Procurement Market Intelligence: How Can It Benefit Your Business - SpendEdge
Jul. 11, 2018
LONDON--(BUSINESS WIRE)--Jul 11, 2018--SpendEdge, a global procurement market intelligence advisory firm, has announced the completion of their latest article on procurement market intelligence and how it can benefit businesses in today’s competitive market landscape.
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Five undeniable benefits of procurement market intelligence for businesses. (Photo: Business Wire)
In most modern organizations, the supply chain is complex and dynamic due to continuous changes to suppliers and industries, raw materials and commodities, and within the markets themselves. Even though the ERP systems used by most organizations are great management tools, they are generally blind to this outside data. Their “inside-out” approach can leave organizations flat-footed when planning and implementing competitive supply chain strategies. Also, procurement market intelligence is slowly gaining strategic importance in most companies with purchasing professionals aiming to do more within a limited span of time. To help businesses understand the numerous benefits that such services can offer, SpendEdge has listed the top five business benefits of procurement market intelligence.
Top benefits of procurement market intelligence solutions:Effective operations: Even with an efficient procurement, supply chain, and inventory management strategy, there are chances of businesses getting caught off-guard by a sudden change in suppliers’ management, business, or operations. With the help of procurement market intelligence solutions, signals can be organized to alert users about changes in various suppliers’ businesses in almost real-time. Firms can also use this information to plan for ‘back-up’ suppliers, depending on the requirement. The capability to react quickly helps companies in preserving consistency in the supply chain and increases dependability across operations. Competitive advantage: Companies can gain a competitive advantage by being quicker, more agile, and reacting faster than other players in the market. In fact, major companies now use their quick reaction to unexpected disruptions as a competitive advantage. For example, if a key element is hard to acquire, firms can lock up supply before their competition with the help of procurement market intelligence solutions. To know more about our portfolio of solutions, Superior supply chain strategies: Progressive companies are improving their supply chain planning by carefully observing the impact of potential events on their operations. For instance, if the demand increases in a certain region, organizations have to find out if they have the accurate suppliers and strategy to exploit it. Otherwise, in case of any supplier facing a disastrous event, organizations have to figure out the impact on their business. Procurement market intelligence solutions can provide advance warnings and exclusive insights into events that are likely to happen, and also provide information for evaluating alternative suppliers and approaches. , to know more about the top procurement market intelligence benefits
SpendEdge is a well-renown procurement market intelligence solutions provider, specializing in delivering robust, real-time procurement market intelligence solutions that help sourcing and procurement professionals make informed decisions.
View the complete list of the top five procurement market intelligence benefits for businesses:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement market intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence solutions that help sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.
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