Supply Market Intelligence Engagement Overview:
The client, a pioneer in the pharmaceutical drugs manufacturing sector, wanted to gain detailed supply market insights to devise suitable strategies to maximize profits while minimizing the associated supplier risks. The client wanted to study the supply market forces and implement a comparative analysis of the pharmaceutical drugs market. To succeed in implementing such a strategy, they approached SpendEdge to leverage its strong expertise in supply market intelligence.
About the Client:
A market leader in the pharmaceutical drugs segment.
Supply market intelligence is crucial for pharma companies looking to devise an efficient supply chain management system. The pharmaceutical drugs manufacturer realized that their supply chain management goals overlapped with market intelligence. Hence, they wanted to leverage supply market intelligence and combine the market intelligence needs of their organization’s SCM system with the solutions available in the global market.
How did SpendEdge Help the Client?
The pharmaceutical drugs manufacturer joined hands with our supply market intelligence experts to devise precise strategies to overcome shortfalls in market intelligence.
Our supply market intelligence experts developed a comprehensive approach that responds to the long-term trends within the pharmaceutical drugs market. The development process was split into the following three stages:
The commodity profile development phase is a pre-requisite for analyzing the supply market to gain a better understanding of the market landscape. This initial phase of this supply market intelligence engagement started with the development of a commodity profile. This enabled the pharmaceutical drugs manufacturer to gain in-depth insights into the supplier’s segments and the cost of commodities.
Our supply market intelligence experts assisted the pharmaceutical drugs firm in conducting a detailed analysis of the supply market and develop a precise commodity profile. This process involved extensive interviews with market leaders, industry stakeholders, and leading suppliers to identify and classify all the potential suppliers that are capable of meeting their needs.
- Step 2: Determine cost structures
The essential information required to understand the cost structures of suppliers is standard throughout the world. It includes – labor costs, material costs, energy, transportation, and other such expenses.
An external review of the pharmaceutical drugs market enabled the firm to identify major players in the segment. Also, leveraging market intelligence helped them uncover industry best practices and business strategies of market leaders. This, in turn, helped the pharmaceutical drugs client to compare their SCM strategies with that of the industry’s best and accordingly adjust their existing strategies.
- Step 3: Identify key market indicators
It is essential to identify and keep track of the potential market indicators for the particular market segment, commodity, and geography. However, this is also one of the most challenging tasks in any supply market intelligence assessment.
To help the pharmaceutical drugs manufacturer identify the supply market trends, we developed a three-step process that leverage supply market intelligence and offered detailed insights into supply and demand fluctuations in the market. Such an approach enabled the client to effectively manage the dynamism of the value chain by minimizing the time dedicated to information gathering and analysis.
Key questions answered in this supply market intelligence engagement include:
To gain in-depth insights into our supply market solutions
Benefits of the Engagement:
With the help of SpendEdge’s supply market intelligence solutions, the pharmaceutical drugs client was able to study the global supply market scenario and make unbiased business decisions while developing an appropriate SCM system.
Importance of supply market intelligence in the pharmaceutical drugs segment
Increasing uncertainties in economic markets are forcing organizations to track and closely monitor market conditions in order to devise appropriate supply chain strategies. Supply market intelligence, when used with precise sourcing strategies, empowers organizations to reduce supply chain risks while establishing and maintaining a competitive advantage.
This supply market intelligence engagement helped the client to visualize the importance of leveraging ‘Market Intelligence’ in procurement decision making. In today’s market scenario, the dynamic nature of procurement challenges antagonizes organizations to leverage supply market intelligence in every aspect of their procurement process.