The latest procurement market intelligence study by SpendEdge on the assessment of supply market provides comprehensive insights on the competitive landscape and develops effective supply strategies for a leading oil and gas company.
Insights on the MRO market
Maintenance, repair, and operations (MRO) services ensure efficient functioning of manufacturing and operations facilities in various production plants. The rising demand for processed fuels and increasing offshore drilling activities is boosting the requirement for MRO services in the oil and gas industry. With new players entering the market, companies are focusing on improving their services and product portfolio to remain competitive. Gaining information on supplier’s operational and functional capabilities, service footprint or capabilities, presence across various geographies, and their key clients will help companies to choose the correct supplier. The supply market intelligence solutions offered by SpendEdge helps design effective supplier strategy for clients by presenting a comprehensive picture of the major players in the industry. Additionally, these business solutions offer real-time insights into the MRO services for upstream companies and a comprehensive assessment of all the shortlisted suppliers.
The adopting of integrated engagement is gaining immense popularity in the MRO services market as this approach helps companies to bundle and source spares and maintenance-related services. This method also improves the efficacy of processes such as stock inventory management, storeroom management, and maintenance of contracted categories or products. A stable MRO framework will ensure proper cash flow and larger profit margins for business enterprises.
Consolidation and bundling of services
With the increasing focus on cost saving and cost effectiveness, companies are looking for bundles or consolidated MRO services. Mergers and acquisitions and bundling MRO tail-spend will help companies effectively manage expenditure and reduce operational costs of end-products. Understanding the supplier landscape will help companies identify short and long-term growth opportunities in the global market.
Leveraging technology to stay competitive
E-commerce, web-based software solutions and use of mobile applications are few of the most widely used innovative technology that MRO suppliers are offering to their consumers. The increasing intensity of competition in the market is encouraging vendors to implement innovative technologies to offer efficient services. Technology enables services providers to offer real-time data on stocks, workflow approvals, location-based product lists, and on-the-go customer service. Additionally, these new tools will help companies reduce the overhead costs significantly.
What solutions SpendEdge offer to businesses
The team of procurement experts at SpendEdge provide a supply market intelligence study that tackles the requirements specific to the needs of the global leader of products and services in the oil and gas industry. Some of the solutions offered by the team are:
- Conduct similar supply market intelligence assessments for the oil and gas industry
- Develop category-specific insights, which used a blended approach of analyzing information assimilated through interviews and discussions with market experts and from consultants, annual reports, and databases
- Provide understanding of the market for MRO services for upstream service companies
- Offer detailed information on various factors including the market size, major trends, and challenges
- Help the client understand the buyer’s requirements and challenges, technological innovations, and the prevalent engagement model
- Identify the top suppliers in the industry and analyze their geographical presence, major customers, their service capabilities, and financials
Read our complete case study titled – Assessment of the Supply Market for a Leading Multinational Corporation in the Oil and Gas Industry
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