Analyzing the Aftermarket Services in the Chemical Procurement Market
The latest procurement market intelligence study by SpendEdge on the aftermarket services helps a leading manufacturer of fertilizers and chemicals products assess the aftermarket services for rotating equipment and supplier landscape.
Aftermarket services – market at a glance
Many manufacturers are utilizing aftermarket services to cater to the changing client requirements and develop strong service capability. With increasing competition in the global market, strategic changes in the value chain systems, and the introduction of new product lines aftermarket services will ensure seamless service deliveries and outline effective marketing strategies. The procurement market intelligence engagement offered by SpendEdge includes insights on the category essentials, supplier landscape, supply market, and the latest cost drivers and its impact levels. The procurement market study helps a leading chemical manufacturer assess the aftermarket services for rotating equipment, especially for compressors, and helps category managers develop effective procuring strategies. Identifying the leading aftermarket suppliers and tracking latest developments in the market will help companies gain valuable information on growth opportunities.
Companies are adopting a proactive and customer-centric business models to expand their consumer base and increase their profitability. Keeping the end-users happy will benefit the branding strategy of the organization and will improve the existing clientele. Expanding delivery channels, value-added service requests, use of smartphones and digital technology, and faster services are some of the methods companies are relying on to build efficient service delivery systems.
Digitalization in the chemical industry
Chemical manufacturers are leveraging technological innovations to gain a competitive advantage in the global market. Digitalization improves the productivity, efficacy, operational capabilities, and manufacturing processes in the chemical industry. Suppliers of the aftermarket services are offering innovative technologies like sensors, advanced diagnostic devices, and 3D printing machines that are revolutionizing the industry. Additionally, the introduction of artificial intelligence (AI) will improve the performance metrics of various suppliers in the global market.
The establishment of stringent laws and regulations is raising the requirement of special services that tackle the complexities of the new laws and ensure compliance. All aspects of manufacturing, labeling, handling, storage, and shipping have legal implications, and it is important for companies to abide by the laws to sustain in the market. Suppliers offer cloud-based solutions that update regulations on a real-time basis and helps companies access solutions faster.
What solutions SpendEdge offer to businesses
The team of procurement experts at SpendEdge provide a market intelligence study that helps clients understand how the market would grow in the short and long-term, validate the market size, and develop opportunity model for the industry. Some solutions offered are listed below:
- Offer qualitative and quantitative assessments followed by data analysis and category-specific insights development
- Help the client understand the aftermarket services for rotating equipment
- Develop effective strategies for market expansion by estimating the current market size, market segments, latest market trends, drivers, and challenges faced by major category managers
- Analyze the global market landscape by evaluating the key suppliers, their operational capabilities, recent mergers and acquisitions, service footprint or capabilities, and the key geographies
- Provide the pricing and costing overview for aftermarket services, including an overview of pricing models and benefits comparison
Read our complete case study titled – Procurement Market Intelligence Study on Aftermarket Services
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