Today, the manufacturing industry is perhaps one of the most complex and complicated industry in terms of production and operation management in the world. Many manufacturing companies, in a bid to maximize profits, try to simplify their systems to reduce waste of inventory, production, and time. However, to boost profits and growth, manufacturing companies need the help of a market intelligence report. Such reports can help them gain real-time actionable insights into their systems and procedures, which can subsequently help them achieve their goals. But before talking about the solution, let’s look at the challenges that the manufacturing industry is facing globally.
Challenges Facing Manufacturing Companies
- The complex network of suppliers and customers
- Keeping product costs low
- Controlling outsourced products and cost of operations
- Maintaining and tracking after sales services like installation, maintenance, replacement parts, repairs, and control
- Countering declining profits and over-capacity
- Dealing with innovative technologies
- Managing supply chains, distributors, suppliers, and customers to boost operational efficiencies and minimize procurement costs
To tackle such challenges, manufacturing companies need the help of certain specialized tools like a market intelligence report. By leveraging a market intelligence report, these companies can get a birds-eye view of the potential market, top suppliers in the market, and relevant factors. This can help manufacturing companies to unlock new opportunities that give more control over supply chain costs and various other factors. Here is the list of a few benefits of the market intelligence report that can help manufacturing companies to counter challenges and grow in the global market.
Benefits of a Market Intelligence Report
A market intelligence report helps manufacturing companies to analyze information across multiple sources to set performance goals and create sophisticated financial and profitability models. It also helps to develop budgets that incorporate operation, production, sales, and finance figures and fulfillment for optimal planning and forecasting.
The biggest asset of manufacturing companies is their inventory of finished products, spares, and refurbished parts. A market intelligence report helps the manufacturing companies to track inventory usage across time and location and regulate inventory costs.
Supply chain management
A market intelligence report helps manufacturing companies to optimize the value of suppliers by giving them feedback on their services. It helps to evaluate the performance of suppliers on a daily basis to negotiate prices in a better way, maintain high standards of quality, and ensure timely deliveries. It also helps in identifying changes in demand and supply and monitors freight costs.
A market intelligence report facilitates in-depth cost analysis across multiple sources so that companies can track materials and production costs through multiple layers of information. This can help manufacturing companies to reduce overhead costs by monitoring and analyzing operational efficiency.