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Assessing Competitors’ Category Strategies and Risks with the Aid of Category Market Intelligence Solution

SpendEdge, a leading provider of category market intelligence solutions, has announced the completion of their latest newsletter on assessing competitors’ category strategies and risks with the aid of category market intelligence solution. The article offers detailed insights into the benefits of category market intelligence solution reaped by our clients. The article also highlights how our category market intelligence services helped companies to boost sales, assess market dynamics, analyze competitors’ category strategies, and manage frequently sourced categories.

Boosting Sales by 150% for an Online Fashion Retail Company

Rising global competition makes it difficult for companies operating in the retail industry to position their products and compete with the leading online retail channels. A developing online fashion retail company was facing predicaments in assessing global market dynamics and drivers that were impacting market trends. They wanted to analyze the retail market and assess competitors’ category strategies to compete with top-level companies in the industry.
The category market intelligence report offered helped the client to obtain detailed insights into the latest trends and developments that were going to define the global market. This helped them gain an overview of competitor companies in the international market, obtain accurate buyer insights, and analyze risks. An exclusive range of fashion products was also created by the client targeting the online consumers’ niche that resulted in a 150% hike.

Managing Frequently Sourced Categories by Devising Category Market Intelligence Strategies

Enhancing category expertise and intelligence across all critical areas of the supply network has always been a tumultuous task for companies. One of our clients, a leading transportation services provider wanted to leverage our category market intelligence solutions to build world-class procurement solutions. They wanted to gain granular supplier-specific information to manage frequently sourced categories.

Our category market intelligence experts developed an internal intelligence unit for managing the regularly sourced categories. This involved making the right investments in the category intelligence tools that focused exclusively on a specific supply market. The solution offered helped the client to obtain comprehensive insights into the different categories within the supply network and improve procurement efficiency.

Capitalizing on the Potential Market Opportunities and Identifying Risks 

With the growth of the portable air conditioner market, companies are compelled to invest in specialized equipment and cutting-edge technologies. They are required to set prices competitively to avoid losing customers to other peers. The client, a prominent portable air conditioner company with business units spread across the globe decided to leverage our services to gain insights into the market landscape in terms of market drivers, dynamics, and niches. They wanted to capitalize on the opportunities to gain better visibility into their supply chain activities.

During the course of this engagement, our category market intelligence experts followed a blended approach comprising of interviews and discussions with leading stakeholders in the HVAC industry. They analyzed competitor’s category strategies and assessed the potential risks to comprehend suppliers and the cost structure. This helped the client to gain better insights into the buyers, the potential risks, and product portfolios.

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Answers to the questions

Category Market Intelligence for a Leading Transportation Services Provider Helps Drive Better Organizational Value

Engagement Overview

A leading transportation services provider wanted to enhance their category expertise and intelligence across all critical areas of the supply network. The client also wanted to build a category management strategy for boosting their procurement functions. As a result, the transportation services provider approached SpendEdge to leverage category market intelligence solutions. During the course of this engagement, a detailed quantitative analysis of various supply chain categories was carried out to help the client build world-class procurement solutions.request proposal

About the Client

A leading transportation services provider with business units spread across several geographies.

Business Challenge

The transportation services provider was facing several challenges in making optimal procurement decisions, which varied from a very broad macro data on price trends to a highly granular supplier specific information.


How did SpendEdge Help the Client?

Step 1: Built a robust intelligence unit for managing frequently sourced categories

This first step encompassed the development of an internal intelligence unit for managing the regularly sourced categories. However, the development of this capability requires investments in category intelligence tools that focus exclusively on a specific supply market.

Step 2: Customized procurement and category market intelligence strategies

Today, supply market intelligence is essential to manage the dynamics of a global supply network. Customization of category and procurement management strategies can help decrease the time allocated for information gathering and further empower transportation services providers to focus on strategic sourcing.


Key questions answered in this case study

Benefits of the Engagement

The category market intelligence experts at SpendEdge helped the transportation services provider to enhance procurement efficiency by devising an effective category management strategy. This category market intelligence engagement also aided the client to gain comprehensive insights into the different categories within the supply network.

Why incorporate category market intelligence

Category market intelligence solutions are intended to offer personalized category management solutions to procurement teams to help them cut down the time allocated for information collection and analysis. Implementing a robust category market intelligence solution helps procurement managers to increase their focus on category management and drive organizational value. This further helps them to add value to procurement rather than cutting procurement costs.

Our Findings

Today, the role of category market intelligence in procurement is that of a strategic enabler of business success. Effective category management helps transportation services providers to develop leading category market intelligence capability. Therefore, it is quintessential for businesses to develop a strong foundation in category management as it helps deliver breakthrough value and elevates the role of procurement.


To know more about our category market intelligence solutions

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IR18

Category Market Intelligence for the Manufacturing Sector – A SpendEdge Case Study

Engagement Overview:

A leading player in the manufacturing sector wanted to build a category management strategy for boosting their procurement functions. The client also wanted to enhance their category expertise and intelligence across all critical areas of the supply network. To do so, the manufacturing sector client approached SpendEdge to leverage a category market intelligence solution. A detailed quantitative analysis of various supply chain categories was carried out to build world-class procurement solutions.

About the Client:

The client is a leading player in the manufacturing sector, specializing in the manufacturing of automotive components.request proposal

Business Challenge:

The manufacturing sector client was facing several challenges in making optimal procurement decisions, which varied from broad macro data on price trends to highly granular supplier specific information.


How did SpendEdge Help the Client?

  • Step 1: Build a robust intelligence unit for managing frequently sourced categories

The first step revolved around the development of an internal intelligence unit for managing the frequently sourced categories. The development of this capability required investments in category intelligence tools that focus exclusively on a specific supply market. Leading players in the manufacturing sector have already made such investments, but in today’s scenario, there’s a larger scope for enhancing this capability by building an information infrastructure for capturing and sharing data across the organization’s supply network.

  • Step 2: Customized procurement and category market intelligence strategies

Supply market intelligence is essential to manage the dynamics of the global supply network. Customization of procurement and category management strategies can help reduce the time allocated for information gathering and enable manufacturing companies to focus on strategic sourcing.

  • Step 3: Built a robust category market intelligence framework

To devise an effective intelligence framework, it is essential to differentiate frequently sourced categories from the infrequently sourced categories. The developed framework enhanced value through a basic process that captured category data based on sourcing activities. It also enabled the client to populate simple supplier information and rate databases with information about both supplier capabilities and past performance, as well as a price and rate information.


Key questions answered in this category market intelligence engagement include:

Manufacturing Sector


Benefits of the Engagement:

The category market intelligence experts at SpendEdge helped the manufacturing sector client to enhance their procurement efficiency by devising an effective category management strategy. Category market intelligence also enabled the client to gain detailed insights into the different categories within the supply network.

Why incorporate category market intelligence in the manufacturing sector?

Excelling in category management is an important goal of procurement organizations globally. New imperatives have emerged out of complex market landscapes besides cost savings; thereby, compelling manufacturing companies to view the role of procurement through the prism of innovation, risk, flexibility, cost, and speed.

SpendEdge’s category market intelligence solutions are aimed at offering personalized category management solutions to procurement teams to help them cut down the time allocated for information collection and analysis. Implementing our category market intelligence solutions helps procurement professionals to focus on category management and drive organizational value. This helps them to emphasize on adding value to procurement rather than cutting procurement costs.

Our Findings:

The role of intelligence in procurement as a strategic enabler of business success is now bigger than ever. Effective category management helps manufacturing sector firms to develop a leading category market intelligence capability, which proves to be challenging even for the most resourceful organizations. Therefore, it is essential for businesses to develop a strong foundation in category management as it helps deliver breakthrough value and elevates the role of procurement by helping them gain access to the organizational spend data.


To know more about our category market intelligence solutions

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ir8

Cargo Services Market Intelligence Engagement: Offering Tips for Portfolio Analysis

Engagement Overview:

The client wanted to enhance service efficiency and delivery capabilities across their supply network. To proactively address the challenges in achieving their objective, the cargo services provider approached SpendEdge to conduct a detailed portfolio analysis. Our experts developed a three-step methodology that helped the client to drive business value. 

The category market intelligence engagement helped the cargo services provider to gain detailed insights into information related to the market, cost, supply, and demand. Moreover, portfolio analysis that was conducted as a part of the category market intelligence engagement enabled the client to focus on core services that have a higher probability to establish value-addedrequest proposal and long-term relationships with clients.

About the Client:

The client is a leading player in the cargo services industry.

Business Challenge:

The cargo services provider was facing difficulties in improving their portfolio management capabilities.


How did SpendEdge Help the Client:

  • Step 1: Diversification of business strategies

Identification of factors that led to significant losses led to the development of more appropriate and new business strategies.

  • Step 2: Reprofiling the business strategies

Reprofiling business strategies helped in shifting focus to core services that ranked in the top tier of the industry.

  • Step 3: Clearing the long-tail in professional services

Additional tougher decisions regarding service offering enhancements required the cargo services firm to focus on driving profitability by developing win-win agreements with key clients who possess a sustainable infrastructure.


Key questions answered in this category market intelligence study include:

Cargo Services


Benefits of the Engagement:

Our category market intelligence solution assisted the cargo services firm to gather and analyze specific information relevant to the organization’s supply market. It also enabled them to optimize decisions by leveraging market facts and data pertaining to different categories.

Why incorporate category market intelligence?

In today’s competitive business scenario, the need for world-class procurement is more pressing than ever. This is mainly due to the rise in market volatility along with growing economic pressures that are forcing organizations to do more with less. However, devising a top-notch procurement model with the necessary market intelligence capabilities for support poses a major challenge even for the most resourceful organizations.

Our Findings:

Considering the fast pace at which markets are developing, it’s extremely important for an organization to explore the plethora of available resources available to categorize demand and develop solutions to meet specific requirements. Moreover, supercharging the category market intelligence capabilities of your organization enhances your strategic sourcing capabilities and offers detailed insights that are required to drive business value.


To know more about our category market intelligence solutions

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IR7

Category Intelligence to Improve Market Presence by Assessing Competitors’ Category Strategies – A SpendEdge Case Study for a Retail Company

Engagement Overview:

The fashion retail client wanted to develop and execute category market intelligence strategies in a sustainable way. To assess their competitors’ category strategies and improve their market presence, the fashion retail firm approached SpendEdge to devise a comprehensive approach to category management and implement those solutions throughout their global supply chains.

A detailed quantitative analysis of various categories within the supply chain was carried out identify, assess, and benchmark the best practices to be followed. Also, the constant monitoring of variables that could possibly impact the strategy led to the development of a precise category plan. The variable included – consolidation within the sector, entry of new players, technological request proposal developments, and macroeconomic changes.

About the Client:

A multinational retail company specializing in fashion retail. The client is a leading player in the retail industry with several well-established subsidiaries operating in over 20 developed economies.

Business Challenge:

The fashion retail client was facing difficulties in developing a market intelligence based category plan.

How did SpendEdge Help the Client?

  • Step 1: Developed a three-step methodology

Our category market intelligence experts followed a structured approach to develop a precise category plan.

  • Step 2: Benchmarking of peers and incumbent suppliers

Identified potential saving opportunities across 10 categories and by providing benchmark pricing, we helped them ensure that the quoted price is in line with the average market price.

  • Step 3: Identified new category trends and reported best-in-class performance metrics

Identified new category trends and niche supplier segments – identifying market trends well in advance helped the client to plan for the future.

Benefits of the Engagement:

Our category market intelligence solution helped the fashion retail firm to monitor all the developments across the organizations’ direct and indirect procurement categories. Our team worked as an extension of the client’s business to filter out irrelevant information and extract precise content to deliver actionable insights to category managers in the form of industry reports, periodic newsletters, and annual updates among others.

Why incorporate category intelligence solutions?

Growing technological advancements and a rise in globalization have resulted in the rapid evolution of business models and procurement categories across industries. This has made it necessary for category managers to leverage category market intelligence and adopt a pro-active approach to category planning. Category market intelligence based solutions help companies to leverage demand across the enterprise to achieve maximum savings.

Key questions answered in this category market intelligence study include:

market intelligenceOur Findings:

To devise a precise category plan, category managers require access to comprehensive and timely insights. It also requires appropriate updates on category developments to spot early warning signals and curtail supply chain disruptions.

Though leading players in the retail industry have recognized the importance of having category strategies and market intelligence mechanisms, they seem to limit their efforts to direct procurement categories. It is important to note that indirect procurement categories such as – finance, HR, IT, and logistics can also cause significant liabilities for clients though they do not constitute a significant part of their spend.


To know more about our category market intelligence engagement

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IR23

Category Market Intelligence to Enhance Product Development and Offer Superior Products – A SpendEdge Case Study for a Bioelectronics Company

Engagement Overview:

The client wanted to enhance their product offerings by refining their product development strategies. To identify and capitalize on new opportunities, the bioelectronics company approached SpendEdge to help them gain a better understanding of their customers, different supply chain categories, and disruptive forces in the marketplace.

A detailed subjective and quantitative analysis of different supply chain categories was carried out to identify the category specific best practices. Our category market intelligence solution also enabled the bioelectronics firm to generate new request proposal business ideas, which, in turn, helped them to enhance their product offerings.

About the Client:

A multinational bioelectronics manufacturer –  The client is a leading player in the biotech industry with several well-established subsidiaries operating in over 25 developed countries.

Business Challenge:

The bioelectronics manufacturing company was facing difficulties in enhancing their product development strategies.


How did SpendEdge Help the Client:

  • Step 1: Developed a three-step methodology to strategically address the challenges across different categories

Our category market intelligence experts followed a structured approach to develop a precise product development strategy.

  • Step 2: Continually benchmarked the existing product line to better meet customer demands and preferences

Overcoming the rigidity caused by the clients’ inefficient product development strategies required the creation of benchmarks to differentiate product features and position by comparing them with similar competitive products in the market.

  • Step 3: Detailed examination of customer needs across different categories to generate new product ideas

A detailed understanding of customer demands and factors influencing them was obtained by implementing category market intelligence based solutions. It included detailed insights obtained through product perception mapping studies, usage studies, and product development trends.


Benefits of the Engagement:

Our category market intelligence solution helped the bioelectronics firm to improve their product offerings and monitor the impact of product development strategies on different categories across their supply network. Our market intelligence experts also helped the client to gather relevant information to deliver actionable insights to category managers in the form of industry reports, periodic newsletters, and annual updates among others.

Why incorporate category market intelligence?

Category market intelligence based solutions help category managers to reduce the time spent on collecting and analyzing relevant data; thereby, enabling them to focus on the development of category management initiatives. Also, market volatility is severely affecting commercial operations in many categories leading to monopolistic or oligopolistic market situations. Therefore, to develop a competitive advantage, it’s essential to have access to pro-active market intelligence based information on market dynamics of raw materials, indirect and direct spend categories, energy requirements, and logistics across different categories.

Key questions answered in this category market intelligence study include:

Bioelectronics

Our Findings:

Product development strategies offer a framework for developing new products and enhancing the quality of existing products. They also help companies in achieving their business goals – entering new market segments, winning business from competitors, and enhancing products offerings. A well-planned strategy can assist organizations to increase revenue in several ways. However, it requires careful planning to reduce the impact of associated risks.

Though leading bioelectronics companies are now familiar with category management and market intelligence mechanisms, they fail to incorporate it while developing new product strategies. It is essential to incorporate category market intelligence to identify important performance factors and set measurable targets for improvement.


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IR16

Category Market Intelligence Engagement Helps a Portable Air Conditioner Manufacturer to Capitalize on the Potential Market Opportunities

Overview of the global portable air conditioner market

Today, the comfort level of individuals depends to a large extent on the surrounding environment. Air pressure, temperature, and humidity are few of the most important environment variables that keep changing throughout the year. Getting habituated to these changes often becomes a difficult task for individuals. Therefore, to control the environmental conditions, air conditioning systems play a vital role. The growth of the portable air conditioner market is mainly driven by its characteristics, including efficiency and its compactness. Additionally, they do not require everlasting installation and can be moved from one place to another with ease. Individuals are also making use of portable air conditioners for trips and other outdoor activities.

Although the portable air conditioner market is proliferating, many factors are expected to slow down its growth prospects. A few factors include:

  • Costs: Players in the global portable air conditioner market have more and more to invest in specialized equipment and cutting-edge technology. Yet, they also must set the prices competitively to avoid losing customers to other peers. The secret is to balance what is spent with the prices that are defined, always trying to reduce costs and adopting the best practices for the business.
  • Communication: Players in the portable air conditioner market must be aware of their capabilities and should stay updated on any changes or upgrades to stay on par with the competitors. Besides this, it is also important to speed up the process of reporting failures between the staff, company, and the customers, while providing the technician with all the information needed to run the service without any data loss or bureaucracies along the way.

To overcome such challenges, it is best recommended for players in the portable air conditioner market to leverage the use of category market intelligence solutions. Category market intelligence solutions help organizations understand the market effectiveness in terms of competitors, their supply chain activities, and the supplier diversity. request free proposalThese solutions also deliver insights into the buying preferences of the customers and help companies understand the potential risks associated with procurement.

The Business Challenge and Journey

Client background: A prominent firm in the portable air conditioner market with business units spread across the globe wanted to understand the market landscape in terms of market drivers, dynamics, and niches.

Client issue: They were facing predicaments in understanding customer’s preferences. Additionally, the client wanted to capitalize on the opportunities to obtain maximum value and gain better visibility into their supply chain activities.

SpendEdge’s category market intelligence experts followed a blended approach comprising of interviews and discussions with leading stakeholders in the HVAC industry to help the client better understand their target customers and accordingly devise effective marketing strategies.

Client journey: The client comprehend the suppliers and the cost structure. Additionally, the solution helped the client to effectively understand the competitor’s category strategies and assess the potential risks, compliance, and environmental policies and maintain superior supplier relationship.

Key questions answered in this category market intelligence engagement

The Results

The portable air conditioner manufacturing firm carried out an effective category market analysis to gain better insights into the buyers, the potential risks, and product portfolios.


To know more about our category market intelligence solutions for the automotive industry

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IR32

Category Market Intelligence: A Technology Landscape Assessment for an Automotive Industry Client

Overview of the Automotive Industry

The global automotive industry comprises of two distinct segments including the retail services and repair sector (RS&R) and the manufacturing sector. The automotive manufacturing segment encompasses the manufacture of motor vehicles, including sport utility vehicles (SUVs), cars, and medium, heavy and special-purpose highway trucks. The automotive retail sector deals request free proposalwith the sales of vehicle parts, the supply of aftermarket equipment, and vehicle recycling and disposal.

The Business Challenge and Journey

The client, a leading player in the automotive industry with several business units spread across the globe, was looking at leveraging SpendEdge’s market intelligence solution. The client wanted to identify the strategic technology trends in the automotive landscape.

The automotive company wanted to engage in a technology landscape assessment to enhance its business and intellectual property portfolio. Moreover, the client wanted to use market intelligence to drive savings and offer greater assurance across their supply chain.

The company’s supply chain management executives recognized the tremendous benefits of leveraging SpendEdge’s category market intelligence solution. As such, they were looking at employing a technology landscape assessment to improve their product lifecycle planning. Moreover, they also wanted to improve market awareness.

To identify challenges in supply chain functions, the market intelligence experts at SpendEdge carried out extensive research comprising interviews and discussions with prominent stakeholders in the automotive industry. The experts also compiled information across a wide array of reliable sources such as trade shows, company presentations, industry forums.

Importance of technology landscape assessment

Technology landscape assessment acts as an indicator for a particular industry and offers insights on where a specific segment of the market is headed. Also, an active technology landscape assessment performed as a regular process can assist companies in increasing their business and market awareness.

Though most leading companies tend to take advantage of core technologies, a few are far behind when it comes to technological adoption.

Fundamental questions answered in this category market intelligence study include:

Automotive Industry

Understanding the current technology and it’s potential should yield answers to these question:

  • Are we monitoring supplier companies and their technology?
  • Do we monitor our core technologies for the latest trends and advances?
  • What else can the current technology do?

The Result

SpendEdge’s market intelligence based solution offered relevant insights that helped the automotive industry client to analyze the current market trends and developments in the automotive sector. The technology landscape assessment also shed light on requirement gaps and ways to bridge them using more advanced technologies. Such an approach allowed them to act quickly and increase the efficiency of their sourcing process to drive profitability.

Moreover, this technology landscape assessment assisted the automotive industry client to achieve breakthrough improvements in their overall supply chain performance. Furthermore, it offered relevant insights to better understand the market scenario, industry standards, and expectations.

Why should you leverage category market intelligence?

Category market intelligence is essential for any company as it helps in gaining a more profound knowledge of the industry. Setting up a category market intelligence practice is an effective way for organizations to gather information and data related to the specific industry. It also helps them analyze the collected data to make accurate business decisions.


Automotive industry trends:

  • The emergence of automotive cloud technologyAs customers are used to updating their smartphones over the cloud, they are looking for a comparable experience in their vehicles. The coming years seem promising since more and more vehicles are expected to come with a dashboard system that is quickly updated and customized by drivers.
  • The rise in the use of electric vehiclesThe rise in the demand for electric vehicles among the global population can be attributed to the low battery costs and its environmentally friendliness when compared to fuel-based vehicles. This has compelled players in the automotive market to increase their investments in electric vehicles.
  • Rising focus toward autonomous drivingLeading automakers in the market continue to release cars equipped with semi-autonomous features. In addition to the existing features such as parking and traffic assist, smart navigation systems, and collision assist, automotive companies are increasing appeal by offering services that can deliver more personalized experiences to the driver.

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Laptop with pen and spiral notebook on desk.

Category Market Intelligence: Analyzing Supplier Pricing and Cost Structure for a Medical Supplies Firm

Overview of the Medical Supplies Industry

Companies offering medical supplies are involved in the manufacture and distribution of a broad range of items that include dental equipment, surgical instruments, elective laser surgery equipment, and other orthopedic products. Within the medical supplies sector, some companies deal with low-tech items such as syringes and surgical gloves. The other companies focus on complex operations including the manufacture of orthopedic and interventional cardiology devices, which require extensive capital spending. This is mainly because the products are highly technology-based and require research and development to maintain a steadyrequest free proposal rollout of new offerings.

The global medical supplies industry is mainly divided into:

  • Medical supplies invasive
  • Medical supplies non-invasive

The Business Challenge and Journey

The client, a leading medical supplies firm, was looking at leveraging SpendEdge’s market intelligence solution. The client was facing several issues related to their inefficient supplier management strategies. Also, the instability in their supply chain increased their maverick spend and supplier pricing associated risks.

The company’s supply chain management executives recognized the tremendous benefits of adopting the best practices in market intelligence to minimize their maverick spend. As such, they were looking at reducing the company’s risk profile by implementing a centralized supply chain system for analyzing the supplier’s pricing and cost structure.

To identify challenges in the supply chain functions, the market intelligence experts at SpendEdge carried out extensive research comprising interviews and discussions with prominent stakeholders in the medical supplies sector. The experts also compiled information across a wide array of reliable sources such as trade shows, company presentations, industry forums.

Why should you leverage category market intelligence?

Today’s supply chains are increasingly turning complex and dynamic, with constant changes to suppliers, raw materials, and pricing within the markets themselves. Though ERP tools help in enhancing management capabilities, they do not consider external data. Their “inside-out” approach can leave companies flat-footed when planning and executing competitive supply chain strategies. However, leveraging market intelligence solution helps firms in gaining real-time insights on suppliers, customers, and competitors; thus, creating an “outside-in” perspective to reduce risks and create a competitive advantage.

Fundamental questions answered in this market intelligence study include:

Medical Supplies


The Result

SpendEdge’s market intelligence solution offered relevant insights that helped the medical supplies firm to analyze supplier pricing, cost structure, and drive significant profits. Our market intelligence solution also enabled the client to efficiently keep track of acquisitions, customer wins and losses, divestitures, operational changes, and other such factors that have a substantial impact on a supplier’s ability to deliver. Moreover, it offered relevant insights to better understand a potential supplier’s business strategies, supplier pricing, their management, and their motivations.

Market trends

  • Demand for disposable medical supplies: Healthcare establishments are increasingly adopting disposables as a response to increased pressure from accreditation organizations that aim at preventing patient and staff harms. Also, the adoption of stringent infection prevention policies by leading healthcare service providers will also contribute to the demand for disposable medical supplies.
  • 3D printing: The rapid advances and innovation in medical technology are poised to change the way medical supplies are manufactured. 3D printing techniques may aid in the development of advanced medical supplies designed to suit specific applications.
  • Demand for polymeric tissue sealants: The demand for polymeric tissue sealants and similar products is expected to accelerate while the demand for bandages will decrease owing to their limited flexibility in terms of innovation and pricing. Also, the higher preference for minimally invasive surgeries will reduce the demand for traditional staples and sutures.

    To know more about our market intelligence solution and how we helped the medical supplies firm

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IR29

Category Market Intelligence Assists a Renowned Biosimilar Drugs Manufacturer to Understand the Competitive Scenario and Effectively Strategize their Decision-making Process

Overview of the Biotech Industry

The global investment in biotechnology has increased consistently, owing to the growing demand for medical applications that offer cost-effective care for the aging global population. To establish their presence in this competitive environment, prominent biotech companies are planning to invest heavily in advanced medicines such as biosimilar drugs to combat chronic diseases such as cancer and diabetes. The cost of biosimilars is 10-30% lesser than their parent products; thus, compelling businesses to invest highly in research and development to diversify their business models and offer reliable and cost-effective services to the customers.

Although biosimilar drugs are gaining traction among the end-user segments, several factors may hinder the growth of the industry. They include:

  • Rising regulatory concerns: In recent years, biotech companies have been compelled to comply with the regulatory guidelines set forth by the Food and Drug Administration. With the fluctuating changes in regulatory requirements, it becomes necessary for the biotech companies to stay relevant and keep-up-to-date with the legislative changes and ensure that they meet all the requirements.
  • Contract manufacturing: With the demand outpacing the production capabilities, several biotech companies have started outsourcing their production capabilities to reduce capital and outlay costs. However, companies face several uncertainties when it comes to meeting the quality standards while ensuring consistency in their product offerings.
  • Innovations: The intense competition in the biotech industry is augmenting the need to stay relevant and keep pace with the latest developments. Moreover, developing products is an expensive and time-consuming affair and requires high investments.

With the increasing competition in the biotech industry, biotech companies are facing the need to invest highly in their technical capabilities to reduce the risks associated with the supply and further ensure quality in their product offerings. To tackle challenges and bridge the demand-supply gap, biosimilar drugs manufacturers should also understand who their target audiences are and their preferences toward the products.request free proposal

The Business Challenge and the Solution Offered

A renowned biosimilar drugs manufacturer wanted to understand the current market scenario and analyze the latest trends and developments in the market. The biosimilar drugs manufacturer wanted to gain timely and relevant insights into the competitors, their product offerings, and devise an effective market plan to meet the growing preferences of the customers. With the help of an effective market intelligence solution, the biosimilar drugs manufacturer wanted to gain information on the cost and the market dynamics including raw material prices, indirect spend, and logistics expenses.

To identify the early warning signs of potential problems and mitigate potential risks in the supply chain, the procurement experts at SpendEdge carried out an extensive research. The methodology focused on interviews and discussions with prominent stakeholders in the biosimilar drugs manufacturing space. The experts also compiled information across various secondary sources to gain robust and predictive procurement intelligence.

The market intelligence solution offered by SpendEdge offered insightful ways for the biosimilar drugs manufacturer to assess the current market dynamics, drivers, and challenges. The firm was able to create a SWOT analysis to identify the barriers, opportunities, and market trends and devise effective procurement best practices to mitigate these potential risks.

Fundamental questions answered in this market intelligence study for biosimilar drugs include:

SP00


The Results

The engagement offered by SpendEdge helped the biosimilar drugs manufacturer gain a deep-dive knowledge on the supplier pricing, the cost structure, and the technology landscape. The category market intelligence engagement also helped biotech products manufacturer achieve operational efficiency while addressing the supplier diversity for the products offered.


To know more about our category market intelligence solution for biosimilar drugs manufacturer

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