In 2023, the US supply chain and manufacturing industry is undergoing a significant transformation in response to the vulnerabilities exposed by the pandemic in the global supply chain. It has prompted many companies to rethink their strategies and adapt to the changes occurring in the industry to position themselves for a better future.
As we exhibited at Promat 2023, one of the leading technology events in the U.S. this year, we had the opportunity to connect with innovators and business leaders from across the world, who showcased their solutions that facilitate the enablement of digital transformation initiatives in the supply chain and understand how the market dynamics have changed.
At the event, we demonstrated our capabilities and shared our perspective on Spend-as-a-Service, featuring an intelligent sourcing solution powered by Spend Analytics. It is a crucial component of supply chain management as it enables companies to understand their spending habits and patterns to better identify opportunities that help save time and costs.
From the 1000+ solution providers present during the show, we gained valuable insights about the key highlights of the manufacturing industry and the technology that creates the best possible user experience by optimising the processes, improving supplier function, and strategising global sourcing.
During the show, the main discussion pointers that helped us build momentum with the audience and examine their key requirements for enhancing procurement processes and strategies are enumerated below:
Spend Optimisation was identified as a key challenge by 70% of the visitors since they struggled to define a clear action plan for meeting outcomes.
80% of the visitors felt that only using analytics wasn’t sufficient to meet organisation goals and needed additional support for driving improvement initiatives.
Many visitors agreed on achieving cost reduction in procurement spend by leveraging spend analytics to optimise their procurement processes.
Additionally, visitors expressed that they could identify and collaborate with better suppliers, improving on-time deliveries and quality performance.
In addition, Spend analytics was also identified as an essential tool for effective supply chain management. Its advanced analytics capabilities help identify spend patterns and areas for cost savings and optimisation, providing actionable insights for better decision-making. It also improves sustainability and transparency across the supply chain, making it a crucial investment for companies navigating the evolving supply chain landscape.
The advanced analytics solution offered by Motherson Technology Services allows companies to analyse spending data in real time and identify areas where they can reduce costs and improve efficiencies. It helps streamline the procurement process and make informed decisions about where to allocate resources.
As the manufacturing and supply chain industry transforms, embracing innovative strategies and technologies, such as Spend-as-a-Service and Advanced Analytics, will be vital to revolutionising the industry and ensuring success in the dynamic business environment.