LONDON--(BUSINESS WIRE)--In the wake of the impact of COVID 19 on the industrial scenario, SpendEdge, a global procurement market intelligence firm, has announced the release of its whitepaper that advises on the crisis management measures to combat price volatilities in the financial services market.
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Price volatilities are perceived as a telling impact of COVID 19 pandemic on the financial services market. However, this impact is relative to the business landscapes across different countries and the nature of their measures taken to combat the current crisis. These factors will make major differences in the rate of recovery of financial services markets across regions. Such uncertainties will fuel price volatilities in the financial services market on a global scale.
Factors that will trigger price volatilities in the financial services market while the global economy combats the impact of COVID 19
Business discontinuity across the major industrial sectors
The temporary closure of operations across some of the major revenue-generating industrial sectors will have severe implications on enterprises in the financial services market. Closure of operations will choke the sources of cash flow in the economies. Consequently, this will limit the scope of procurement in the financial services market. Such a sudden halt in the otherwise highly demanded financial services will cause price volatilities in this market.
A stark demand rise in the commercial paper market
The commodity paper market is referred to as a short-term lending market that caters to large enterprises for cash. As the worsening economic impact of COVID 19, the commodity paper market is witnessing a deluge of more sellers with debts than buyers. Consequently, this is resulting in a significant hike in the interest rates for those loans.
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Can crisis management measure be an answer to the price volatilities in the financial services market?
Prevention is better than cure. This philosophy finds its relevance in the form of crisis management measures that have reinstated their indispensability since the recession in 2008. These measures can be realized in the form of strategic supplier relationship and visionary procurement practices to combat the price volatilities in the financial services market caused by the impact of COVID.
Ensure transparency in all respect by your service provider
It is crucial for buyers to ensure absolute transparency of service providers on their policies and practices. This aspect will bear testimony to the fact that they retain consistency in their service rate card even during the phases of extreme price volatilities in the financial services market. It is considered as one of the critical crisis management measures that befit the current market condition.
Engage with service providers that offer a dedicated team for buyers
Maintaining a seamless communication is essential to bridge the gap between buyers and service providers in this market experiencing extreme uncertainties. To achieve the same, buyers are advised to ensure the provision of a dedicated team who can proactively relay any changes in the service delivery as a measure to combat the price volatilities in the market. The current situation demands a collaborative partnership of buyers and suppliers to deal with the market uncertainties with a strategic approach.
Explore our digital procurement platform to know more about all the services suite offered by us to combat the growing market uncertainties owing to the impact of COVID 19.
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