LONDON--(BUSINESS WIRE)--SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest price forecasting engagement for a company in the oil industry. The report highlights how fluctuating oil prices impact the supply chain. It also offers detailed insights on how price forecasting can help companies to identify their most profitable products and position their inventory in the supply chain.
The volatility in oil prices is compelling companies in the oil industry to cut fuel consumption and shift towards quick and economical transportation modes. However, this requires companies to predict short- and long-term prices of products and make an accurate estimation of their demand and supply. By utilizing price forecasting solutions, companies can precisely determine demand and supply of products and utilize economies of scale.
According to the procurement experts at SpendEdge, “Companies must leverage price forecasting solutions to determine the impact of volatile oil prices in the supply chain and dedicated manufacturing environment."
The Business Problem: Despite being one of the leading companies in the oil industry, the client was facing difficulties in forecasting the fuel price spreads and crack spreads for their variety of products. This was negatively impacting their supply chain and creating the need for a dedicated manufacturing environment. Additionally, the increasing oil prices were hampering the production and refinery planning for the company.
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The Solution Offered: The experts at SpendEdge conducted comprehensive market research and analyzed how volatile oil prices were impacting the supply chain of the company. They delivered price forecasting solutions for the company to help them effectively implement their transportation strategies. This helped the client to shift from just-in-time delivery to better use of transportation capacity. Price forecasting solutions further guided the client in identifying the most profitable products and positioning their inventory in the supply chain.
Interesting in knowing how price forecasting enables companies to position their inventory? Request a free proposal and leverage our portfolio of price forecasting solutions.
SpendEdge’s price forecasting solutions helped the client to:
- Decrease price forecasting error by over 50%.
- Reduce transportation and expediting costs.
- Wondering how to analyze the impact of increasing oil prices in the supply chain? Request a free demo now!
SpendEdge’s price forecasting solutions also offered predictive insights on:
- Shifting to shared resources such as third-party logistics carriers.
- Determining inventory levels.
- Read the complete article to know more: https://www.spendedge.com/casestudy/price-forecasting-identify-profitable-products-predict-fluctuating-oil-prices
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. Request free proposal to know more, https://www.spendedge.com/request-free-proposal
