The chemicals industry is expected to face new supply chain challenges and opportunities. It is therefore critical for companies to understand key developments in the chemicals market and know how supply market intelligence can help them seize this opportunity to gain long-term competitive advantage.
The Business Problem
The client is a leading player in the chemicals industry in North America. Owing to the ongoing high-cost pressure caused by intensifying global competition the client felt the need to prepare themselves for the requirements of future markets. Increasing complexities in the chemicals market due to global demand shifts, market consolidation, and uncertainties further necessitated the client to implement an effective supply market intelligence strategy to stay competitive. They wanted to conduct supply market analysis and identify opportunities for organic growth that was slowed down due to the saturation of markets in the western world as value chains were moving to Asia.
The client, therefore, chose to collaborate with SpendEdge to leverage its supply market intelligence services to build a transparent, structured and lean supply chain and gain detailed insights into supply markets.
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Solutions Offered and Client Journey
The supply market intelligence services offered helped the client to identify the current state and starting points for improvements in the procurement process. It paved the way for a structured chemicals supply chain that can address the specific needs of the client. Also, this helped the client to redesign their supply chain processes by conducting in-depth analysis and profiling right suppliers.
SpendEdge’s supply market intelligence services enabled the client to identify products without significant incremental sales and reduce non-profitable complexity by focusing resources on value-adding processes. The experts provided access to a wide range of information that helped the client to gain a high-level understanding of markets without spending much time on supply market analysis. This improved the supply market intelligence process and increased the efficiency of the sourcing lifecycle. In addition, supply market intelligence services offered valuable insights regarding developments in the category markets and helped the client to identify best cost sourcing locations and conduct a supplier cost analysis.
Key Findings and Outcome
Improved operating process
The supply market intelligence services provided real-time information on suppliers’ activities. This made the client aware of the disruptions that might require immediate actions. Also, this provided necessary insights to find alternate suppliers, devise effective strategies to improve the efficiency of the supply chain and increase reliability across operations.
Provided edge over competitors
Competitive advantage is often gained by companies that are more agile and can proactively devise strategies to address disruptions. Supply market intelligence services helped the client to gain real-time market information, reassess their footprint in Asia to avoid losing market to local players and strengthened their presence in North America. For detailed insights on supply market intelligence services offered, request for more information.
Benefits of Supply Market Intelligence for Procurement Professionals
Develop superior supply chain strategies
Supply market intelligence services help companies to analyze the impact of potential events on the procurement functions and devise effective procurement strategies. It offers real-time insights into the implications of unique events or disruptions that can occur in the future. It also offers comprehensive insights for procuring the right products and services at the right price levels from suppliers.
Improve customer satisfaction
With the right supply market intelligence services, companies can gain additional information about the customer base and analyze it to defined criteria. They can utilize customer-specific service profiles to offer unique solutions and increase customer satisfaction by anticipating demand patterns.
Supply market intelligence services provide a detailed understanding of various components of supply markets. This helps companies to identify low-cost country suppliers, understand possible supply channels, and obtain geographic distribution of suppliers; thus, enabling them to procure services at the right prices.