A reliable supply chain is essential to running a successful business. But with so many different companies offering competing products and services, it can be difficult to determine which ones will be the right fit. Supply market intelligence provides in-depth information to help organizations make the right choices. A recent study from procurement market intelligence firm SpendEdge delivered a clear understanding of the market for MRO services for upstream service companies in the US, identifying the key suppliers in the industry.
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What can supply market intelligence do for you?
Supply market intelligence offers insights into many aspects of supply chain management, from overarching industry trends to individual supplier prices. It can identify the major trends, drivers, and challenges influencing the market, and provide a detailed assessment of the suppliers best suited to a company’s needs. Information such as suppliers’ operational and functional capabilities, their service footprint or capabilities, their presence across various geographies, and their key clients is invaluable when entering a new market or simply looking for new business partners.
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Supply chain management for oil and gas
The past few years have been challenging for the oil and gas industry. In order to adapt and recover, organizations will need to look to their supply chains. Logistics are complex, with strict legal and safety requirements, and oil and gas companies rely heavily on their partners. Any failure in the supply chain could end up costing millions over just a few days.
Players in this industry often work with a very large number of carriers. Because of how strictly regulated the industry is, it requires a considerable amount of work to coordinate all these partners and ensure they are meeting legal requirements. Energy companies are beginning to hire fourth-party logistics (4PL) providers to coordinate everything and monitor compliance, as well as find ways to improve and streamline operations. While this requires an extra expense and an additional partner, working with a 4PL provider can provide enough benefits in terms of efficiency, savings, and compliance to be worthwhile.
With so many different factors to keep track of, a thorough supply chain assessment can mean the difference between success and failure. SpendEdge’s team of procurement analysts has experience conducting these assessments for a wide array of clients. With their assistance, you can be confident in designing the right approach to manage future risks.
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred market intelligence partner for Fortune 500 firms and other leading companies across industries. Our strength lies in delivering actionable insights that help sourcing and procurement professionals get the right information in the right format, without any unnecessary frills.
Our procurement market intelligence coverage extends across critical processes of sourcing strategy planning process and helps clients achieve more than mere monetary savings. Our procurement insights are well-defined to meet the information needs of the procurement organizations and are aimed at helping category managers extract hidden values out of sourcing teams, suppliers, contracts, and processes.
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