Industrial and Manufacturing Industry Overview
Procurement professionals in the industrial and manufacturing sector are faced with the need to forecast sourcing expenditures for the long-term, in addition to sourcing commodities and raw material ingredients from several different suppliers across the world. As energy costs and prices in manufacturing procurement grow increasingly volatile, it becomes more challenging to forecast the procurement budget for any commodity. SpendEdge brings together a team of experienced category and commodity experts who combine industrial expertise with advanced tools in procurement in manufacturing industry and procurement intelligence. With this team, we help businesses identify opportunities to reduce their supplier management costs and make better purchasing decisions.
With several end-user segments and the availability of suppliers across various geographies, industrial equipment manufacturers have a number of opportunities to increase their profit margins and achieve improved cost savings through optimized procurement in manufacturing industry. However, with industries increasingly adopting the trend to automate their processes and sourcing intelligence, procurement professionals in the manufacturing industry are frequently faced with purchase requests for new equipment to meet consumer demand and differentiate products from competition. Identifying key pricing elements and the pricing model followed by various suppliers.