LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the trends influencing procurement in the automotive industry.
The automotive sector, being the most innovative sector depends on the collaborative behavior against customers' needs. Increased transportation costs, rising costs of production, and the hassle of finding a reliable transporting service has been impacting the automotive industry in recent times. This has increased pressure on companies to procure quality raw materials at the lowest prices to ensure sustainability.
At SpendEdge, we understand that the automotive industry is one of the most global, interrelated, and complex sectors. Therefore, we have identified three key procurement trends in the automotive industry.
Key Procurement Trends in the Automotive Industry
Active supplier diversification
Supplier insolvency and financial distress have been a major cause of concern for companies in the automotive industry. Organizations, therefore, have prepared themselves better to respond to the issue of supplier diversification and risk management. They have started adopting procurement trends such as supplier diversification to keep a close watch on the existing suppliers' financial situation.
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Rise of fuel-efficient vehicles
The rising number of fuel-efficient vehicles has been impacting the automotive industry. The emergence of hybrid vehicles has been gathering pace consistently. Such developments are expected to play a critical role in driving innovation in the industry that has traditionally been a ‘behind-the-scenes’ department. To know more about the role of fuel-efficient vehicles in the automotive industry, reach out to our experts now!
Corporate social responsibility (CSR)
Buyers of today are more aware of the environment. They have focus on understanding the risks involved in the supply chain. They also ensure that the key suppliers involved manage and reduce the carbon footprint of their current supply chains. Companies, therefore, are forced to adapt activities for ensuring social responsibility.
To know more about the procurement trends in the automotive industry, read the complete article here!
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