Author: Steve Smith

Four Reasons for the Increasing Significance of Procurement Research

Procurement research is a critical element of the procurement procedure, which helps the business achieve greater transparency in the sourcing process, making the business cost-efficient and reducing supply risks. Procurement research provides data and insights to support decision-makers across the procurement lifecycle, from opportunity identification, strategy development, to continuous monitoring and evaluation.

There are various benefits of procurement research. Some of the reasons for its increasing significance are mentioned below.

  1. Operational Agility – Real-time and accurate intelligence gathered through procurement research can help channelize organizational resources on key strategic priority areas, and minimize the time and effort required in order to react to changing supply market dynamics. Procurement research can also help identify in-house versus outsourcing requirements (make or buy analysis) via in-depth analysis of associated cost and value drivers.
  2. Sourcing Efficiency – Companies want to ensure they are engaging with high-quality suppliers while also being able to minimize the cost of procurement. Comprehensive procurement research can provide stakeholders a detailed supply landscape, targeted list of potential suppliers, and thorough evaluation of their capabilities and prices. It can also suggest feasible sourcing options in low-cost regions.
  3. Technological Transformation – Procurement research can uncover technological innovations and disruptions in the supply market. It can provide stakeholders an in-depth understanding of the potential benefits of new technology. Companies can evaluate the integration of such technology/innovation with their offering to gain a significant competitive advantage.
  4. Risk Management – Procurement research is a valuable tool that helps in maintaining a robust supply chain and mitigating any risk of operational disruption. It can provide early warning signs on events that may negatively affect material availability and supplier performance. Effective procurement research enables organizations to develop proactive strategies for dealing with such events and minimize the impact on their business.

Procurement research allows organizations to leverage internal spend data and external market intelligence for effective category management. Since information gathering and analysis are carried out by experts, the procurement team can focus on strategic objectives, and instead of just cost-cutting, work toward value addition.

Accurate and timely intelligence gathered through procurement research helps stakeholders make informed decisions, enabling them to achieve greater cost savings, reduce supply risk, effectively manage the supply base, and add strategic value to the organization.

Aranca offers procurement research and advisory services through its dedicated category-specific teams and credentialed analysts. We have access to the best data sources and do not just provide facts but also intelligence and insights that are not available from published sources alone. We leverage our expertise in both primary and secondary research and create a unique analytical perspective. Procurement research is a crucial requirement for an organization, and its many benefits are making it a much-needed service for businesses today.

Why is Financial modelling Important for Business?

Ceteris paribus must be the most used term in the field of economics; at the same time, the same term creates the biggest disconnect between real-world and academia. In the real world, all the variable are constantly changing and are interlinked. Furthermore, businesses have grown far bigger and more complex. In today’s world, businesses source capital from different markets, sell their products globally and exploit cost-saving opportunities worldwide. As the globalized world is creating more opportunities, it is also adding many variables in business decision making. In such a scenario, financial modelling has become a necessary tool for managers and entrepreneurs.

Financial models help in assessing the financial impact of business decisions. Before embarking on any change in the business or starting a new initiative, economic impact analysis in a simulated environment can save businesses from financial blunders. Concurrently, the business managers can deploy capital in the projects, which are likely to create more value for their shareholders.

Financial models can be used for multiple purposes like financial budgeting, investment evaluation, business valuation, business stress testing. Depending on the nature of the business, some of these uses of the financial model may attract more attention. Infrastructure companies are heavy users of financial models for assessing financial feasibility of their projects. Due to very thin margins in the infrastructure development business, a small error in cost estimation can seriously jeopardize the profitability of the project. As infrastructure projects have very little flexibility in changing execution path or cost structure, wrong cost estimation or cash flow timing discrepancy may leave the developer with a loss-making project, which it cannot abandon midway. Thus, checking the financial feasibility of the projects and running all possible scenarios through a robust financial model is the most critical part of the decision making for Infrastructure development companies.

On the other hand, the new age technology start-ups use the financial model to assess funding requirement, predict hiring requirements, set development targets and rationalize the use of the monetary resources, which are very scars at the stage. New ventures can take many development paths and each path has its own challenges and benefits; a detailed simulation in the financial model can provide valuable insights to entrepreneurs for choosing the right development path for them.

Apart from financial analysis, financial modelling can be very helpful in standardizing financial decision-making processes across the business; standard pricing sheets and cost sheets are very good examples for the same.

Why Your Retail Business Needs CRM Software

A CRM (Customer Relationship Management) is a program that does what its name says – helps manage relations with customers. It stores all the details of your customers in a user-friendly and organized database that everyone can access. Many retailers are increasingly opting for retail CRM software as it helps enormously to enhance sales and revenues. 

Every customer record in the software informs you about how you acquired them, their purchase history, their interactions with the company – all of which can help you know more about how to keep them coming back. It provides an entire picture of the journey of the customer with your business. It can provide all the information you require about your customer service;  to identify the marketing methods that work and the ones that need improvement.

Retailers often have to manage myriad of customer issues. While it is not possible to please every customer, an effective Omni Channel CRM software solution provides better service to customers and ensures a higher level of success for a business. 

Apart from storing customer information, the software can manage a wide range of other tasks too including creating brand awareness, marketing, finding leads, managing customer purchases and providing support and service to maintain a long-term relationship, among others. 

A CRM can also have automation features that manage certain tasks, leaving your team to focus on the more important tasks. Actions such as generating leads and sending emails when customers take certain actions can ensure that the customers keep going ahead in the sales funnel. Some CRMs also come equipped with artificial intelligence to understand data and provide actionable steps to maximize opportunities. 

Having all the data in one place is helpful for your sales team. They get access to the entire history of customer interaction with the company and thus don’t have to waste time in knowing when was the last time the customer was contacted or what was their last order, etc. They can thus focus only on what they well – selling. 

Apart from having all your customer and sales data, the software also provides an in-depth analysis and dashboard functions. The best part is that all the information is available to the entire team across geographical barriers, helping everyone be on the same page. 

An Omni Channel CRM software can also enhance productivity and cohesion in the workplace. With your employees working from the same solution and having access to all the information they need, they are better poised for a great job, without getting into each other’s way.

Retail CRMs are available in several sizes and shapes. No matter the type and size of the business, the aim of setting up a CRM software is to be more organized around customer data and activities, which in turn can help enhance revenue and productivity. With the right CRM in place, you can look to being more efficient, productive and successful at work.

tandem trailers

Choosing Tandem Trailers Over Single Axle Trailer

Tandem trailer is a length rig that has two trailers attached one behind another to a tractor. A single axle trailer is a type of axle which has a single axle and one wheel at each side.

 It is fitted straight into the trailer bed and fixed with clamps or is fixed with springs with the help of support hardware for fitting. On the other hand, tandem trailers have two axles. They are fitted close to one another so that the load or the cargo weight gets divided between the two.

The basic differences between the single axle trailer and the tandem trailer

Positive Points of the Single Axle Trailer:

  • It has two wheels that mean it has only two tires, brakes, and bearings that require replacement and maintenance when it gets damaged due to wear and tear.
  • Towing single axle trailer is comparatively easy due to their lightweight.
  • It does not cover much space when parked
  • When two identical size trailers of single axle and tandem are compared the single axle trailer can be steered effortlessly and more smoothly.
  • The price of the single axle trailer is comparatively lower than others.

Benefits of the Tandem Trailers:

  • It has high-end suspension
  • A tandem is less prone to swaying and bounces much less as compared to single axle trailer when loaded in a proper manner.
  • They are safer than other trailers. The law makes it mandatory to equip the trailers with brakes if they are loaded with weights between 750kg and 2000 kg.
  • When travelling, they are quite stable and reliable.
  • Flat tyres do not occur much however even if it occurs it can be replaced quite easily without the help of a jack.
  • It is available in a huge amount in the market thus finding a good quality tandem is easy.

The tandem dual axle trailer offers varied functionalities like firmness, braking, handling and the ability to carry heavy loads. These trailers start from the 8×5 size and are fitted with brakes. These trailers are available in different sizes that can carry a different amount of loads.

One can also fit in electric brakes or mechanical override brakes. The box of the trailer is crafted according to the load it has to carry like heavy or medium-duty load. It can also be fitted with slide under ramps, bolt on the cage that is detachable, toolboxes, tipper mechanism, etc. The tandem trailers are built maintaining the guidelines of designing declared by the Government.

Final Words:

It depends on the requirement and choice of the customer whether he or she needs a tandem axle trailer or a single axle trailer. Experts advise that if a person occasionally hauls them, they must go for the single axle trailer whereas long-distance hauling will require a tandem trailer. Tandem trailers are great for long distances as they ensure safety and stability. They are reliable in this type of travelling situations as compared to single axle trailers.