LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest success story on reducing inventory costs by 40% by accurately predicting demand for a company in the European steel industry.
The case study offers detailed insights into how SpendEdge's solution helped a company in the European steel industry to reduce inventory costs by 40% and maximize output with integrated sales production and procurement.
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Business Challenges: One of the largest firms in the European steel industry was facing revenue losses due to overproduction and a slump in demand. They lacked insights into the changing market scenarios in Europe. Redesigning supply chains, synchronizing procurement, logistics, and production schedules, therefore, became a challenge for them without dynamic demand forecasts.
“Companies in the European steel industry need to gain market insights to minimize overproduction and financial losses,” says Srinivas R, Procurement Manager at SpendEdge.
Want to know how SpendEdge can help your organization gain real-time updates to improve demand forecasts? Contact our support team now!
SpendEdge’s solutions helped the European steel company to:
- Optimize forecast-to-stock, order-to-cash, and procure-to-pay functions and prepare effective production schedules.
- Ensure optimal inventory levels to minimize inventory costs by 40%.
- Take real-time decisions and adapt quickly to the changing European steel market.
- SpendEdge's solutions help leading companies in the European steel industry to understand changing market landscape and devise competitive supply chain strategies. Wonder how? Request a free proposal to access our solution portfolio.
Outcome: The solutions offered by our experts helped the client to perform European steel industry analysis. This helped the client to generate actionable insights around crucial aspects of the supply chain and identify process-related bottlenecks. They were able to understand the price variation in the spot market and contract market. The insights offered further helped the client to optimize their steel spend and allocation. The report further enabled the client to re-allocate processing to low-cost producers in the value chain and devise effective supply chain strategies.
To gain detailed insights into the solution offered by our experts to the steel company in Europe, request more information.
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