We hosted a webinar on Cost Modeling and Deal Benchmarking: Best Rescue for Procurement Organizations on Wednesday, September 28 and Thursday, September 29, 2022.
Inflation had started to ease in July but it is still close to a multi-decade high and the North American and EMEA markets are witnessing soaring inflation over the past two quarters. Category managers get constant requests from suppliers on price increases amid high market fluctuations and face challenges in making informed decisions against the right deal sizes. These have had major implications on the overall procurement spend for the organization. The benefits of cost modeling and deal benchmarking is evident for category managers to be able to make great decisions through proper assessment of markets/categories that are susceptible to market fluctuations.
Why should category managers bother?
SpendEdge’s webinar is aimed at understanding many things at the category manager level, as rapid market fluctuations and price rises keep on presenting new challenges – as well as fresh opportunities. Essentially, managers responsible for specific product categories need to know what’s working and what isn’t in a market scenario type casted by sharp price movements. And that would mean, in the near future, procurement decisions will have to be necessarily made based on hard data and numbers.
Cost modelling and deal benchmarking to the rescue
Cost modeling and deal benchmarking tools can help you get the metrics you need to understand the economics behind the creation of a product, so you can easily work out cost-effective prices and winning procurement deals. True, cost model
ling and deal benchmarking have been around for decades, but they haven’t got the attention they deserve except from some top-end manufacturing organizations. With some more awareness and understanding, you too can leverage these tools to raise your profile in the procurement arena and post significant wins.
George Mathew is an integral part of the market intelligence team at Infiniti Research. An MBA in finance, George has 10+ years of hands-on experience in quantitative and qualitative market assessment, growth forecasting, competitor intelligence, category benchmarking, as well as supplier analysis and benchmarking. He is a much sought-after webinar speaker and provides a ringside view of sectors like pharmaceuticals, CPG & FMCG, energy, and automotive.
Mohana Ilavarasan is a key member of the sourcing team at Infiniti Research. Mohana holds an MBA degree in finance and has more than 5 years of experience in delivering custom market intelligence to decision-makers in sourcing and procurement. He has a string of projects to his credit, covering industry benchmarking, cost modeling, rate card benchmarking, negotiation advisory, and supplier intelligence. His expertise spans multiple sectors like pharmaceutical, F&B, industrial and manufacturing, oil & gas, and utilities.
To get all the scoop on the benefits of cost modeling and deal benchmarking on your procurement strategies, please connect with us.
What are the uses of cost modeling and deal benchmarking in the current inflationary and volatile market?
Key takeaways from the webinar:
- The impact of inflation and supply disruptions on the companies
- The importance of cost modeling and deal benchmarking in making research-driven business decisions