Tag: Procurement Market Intelligence Study

IR21

Procurement Intelligence Study Assists a Chemical Industry Client Evaluate Suppliers’ Pricing Strategies

Category Overview

In today’s competitive business scenario, establishments are accelerating at a rapid pace with no limitations. Notably, the global chemical industry is susceptible to price changes, due to the rising need to reduce costs among the target audiences. Hence, to effectively keep track of the expenses, leading procurement organizations in the chemical industry have started leveraging procurement intelligence studies. Additionally, firms operating in the chemical industry space are planning to break stereotypes of not being confined to a region and are heavily investing in expansion strategies to showcase their product offerings.

Moreover, the procurement intelligence solutions offered by SpendEdge, help clients gain a deeper understanding of the key risks, latest developments and trends, and recommendations on devising procurement best practices across the supply chain.

The Procurement Challenge and Insights Offered

A global chemical industry client was facing predicaments in understanding the supply market dynamics, current market position, and potential growth drivers. Additionally, the client wanted to understand the supplier landscape in terms of the dominant players, their supply chain capabilities and facilities, and the supplier diversity programs adopted. They also wanted recommendations on ways to enter into a superior contract negotiation with the current suppliers.request free proposal

To address the business issue and meet the specific requirement of the client, the procurement intelligence analysts at SpendEdge carried out a blended approach comprising of primary and secondary research.

With the help of this procurement intelligence study, the chemical industry client was able to identify the supplier’s cost and pricing structure and develop a compelling price model analysis to evaluate competitors’ strategies. Additionally, through a comprehensive SWOT analysis, the client developed a list of suppliers in terms of their business profile, financial structure, and revenue.

Fundamental questions answered in this procurement intelligence study include

Procurement IntelligenceBusiness Outcome

This procurement intelligence engagement helped the chemical industry client to identify the potential supplier risks and reduce the overall procurement costs. Additionally, the client gained suggestions to serve customers seamlessly.

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IR2

Procurement Market Intelligence helps a Food Service Client Evaluate Suppliers’ Pricing Strategies

Category Overview

Over the past five years, the food service industry has become sophisticated owing to variables such as short lifecycle of new products, limited time offers, and dynamic, flexible marketing. Additionally, factors such as the rising demand for quick food service establishments and growing convenience are boosting the growth of the food service industry across the globe. However, according to the market intelligence specialists, the shifting consumer attitude towards healthy food and rising commodity prices are contributing to the sluggish growth of the market.

As a result of such challenges, food service players have started adopting procurement market intelligence studies to evaluate suppliers’ pricing strategies and cut down the overall costs. Moreover, the procurement market intelligence solutions offered by SpendEdge also help food service clients achieve better supplier relationship with the suppliers.

The Procurement Pain Point and Insights Offered

A global food service client wanted to evaluate suppliers’ pricing strategies to cut down on the overall costs. Additionally, the client wanted recommendations to enter into a better contract negotiation with their current suppliers. The client also wanted to gain an in-depth understanding of the supply market and assess their overall procurement capability across the supply chain to serve their customers better.request free proposal

The market intelligence specialists at SpendEdge conducted an in-depth industry analysis, which included primary and secondary research coupled with qualitative and quantitative data collection methodologies, to cater to the specific category requirements of the client.

With the help of this procurement market intelligence study, the food service client was able to evaluate suppliers’ pricing strategies, which, in turn, helped them enter into a better contract negotiation. Additionally, the client was able to evaluate their overall procurement competence across the supply chain to serve their customers better through a detailed understanding of the supply market.

Key questions answered in this procurement market intelligence study include

Food ServiceBusiness Outcome

The procurement market intelligence solution provided by SpendEdge helped the food service client identify potential supplier risks and save massive amounts in their procurement operations. Additionally, the client was suggested insights into the supply market to better serve their customers.

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Procurement Market Intelligence Helps a Machine Tools Manufacturer to Assess Suppliers’ Pricing Strategies

Category Overview

The machine tools manufacturing industry is driven by the advent of robotic-assisted technologies, advanced grinding techniques, surging automation in end-user industries, and rising popularity of carbon fiber-reinforced polymers. Additionally, investments in expanding manufacturing capabilities for durable goods is also helping the machine tools production firms.

However, according to SpendEdge’s procurement market intelligence experts, the evaluation of market dynamics, drivers and niches, and supplier diversity poses a significant challenge for the machine tools manufacturers. As a result of these challenges, many machine tools manufacturing firms have started opting for procurement market intelligence studies to assess suppliers’ pricing strategies.

Moreover, the procurement market intelligence studies offered by SpendEdge also help machine tools manufacturers to achieve superior supplier relationship management.

The Procurement Pain Point and Insights Offered

A leading machine tools manufacturer wanted to assess suppliers’ pricing strategies to serve their customers better. Additionally, the client also wanted to gain a detailed understanding of the supply market and evaluate their overall procurement competence across the supply chain. They also wanted recommendations on ways to enter into a better contract negotiation with the current suppliers.request free proposal

The procurement market intelligence experts at SpendEdge carried out an in-depth industry analysis, including primary and secondary research coupled with qualitative and quantitative data collection methodologies, to cater to the specific category requirements of the client.

During the course of this market intelligence study, the machine tools manufacturer was able to assess suppliers’ pricing strategies. This helped them to enter into a better contract negotiation with the current suppliers. Additionally, the client was able to gain a detailed understanding of the supply market and evaluate their overall procurement competence across the supply chain to serve their customers better.

Key questions answered in this procurement market intelligence study include

machine toolsBusiness Outcome

This procurement market intelligence study helped the machine tools manufacturer client assess suppliers’ pricing strategies. Additionally, the client was also able to identify potential supplier risks and save huge amounts in their procurement operations. Furthermore, the client was recommended suggestions on the supply market to serve their customers better.

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IR31

Home Care Products Manufacturer Leverages Procurement Market Intelligence to Identify Potential Supplier Risks and Take Timely Decisions

Category Overview

The home care products industry is growing considerably due to the growing health awareness, increase in per capita income of people, and improving standards of living. Additionally, the availability of a wide range of products and variation in product prices is also fueling the growth of the home care industry.

According to Spend Edge’s procurement market intelligence experts, home care products firms are finding it increasingly difficult to maintain standards and monitor practices across all employees and suppliers. As a result, many home care products firms have started opting for procurement market intelligence studies to identify potential supplier risks and take timely decisions. Moreover, the procurement market intelligence studies offered by SpendEdge also help home care products firms identify metrics for a superior supplier relationship management.

The Procurement Pain Point and Insights Offered

A leading manufacturing firm specializing in home care products wanted to assess the overall market dynamics and gain insights on the key drivers and niches. They also wanted to gain an overview of suppliers and their diversity across the supply chain. Furthermore, the home care products client wanted to evaluate risks, compliance, and responsibilities of the suppliers and take timely decisions.request free proposal

The procurement market intelligence experts at SpendEdge carried out an in-depth industry analysis, including primary and secondary research coupled with qualitative and quantitative data collection methodologies, to cater to the specific category requirements of the client. During the course of this competitive intelligence study, the home care products client was able to gain an in-depth understanding of the risks affecting suppliers across the supply chain. Additionally, they also gained insights about the pricing and cost structure of the suppliers through SpendEdge’s price model analysis.

Key questions answered in this procurement market intelligence study include

home care productsBusiness Outcome

This procurement market intelligence study helped the home care products client identify potential supplier risks and take timely decisions. This helped the client save massive amounts in their procurement operations. Additionally, the recommended metrics for a superior supplier relationship management helped them serve their customers better.

Want to know more about our procurement market intelligence solutions?

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3

Decreasing Operational Costs Through Effective Procurement Market Intelligence

Category Overview

Through procurement market intelligence, firms can gather and analyze relevant information to a company’s supply chain specifically for confident decision making in the procurement process. Additionally, procurement market intelligence can be used to discover new suppliers, the origin of capable suppliers, and new capabilities of existing suppliers.

Since procurement market intelligence solutions help clients identify the costs associated with materials, transportation, labor, and profits, many firms have started opting for procurement market intelligence studies to gain insights into the latest trends and developments, key risks, and procurement best practices.

The Procurement Pain Point and Insights Offered

A global market leader specializing in the design and manufacturing of oil and gas equipment, operating across multiple countries was facing high operational costs and had difficulty in managing their rapid growth. Additionally, the client also experienced excessive fees and cost pressures associated with the day-to-day operational materials and equipment. Furthermore, the client was also facing backlogs of Purchase Order (PO) issues and wanted to reduce freight and logistics costs. The primary scope  of trequest free proposalhis engagement was to help the client manage procurement of vital items, including oil seals, pipe fitting valves, motors, small fabrication parts, and more.

At SpendEdge, the procurement market intelligence experts conducted a comprehensive industry analysis and followed a blended research methodology to cater to the specific category requirements of the client. This study also helped the client centralize the resources management desk and reinforced both sources to pay and order to cash initiatives inside the organization. Additionally, the client could maintain the allocated parts and sales order entry point for the in-stock system. Furthermore, with the help of our strategic insights, the client could implement best practices into the supply chain and accomplish a zero-defect transaction management.

Key questions answered in this market intelligence study include

market intelligence

Business Outcome

SpendEdge’s procurement market intelligence study helped the client reduce the number of requirements for POs. Additionally, the client was able to significantly decrease the sales order to invoice process time and consequently achieve operational cost savings. SpendEdge’s procurement market intelligence study also helped them enhance their operations and improve their overall procurement capability.

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IR2

Procurement Market Intelligence Helps a Packaging Company Reduce Procurement Spend

Category Overview

The growth of the packaging industry across the globe is mainly due to environmental concerns, sustainability, and the demand to keep the product quality high. Over the years, packaging has become an essential part of a product’s lifecycle and has gone beyond its traditional usage, which was limited to protection. Moreover, the higher demand for a more sustainable, fresh and healthy, and hygienic product range in the developed markets is also contributing to the growth of this industry. However, the stringent regulations from governments across the globe over the packaging of chemical products and rising concerns regarding biodegradability of packaging materials are some of the factors restraining the growth of this market. As a result of such challenges, many packaging companies have started opting for procurement market intelligence studies to identify the constraints and risks to achieve savings and capture the synergies that are present in an integrated organization.request free proposal

The Procurement Pain Point and Insights Offered

An international packaging manufacturer wanted to identify and evaluate potential procurement savings as they had taken over its main competitor and soon realized overlaps in significant areas of the Asia Pacific. The integration of the two companies also resulted in a major spend across many product categories. As a result, they wanted to cut down on the principal spends. Additionally, the client also wanted insights on the spending by suppliers, markets, products, period, direct and indirect costs, and forecast versus actual expenditure.

SpendEdge’s procurement market intelligence analysts conducted an all-inclusive industry analysis which included primary and secondary research coupled with qualitative and quantitative data collection methodology to cater to the specific category requirements of the client. This study helped the company discover a game-changing approach to the mega-supplier relationship. The suggested approach included new sourcing strategies, prioritized action plans, best practices in direct and indirect category management, and the establishment of a centralized procurement organization.

Key questions answered in this market intelligence study include

market intelligence

Business Outcome

This procurement market intelligence study helped the client identify an enormous amount of procurement savings. The savings were categorized into three types including low-risk savings resulting from consolidating contracts and obtaining better prices, moderate-risk savings that require engagements with suppliers, and longer-term savings that need process and operational improvements and changes to the product portfolio.

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IR7

Procurement Market Intelligence Study for a Major Chemical Firm Helps Improve Overall Procurement Capability

Category Overview

The growth of the chemical industry across the globe is largely determined by developments in China, which accounts for more than a third of the global production. Additionally, it has also been noted that this industry has experienced strong M&A activities over the years as companies pursued growth opportunities, focused on core competencies, and rearranged their product portfolios. However, this cyclical industry is feeling the pinch of reduced demand across agriculture and energy markets. Furthermore, concerns over China’s future growth also poses a serious issue for the key stakeholders in this market space. Consequently, to gain more information on how to deal with such challenges, many chemical companies have started opting for procurement market intelligence studies to gain a deeper understanding of the key risks, latest trends and developments, and procurement best practices.

The Procurement Pain Point and Insights Offered

A chemical firm wanted to measure the organization’s overall effectiveness and identify opportunities for improvement. They also wanted to assess their overall procurement competence and define a new operating model. Furthermore, they also wanted to gain insights on a better strategy to enter into a contract negotiation with the current suppliers. SE_Demo2

The procurement market intelligence analysts at SpendEdge carried out an in-depth industry analysis and followed a blended research methodology to cater to the specific category requirements of the client. During the course this study, the client was offered the baseline data required for the procurement transformation through our benchmarking analysis. Additionally, the client was also offered a structured framework for sourcing the chemicals and developing long-term strategies with the suppliers. Furthermore, the client was also given insights on the effective strategies to enter into a contract negotiation with the current suppliers.

Key questions answered in this competitive pricing study include

market intelligence

Business Outcome

This procurement market intelligence study helped the client double their value creation and significantly increase customer satisfaction levels. Additionally, the client was also given insights on suppliers pricing, cost structure, and price model analysis. SpendEdge’s procurement market intelligence study also helped the client revamp the processes and improve their overall procurement capability by changing the way they worked.

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green supply chain

Procurement Market Intelligence Study – Audit Trails and Log Management Made Easier Using SIEM Tools

The latest procurement market intelligence study by SpendEdge on information systems helps companies to identify the procurement best practices and understand the overall supply-demand scenario.

Constant cyber threats mandates information and data security

Insider threats, cyber-attacks, and an increase in the number of hackers is boosting the requirement for information and data security in the market. The recent WannaCry Ransomware attack paralyzed information systems (IS) across several industries. Thus, implementing an information security program will help to protect the company’s assets, framing information security guidelines, managing risks, information classification, and security training. The rapidly changing types of security threats are encouraging companies to maintain confidentiality, integrity, and availability of data to design and build updated security structures. SpendEdge offers procurement market intelligence study that provides information on sourcing practices, market dynamics, and pricing. The study on IS security industry analyzes data for supplier identification and capability assessment of the major suppliers in the IS security industry.

Many organizations in the market are implementing patch management strategies to monitor and update the IS security regularly. Patchworking is a regular maintenance practice, which ensures that all security related issues are fixed at a minuscule level and reduce chances of critical damage from unwarranted cyber-attack. Additionally, patch management will allow the organizations to stay in control of the IS infrastructure and deploy security measures quicker on the advent of unauthorized access or virus attack.

Adopting wireless networks

Wireless networks are helping companies save the cost of building an information system framework and helps increase connectivity in the workforce. By using strong encryption codes and regular monitoring of systems, organizations are protecting this network from cyber-attacks and security threats. Wireless networking allows remote monitoring and diagnostics of IS infrastructure, enabling flexibility of network management. Additionally, wireless network systems promote easy access and efficient management of information systems.

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Audit trails and log management

With the implementation of security information and event management (SIEM) tools, log management and reviewing audit trails are becoming easier. Audit trails record all information on the management, changes, integrity, and users accessing the information. System administrators use audit trails to review the workflow and identify security problems regularly. Log management is essential for monitoring and for alerting anomalies in the systems.

Solutions SpendEdge offer to businesses

The team of procurement experts at SpendEdge provide market intelligence study that addresses the requirements explicit to the needs of different companies and offers strategic solutions to help the decision-making process. The solutions offered includes:

  • Identify cost saving opportunities through assessment of current best practices and improvement areas in the specific category
  • Offer information on the best procurement and sourcing practices, and successful application of procurement market intelligence strategy for the fundamental areas such as supplier identification
  • Provide detailed insights on the risk, compliance, and regulatory environment and strategize based on the best benchmarking standards in the industry
  • Help understand the best-in-class industry benchmarks and assessment of information system security market
  • Identify the key suppliers in the IS security industry and evaluate them based on their operational and functional capabilities

Read our complete case study titled – A Procurement Market Intelligence Engagement Helps a Global Information Provider Identify Procurement Best Practices

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