Benefits of Adding Market Intelligence to Your Supply Chain

SpendEdge, a well-known procurement intelligence solution provider, has released its latest report, “Top Five Benefits of Adding Market Intelligence to Your Supply Chain.”

According to SpendEdge, here are the top five benefits companies can realize with a procurement market intelligence driven supply chain:

1. Better sourcing strategies and hence better supplier management
2. Superior supply chain strategies
3. Increased customer satisfaction
4. More effective supply chain operations
5. Advantage over competitors

To develop the report, SpendEdge worked with a company that has been leveraging supply market intelligence engagement to build a robust and automated procurement approach to enhance integration with the suppliers and manage indirect spend across the supply chain. The hope was to veer away from their current multiple stage procurement process to a robust and automated procurement approach.

According to the procurement experts at SpendEdge, “Supply market intelligence engagement helps enhance productivity and achieve tighter control and compliance across the supply chain.”

With the help of SpendEdge’s supply market intelligence solution, the manufacturing industry client achieved tighter control and compliance across their business units, obtained better visibility on corporate spend across suppliers and subsequently improved their overall capability and productivity. In a broader sense, the client gained a more comprehensive knowledge of the supply market and achieved its goal of supplier diversification to address the increasing importance of emerging markets. This subsequently helped the client cut down direct and indirect costs and altogether helped the manufacturing industry company develop better sourcing strategies, enhance market share, improve ROI, and achieve an annual cost savings of $15 million.

SpendEdge’s supply market intelligence engagement helped the client to:

• Enhance integration with their suppliers and manage indirect spend across the supply chain
• Gain detailed insights into supply and demand fluctuations in the market