailed insights into the industry.    

Assess suppliers 

Suppliers are generally classified based on category attributes (i.e., strategic, and critical items). Strategic and non-critical items bring asymmetric relationship and the buyer is confined to a limited number of suppliers due to the strategic nature of the item. Hence, working closely and collaboratively with suppliers is paramount to ensure that value for the supplier translates into value for medical packaging companies(buyer) as well. Improving the sourcing process and validating purchase requisitions can be one of the few ways that companies can adopt to reduce transactional processing time and inventory carrying costs.

Inability to analyze suppliers can make it difficult for companies to minimize inventory costs. Give SpendEdge a try by requesting a free demo of our procurement platform and gain exclusive insights regarding suppliers in the medical packaging market.

Sourcing process

The sourcing of the medical packaging materials can be performed in three steps. First, Request for Information (RFI) for a new product line or medical packaging design for an existing product. Second, perform a trial run using the packaging material for quality assurance. Third, analyze the cost break-down structure of the packaging material and negotiate prices. Conduct negotiation via the routes of Online Static Negotiation (Rfx), Online Dynamic Negotiation (Reverse Auction), or a combination of both to arrive at the right price.

Willing to invest in the medical packaging industry? Request for more information to obtain the medical packaging industry overview. 

Facilities Management companies

SpendEdge Takes a Closer Look at Trends Impacting Logistics and Supply Chain Management in North America

Now, moving into 2020, companies must keep up with increasing customer expectations to ensure their presence in the market. These expectations are impacting every part of the supply chain in the complex business environment. At the same time, improving logistics and supply chain management has become equally important to make supply chains faster, more customer-centric, and sustainable. The range of new technologies such as AI, machine learning and blockchain are disrupting the supply chain management process and it can be challenging for companies to enhance processes. Here are the top trends that are anticipated to impact the logistics and supply chain management during 2020.

Want to know how emerging technologies will impact the logistics and supply chain management process in the coming year? Request a free proposal and our experts we will get back to you in 48 hours with logistics and supply chain management best practices. 

 

Trends Impacting Logistics and Supply Chain Management 

Logistics and supply chain management trends #1: New technologies go mainstream in 2020 

In the last few years, technology has enhanced significantly. Companies have numerous technologies available on hand. With the arrival of 5G, firms can expect immense opportunities as it will seamlessly connect a massive number of embedded sensors. Companies will require data management capabilities to mine the data and derive actionable insights. Artificial intelligence will be extensively used in every industry and predictive modeling will become even more accurate. This will allow businesses to apply technologies in more effective ways and create value for customers.

Logistics and supply chain management trends #2: Inventory positioning becomes paramount 

Consumers now have a plethora of options to get the products they want at the earliest. This has increased their expectations and forced e-commerce companies to maintain the right items in stocks to meet two-day or one -day orders. Also, it has made them realize the importance of inventory positioning. According to our experts, the new decade can see the rise in the number of micro-fulfillment centers in different industries.

Wondering how our expertise can help you devise cost-effective strategies and better manage their inventory?

Contact us, to know more about strategies to improve the inventory, logistics and supply chain management process  

Logistics and supply chain management trends #3: Gender diversity at the portfolio level 

This decade will witness a steep rise in women entering the supply chain. One-third of the new associates will be women. Researches have shown a clear link between increased gender diversity and return on investments (ROI). The higher a company’s gender composition, the better it performs in average relative returns. Overall, companies demonstrating a commitment to corporate gender diversity are expected to outperform against the cumulative performance of major North American companies.

Logistics and supply chain management trends #4: Dropshipping will increase manifold

The rising e-commerce and direct-to-consumer growth will impact the supply chain operations significantly. Companies and wholesalers will start dropshipping and disintermediate their retail partners. The trend will accelerate due to its ability to improve profit margins and create direct customer relationships. It will empower logistics service providers as they will obtain business from retailers looking to outsource direct-to-consumer fulfillment.

Inability to adopt new age methods in the business will make it difficult for retailers to ensure their presence in the market. Stay a step ahead by requesting a free demo of our procurement platform to gain exclusive insights to devise effective logistics and supply chain management strategies. 

Logistics and supply chain management trends #5: Reverse logistics will become prominent

Companies who are facing difficulties in reverse logistics management must gear up to ensure their presence in the market and have a robust reverse logistics process. Consumers will make more impulse buys as social media sites make it easier to buy products directly through in-platform selling tools. Such impulse shoppers will end-up returning their purchases to retailers.

To know more about the latest supply chain trends and strategies to improve logistics and supply chain management, request more information from our analysts.

importance of cost benefit analysis

Top Financial Risk Management Strategies That Every Forward-Thinking Organization Must Consider

Companies across the globe are experiencing an increasingly complex risk environment. Executives are looking for better ways to assess, quantify, and potential losses. They are emphasizing on strong firm wide risk culture to reliably strengthen their controls throughout the Record to Report process.

With an effective financial risk management plan, companies can manage risk/ return trade-offs that exist within their business. They can minimize the risk of financial loss, encourage controlled risk-taking, and earn a comparatively high return. In this article, we have listed top financial risk management strategies to help you enhance your overall risk framework.

Wondering how your organization can minimize the risk of financial loss while encouraging controlled risk-taking. Request a free proposal to access our financial risk management solutions.  

 

Key Strategies to Improve the Financial Risk Management Process 

Obtain detailed insights into the risk profile 

With the changing regulations, the risk environment has become increasingly complex and difficult to manage. Organizations must devise effective financial risk management strategies to drive their decision making. They need to understand their specific risk goals and overall goals of the company. A proper risk analysis should be performed to ensure that critical risks are covered within the set budget. What if scenarios must be critically evaluated to identify where the company stands.

Want to establish robust risk management methodologies to facilitate increased profits?

Reach to our experts for detailed insights into the risk management strategies.   

Get the basics right 

Creating a risk management framework in the least possible time and money is the ultimate risk management goal for any company. However, it is not an easy job. Risks themselves aren’t static. In such a scenario, companies must aim for broad coverage. It is best to look for a strong source of authoritative guidance to develop a system for internal controls and mechanisms for testing the effectiveness of these controls. Learn from your peers to test the effectiveness of your framework.

Understand the cash flow 

Majority of companies have a financial risk management strategy in place that is capable of adapting to new areas of risks to some extent. But, most of them lack necessary insights into the spend going on in maintaining the risk strategy. They do not consider administrative costs, ongoing maintenance, and variable costs. Creating a roadmap that analyzes the money spent will help you to optimize the budget and know “risk dollars” spent.

Inability to analyze spend can result in excess spend for organizations. Stay a step ahead by requesting free platform access to improve the financial risk management process and gain specific insights. 

Reap the benefits of technology 

As financial risk management continues to grow for organizations as a tool for developing effective business strategies, executives must pay greater attention to providing valuable insights for strategies. Automating workflows, standardizing processes can reduce audit risk. Technology has advanced and can provide better insights for financial risk management. Automating process will help employees take calculated risks and make informed business decisions. Organizations will spend less time on compiling the data and more time acting on it.

To know in detail about financial risk management strategies and the ways to develop a financial risk management framework, request for more information from our analysts.

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