Tag: supply market intelligence solutions

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Supply Market Intelligence for a Leading Pharmaceutical Drugs Manufacturer

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:

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A market leader in the pharmaceutical drugs segment.


Business Challenge:

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:

  • Step 1: Development of a commodity profile

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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.

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  • 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:

market intelligence

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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.


Our Findings:

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.


A must-read case study for procurement specialists and decision makers looking to develop an understanding of the pharma sector

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Promoting Luxury Cars Sales Through Supply Market Intelligence: An Automotive Industry Case Study by SpendEdge

Engagement Overview:

The client, a pioneer in the luxury cars segment in the southern United States, was seeking detailed insights into the automotive industry’s supply market scenario. The luxury cars client was looking at leveraging supply market intelligence to promote sales and gain a competitive edge. To identify and focus on key strategies that drive sales, the automotive industry player approached SpendEdge to help them leverage its strong expertise in supply market intelligence to address the challenges in their supply network.request proposal

The supply market intelligence engagement entailed the use of a detailed quantitative analysis of various categories within the supply chain to identify and benchmark the best strategies to be adopted.


About the Client:

A multinational automotive industry firm specializing in the manufacturing and sales of high-end luxury cars.

Business Challenge:

The complicated nature of the automotive industry was compelling the luxury cars manufacturer to enhance their strategies to drive sales. Also, factors such as market dynamism and the ongoing industrial transformations posed several new challenges, which accelerated the need for a major transformation in their overall supply chain strategies.request proposal

To overcome such challenges and achieve multifunctional synergies across their global supply network, the luxury cars client wanted to leverage supply market intelligence.


How did SpendEdge Help the Client?

  • Step 1: Scrutinizing relevant supply market data

The initial step revolved around the collection and analysis of supply market data to develop precise procurement strategies. This step included a detailed analysis of all the essential supply chain principles and elements required to build an efficient supply chain strategy which, in turn, enhanced their organizational performance to boost profitability.

  • Step 2: Understanding the structure of the global market

A pre-requisite to any supply market intelligence assessment is to have a clear understanding of the commodity and its global market landscape. This helps businesses identify factors affecting their market growth. Detailed insights into the global supply market scenario also enabled the luxury cars client to identify the key market players and classify them based on their market size.

  • Step 3: A tactical three-step supply market intelligence-based approach to drive business growth

The strategic approach helped the luxury cars manufacturer to devise effective strategies to enhance brand value, market presence, supply chain efficiency, and drive sales across their business units. It also enabled the client to analyze their business objectives, devise a commodity profile, examine cost structures, increase ROI, and improve market shares.

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Key questions answered in this supply market intelligence engagement include:

luxury cars


Benefits of the Engagement:

The supply market intelligence solutions offered by our experts helped the luxury cars client to fine-tune their supply chain strategies to drive maximum sales. Our experts worked as an extension of the automotive firm to identify the success factors that uncovered major growth opportunities within the automotive industry.

Why is Supply Market Intelligence the ‘Need of the Hour’?

It is essential to possess the right ‘market intelligence’ at the right time even if the process deals with procurement related decision making. Access to timely and precise supply market intelligence offers a huge strategic advantage for businesses across industries. However, not having access to accurate supply market intelligence makes firms vulnerable to supply chain risks.

The growing competitive pressure in today’s automotive industry poses major challenges for players in terms tackling supply chain risks. This demands the need for developing a strong and efficient supply network, which will help improve organizational performance. To do so, and to achieve their long-term procurement goals, organizations are now approaching SpendEdge to leverage its expertise in supply market intelligence and to succeed in a hyper-competitive environment.

Our Findings:

This engagement points out to the fact that supply market intelligence is an essential success factor, which enables an organization to achieve strategic business goals. The strategic use of market intelligence paves way for enterprises to tackle the ever-increasing procurement challenges.

Just like our luxury cars client, if your organization is also on the lookout for an objective way to drive sales, SpendEdge’s supply market intelligence solutions will help you do so by being your roadmap to success. So, wait no more! Go ahead and get in touch with our automotive industry experts to build the capability required to gain a competitive advantage.


To know more about our supply market intelligence solutions for automotive industry players

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Supply Market Intelligence Helps a Leading Cosmetic Industry Client Track Commodity Markets and Suppliers

Overview of the Cosmetic Industry

In the retail sector, the cosmetic industry continues to be an urban-driven phenomenon. The proliferation of the cosmetic industry is dependent on the level of urbanization in a region, and consumption patterns hinge on end-users’ disposable incomes. With changes in lifestyle, people in emerging countries have started spending considerable sums on health and wellness. They also devote more attention to maintaining personal hygiene and grooming. This tendency offers several opportunities for leading players in the cosmetic industry to leverage and expand their presence in the market. The shift in consumer preferences reflects a broader acceptance of currently under-represented product lines. Furthermore, the consumer’s demand for products with request free proposalnatural ingredients will trigger the need for organic goods in the global cosmetic industry.

The Business Challenge and Journey

The client, a leading player in the cosmetic industry, was looking at leveraging solutions for supply market intelligence. The client was facing issues related to increased uncertainty in the economic markets. Therefore, the client wanted to monitor market conditions closely and respond appropriately through improved supply chain strategies. Also, since the instability of their supply chain had increased their risks while conducting business operations, concerns were being raised on the continuity of service delivery operations.

Moreover, the company’s supply chain management executives recognized the tremendous scope of implementing a supply market intelligence study to minimize the impact of supply chain risks on profitability. As such, they were looking at reducing the company’s risk profile by implementing strategies to maximize their financial gains.

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

Why should you leverage supply market intelligence?

Supply market intelligence helps organizations in developing a competitive advantage by reducing risks through increased knowledge of the supply market dynamics and supply base composition. It acts an essential component in minimizing supply chain risks to maximize ROI.

In fact, best-in-class companies have a dedicated supply market intelligence team that is committed to research and reporting of market indices, cost economics, price inflations, market trends, and other elements that feed into budget planning and marketing initiatives across the enterprise.

Fundamental questions answered in this strategic supply market intelligence study include:

Cosmetic Industry


The Result

The last few years have witnessed a stagnation in the sales of cosmetics in several developed markets. This has compelled manufacturers in the cosmetic industry to capitalize on growing consumer interests in the health and wellness segment. This also enabled them to improve sales by investing in new products, which contain natural ingredients.

 SpendEdge’s supply market intelligence solution offered relevant insights that helped the client to develop effective strategies to streamline their procurement processes. It also helped them track commodity markets and suppliers. Our supply market intelligence solution assisted the client in consolidating their purchasing power to secure the best value available in the marketplace. Moreover, the supply market intelligence solution offered detailed insights that helped the cosmetic industry client to work closely with customers to react quickly to market disruptions and opportunities.


Factors promoting the growth of global cosmetic industry include:

  • A multichannel distribution system: Cosmetic products are now available in several locations, online stores, department stores, boutiques, and discount retailers. Therefore, how and where the customers get their cosmetics will reflect your company’s brand and culture. Also, by adopting a multichannel distribution system, you can improve the visibility of your cosmetic brand.
  • Keep track of the industry trends: Monitoring and keeping track of the current industry trends can help you carve a niche for your business. This enables you to identify channels to promote your existing products and to develop new ones to fit the market’s needs.
  • Attract the target market: The ability to track your target market define the success of your business. Organizations looking to gain a competitive advantage in the cosmetic industry must devise specific strategies and tactics to gain entry into the market, maintain their position, and gain significant market shares.

The global cosmetic industry has come a long way, and today the cosmetics industry rakes in over 50 billion dollars each year.  Leading firms offer more scientifically advanced products due to developments in technology, ingredients, and formulas. Therefore, it becomes essential to understand the industry trends of today and the outlook for future trends. Supply market intelligence acts as a backbone to understanding market trends, and trace materials and products through the supply chain.

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Supplier Selection Criteria in the Global Bergamot Oil Market

Bergamot takes its name from an Italian city which lies in Lombardy, the place where the bergamot essential oil was originally sold. Bergamot oil was traditionally used in the folk medicine for a number of years to treat general illness and stress. Due to its unique ability to be both uplifting and calming, it is widely used to help deal with anxiety and sadness. Apart from the medical uses, the oil is also used as a flavoring agent for black tea, earl grey tea to be precise. The total category spend on the global bergamot oil market stood at $370.9 billion during 2017. (SpendEdge – Procurement Market Intelligence Report) Analysts estimate positive growth prospects for the market, attributing to the growth in the aromatherapy market. Additionally, there has also been a significant increase in the application of spa and massage-based oils in the hospitality sector. Bergamot oil has been in demand primarily because it acts as mood enhancing and skincare agent. However, buyers in the bergamot essential oils market have a tough time assessing supplier capabilities and avoiding adulterated products. So what are the supplier selection criteria in the global bergamot oil market?

Request Free SampleQuality and safety certifications

One of the easiest ways to assess suppliers is to look for major international and safety certifications. Such certifications act as qualifiers to determine the supplier’s effort in meeting the quality and safety standards. Certificate of Food Safety Management System (ISO:22000: 2005), Food safety certifications (SGF and SGS), Certificate of Quality Management System (ISO 9001:2008), Certificate of BRC Global Standard for Food Safety (July 2012), Organic product certifications, and Kosher and Halal certifications are some certifications to look out for to qualify capable suppliers.

Suppliers distribution and logistics network

About 80% of the global production of bergamot oil is concentrated in Calabria region of Italy. The supplier’s logistics and distribution capabilities are tested because of this factor, making the commercial movement of their products across worldwide market a challenging task. As a result, buyers will have to rate and benchmark suppliers based on their global delivery points and warehousing capabilities.

Packaging and labeling requirements

The buyers of bergamot oil hail from a diverse range of industries including cosmetics, healthcare, personal care, and F&B. Each of the industry will have particular packaging and labeling requirements. Dropper bottles, mini vials with sprayers, glass roll-on bottles, and diffuser bottles are few of the packaging options available to the suppliers. Buyers should thoroughly examine if the supplier can provide the desired option along with their expertise in packaging and prevailing labeling laws.

Suppliers investment capabilities

A high level of vertical integration is seen in the bergamot oil market as suppliers own a network of bergamot plantations and also produce, process, and distribute the oil. As a result, suppliers often gain a high level of visibility across the supply chain to gain relevant insights to cut down on the operational expenses. Additionally, a majority of the suppliers also sell their own brands of such oil. Identifying and selecting such suppliers often fetches the best market rates.

Legal compliance

A host of labor laws and regulations have to be considered by the supplier to ensure legal compliance in any manufacturing sector. Buyers failure to identify non-compliance of the suppliers might lead them to trouble by hampering their brand and hefty fines. As a result, buyers have to assess the existing safety and security measures in the crushing and refining units of the suppliers. Additionally, they must also ensure that suppliers comply along with the prevailing labor laws, safety and security measures, and maintain an acceptable working condition. This can be assessed by having third-party assessments of bergamot oil production plants before engagement.

Read more about the supplier selection criteria in the bergamot essential oil market along with supply market insights, pricing models, category management, key suppliers, and procurement challenges in SpendEdge’s upcoming report on the global bergamot oil market.

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Supply Market Intelligence Helps a Leading Consumer Financial Services Client Achieve an Annual Savings of $40 Million

The Organization for Economic Co-operation and Development (OECD) suggests that financial services typically comprise 20%-30% of the total service market’s revenue across the globe.

Despite the existing regulations in the banking sector, the global financial industry is optimizing their service offerings to pursue new challenges for sustainable growth. With rapid innovations and disruptions, companies in the financial services space are planning to increase their competitiveness and offer an array of financial instruments and products to the customers to manage risks and meet their financial needs. Due to the ongoing financial crisis, the financial services space is shifting to a more customer-centric environment to offer reliable and affordable services to the customers. Although the financial services industry is witnessing a promising growth, certain factors may influence the growth of the industry. These include:

Digitization: With the advances in the technology, customers have become more informed and are looking for agility and convenience in their banking possibilities. With the relentless growth in competition, leading banks are facing pressures to stay relevant and updated with innovations such as mobile services. Moreover, some banks are teaming up with digital firms to drive revenue growth and enhance the risk assessment process.

Regulations: In the recent years, there have been fluctuations in the regulatory environment with the entry of nonbanks into financial services. The banks are uncertain about meeting the regulatory compliance in terms of redesigning products and incentive policies and accordingly forecasting their business plans. Moreover, banking organizations are focusing entirely on driving efficiency of their risk and compliance programs to meet the applicable laws and supervisory expectations.

To counter these challenges and offer reliable solutions, leading organizations are insisting on the need for supply market intelligence solutions.

The Business Challenge and Journey

A leading financial services provider was looking for effective ways to operate more cost-effectively and boost their savings. Moreover, their procurement team wanted to improve supplier performance, mitigate supply risks, and drive innovation. The client also wanted to seek ways to meet government, market, as well as management expectations and further boost their return on equity. The primary concern for the client was to embrace technology to achieve savings targets and enhance their return on investment.

To assess the spending patterns and keep track of the essential data, the supply market intelligence specialists at SpendEdge tailored an extensive research methodology. The methodology in the approach comprised of primary and secondary research coupled with qualitative and quantitative research techniques.

The supply market intelligence solution offered by SpendEdge helped the client maximize the value from spend and gain detailed insights into the pricing and the procurement strategies specific to the financial services space. Moreover, the engagement also helped the client gain deep-dive insights into the recent trends and growth drivers and accordingly allocate their resources to meet the business requirements.

Fundamental questions answered in this supply market intelligence engagement include:

SP- supply market intelligence

The Results

The supply market intelligence engagement offered by SpendEdge assisted the client to gain better visibility into the procurement process. The client was able to profile and shortlist the key risks in the financial services space and apply the procurement best practices to remove the bottlenecks and improve service efficiency.


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Supply Market Intelligence Helps a Biotech Industry Client Drive Higher Efficiency and Savings

Overview of the Biotech Industry

The biotech industry is a highly unpredictable and a volatile sector due to the scientific intensive operations of companies that reside within this space. The biotech industry serves markets likes agricultural, medical, environmental, and industrial. Biotech firms are among the most research-intensive organizations across the globe. Companies operating in this space are focusing on the development of novel techniques and their implementation by collaborating with the other participants. For instance, some companies have started formulating superior grades of biofuels to guard harvests against insects and pests across the agriculture sector.

The rise in demand for therapeutic and diagnostic solutions on principles of sequencing, red biotechnology, DNA and recombinant technology is anticipated to fuel the growth of the biotech industry. Also, increasing prevalence of diseases such as cancer, hepatitis B, and other orphan disorders are expected to drive the demand in this space.

Let’s take a look at a few factors influencing the growth prospects of the biotech industry in the coming years. These factors include:

  • Product Development: The competition in the biotech industry shows no signs of slowing down anytime soon. Therefore, staying ahead of the pack requires strategic thinking, with an increased focus on establishing systems for ensuring quality and reducing risk. For some companies, it’s an immense step, but it’s one that will pay off in the long run.
  • Contract Manufacturing: Biotech industry firms use contract manufacturers to bring their products to market. This is because outsourcing elements of the production process decreases capital and costs, consequently helping companies increase their focus on core strengths like product design. Nevertheless, working with contract manufacturers introduces large uncertainties to the business, particularly where quality assurance is concerned.

These factors are compelling firms across the biotech industry to leverage the use of supply market intelligence studies. The supply market intelligence studies help companies develop superior product and service offerings while reducing their procurement spends. request free proposalThese solutions also firms gain an in-depth understanding of the latest developments, trends, risks, and recommendations on formulating procurement best practices to help them cement their place across the biotech space.

The Business Challenge and Journey

The client, a leading firm operating in the biotech industry wanted to improvise on their efficiency and productivity of their procurement function while enabling a stable pre-purchase approval system to achieve informed purchases. With the help of a supply market intelligence study, the client also wanted to migrate from their current manual and decentralized procurement processes to a robust, automated and centralized procurement solution which helps them in realizing higher productivity and savings.

The supply market intelligence experts at SpendEdge tailored a wide-ranging research methodology to help the client gain a single view of the enterprise-wide procurement spend and achieve higher efficiency. The research methodology included primary research coupled with qualitative and quantitative data collection procedures. The experts also gathered information from a wide array of secondary sources such as paid, company presentations, industry forums, and industry database within the biotech space.

With the help of the supply market intelligence engagement, the client gained insights into a faster payment cycle, thereby, helping them capture early payment discounts and realize higher savings. The client was also able to enhance integration with suppliers through portal connectivity and manage indirect spend across the supply chain. The engagement also helped the client rank their action plans, think strategically, devise best practices, and implement new sourcing strategies across business units.

Fundamental questions answered in this supply market intelligence engagement

The Results

During the course of this supply market intelligence, the biotech industry client gained visibility into the corporate spend across suppliers and categories. This helped them enhance productivity and achieve tighter control and compliance.

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Avoid These Procurement Mistakes for Effective Supply Chain Management

Organizations are striving to ensure effective supply chain management to drive cost savings, increase SE_Demo2profitability, streamline operations, and improve customer experience. In order to significantly improve business performance, businesses must innovate and enhance operational efficiency with the help of supply chain management. By avoiding few procurement and purchase order mistakes, procurement managers can streamline warehousing and logistics processes, and optimize inventory.

Ignore Other Suppliers’- Big No

Organizations often stick to a handful of suppliers to deliver the materials and goods; thereby, losing the interest of other vendors in the market. Procurement managers must build a robust supplier relationship management framework irrespective of the order frequency or purchase quantity. Golden rule: ensuring supplier due diligence is the key to an effective supply chain management.

Never Disregard Vendor Advice

Suppliers are aware of the latest consumer and market trends, which is why procurement managers must never ignore or disregard the vendor’s opinion. By leveraging the vendor knowledge, organizations can enhance their product and service offerings as well as ensure a robust supply chain management. It is in the best interest of the business to listen to their vendors to gain a competitive edge in the market.

Don’t Be Shy – Negotiate!

Procurement managers often take the suppliers at face value and accept the quoted price without even negotiating. It is extremely essential to have a negotiation strategy in place while soliciting quotes from vendors. Without negotiating the prices, the organization cannot create cost-savings opportunities, which results in monetary losses.  By negotiating with the suppliers and vendors, the procurement managers can assure them of repeat orders and validate the quality of their services.

 

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