LONDON--(BUSINESS WIRE)--Location can be a major determining factor affecting the success or failure of a company. A recent study from SpendEdge, a leading procurement market intelligence firm, explores the effects that location can have on business operations, productivity, and profits, and details how location-based challenges can be overcome for the financial services industry.
Why does location matter?
The location of a company and its branches or operating centres impacts its financial state, its profits, the laws and regulations it is subject to, and the strength of the labour market that the company has access to, amongst other things. It also determines the competition that the company will face, how capable it will be in sustaining itself in the market, and what consumer groups and different demographics that the company will be serving.
What benefits does location strategy provide?
Location strategy involves in-depth research and careful selection of potential business locations. It equips companies with the knowledge necessary to successfully choose locations that will give them maximum access to high-quality resources and materials, as well as transportation, a skilled workforce, and other factors that are needed for operational efficiency and success. Things like governmental regulations, political and environmental risk, labour availability, trade zones, and incentives (such as tax breaks) should be taken into account when choosing a location.
Companies in the financial services industry also need to take into account geographical variations in how people consume financial services and products, what services a specific area uses the most and what products people in that area consume, and how certain urban, suburban, and rural areas perform as shopping destinations, amongst other things. Additionally, there are a large number of factors involved with location strategy, and they differ according to each company’s own needs and requirements. Additionally, integrating location strategy into a company’s overall strategy can be a challenge. However, supply market intelligence can be used to overcome these obstacles and streamline the location selection process, conducting in-depth research and market analysis to identify prime operational locations.
SpendEdge supports category managers by providing insights for improved sourcing and procurement decision making. Request a demo and see how we can help you.
SpendEdge’s procurement experts have experience in and in-depth knowledge of supply market intelligence and research for the legal services industry, and can help you to select the best suppliers for your business. They offer a blended research methodology of qualitative and quantitative research, followed by data analysis, supplier specific insights and developments, and interviews with investors and industry stakeholders to ensure that you have a complete picture of the market over the long- and short- term.
About SpendEdge
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred market intelligence partner for leading Fortune 500 firms and other leading companies across a variety of 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 and helps clients achieve more than just monetary savings. Our procurement insights are well-defined to meet the information needs of procurement organizations, and are aimed at helping category managers extract hidden values out of sourcing teams, suppliers, contracts, and processes.
