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Commodity Price Forecasting
Work with SpendEdge to activate data-driven procurement solutions and commodity price forecasting while minimizing supply chain disruptions.
Raw Materials and Commodity Price Forecasting
Monitoring commodity price forecasting and trends play a critical role in the strategic plan of procurement teams and organizations. It empowers them to make data-driven planning and decisions, forecast pricing-related risks, and proactively manage suppliers while minimizing disruption in the supply chain as a result of price volatility.
Budget planning is a key function of category managers, and depending on the organizational structure, a cross-function role of the finance and procurement teams. Our price forecasting solutions help buyers of commodities, raw materials, and services plan ahead with confidence based on market and price forecast insights for the next 6-, 12-, and 18-month timeframes. Importantly, the benefit of price monitoring and forecasting in different categories within a manager’s product portfolio is that it creates the opportunity to prioritize categories and focus on the most volatile ones, including exploring price hedging as a risk mitigation strategy.
In the recent months, supply chain disruptions due to the coronavirus pandemic have caused unprecedented price volatility and challenged the discipline of commodity price forecasting to its very core. As such, our team continues to work with our clients to provide real-time price monitoring and tracking across geographies and based on macro trends such as pandemic developments worldwide, border closings, labor market stoppages, and new laws, rules, and regulations.
Connect with one of our industry expert today to discuss your commodity price forecasting and tracking needs or to gain a better understanding of the procurement services offered by SpendEdge.
COMMODITY PRICE FORECASTING
Typical Coverage Areas and Key Questions Answered
Typical Coverage Areas
- Category/Commodity overview
- Price trends and fluctuations
- Latest trends and news
- Overview of key suppliers
- Commodity price forecasting
- Price forecasts over the 6/12/18 months time-frame
- How the commodity/raw material price is likely to move over the next 6/12 months?
- How labor, fuel and utility prices likely to move over the next 6/12 months?
- What could the potential impact on over costs of raw material sourcing?
Key Questions Answered
- What are the recent changes in the market ?
- What are the latest trends?
- How is the pricing landscape likely to change in the near and far future?
- What are the potential impacts on the sourcing and procurement process?
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