Jan 22, 2019   SOURCE: BusinessWire

Tracking Financial Performance of Businesses by Establishing Control Points: A Price Forecasting Analysis by SpendEdge – Request a Free Demo Today!

SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest price forecasting engagement for a soybean oil manufacturer. The study offers a complete analysis of challenges faced by a soybean oil manufacturer in the market due to the changing pricing trends. It also offers a comprehensive view of how experts at SpendEdge helped the manufacturer enhance their procurement efficiency and business productivity.

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Price forecasting engagement for a soybean oil manufacturer. (Graphic: Business Wire)

Price forecasting engagement for a soybean oil manufacturer. (Graphic: Business Wire)

Despite the increasing production of soybean oil in the last decade, the pressure on soybean oil manufacturers has increased tremendously. Therefore, to sustain profitability, they are focusing on mitigating challenges arising from insufficient production and storage capacities, managing transportation and logistics processes effectively, and fluctuating soybean oil prices. Such challenges have compelled manufacturers to devise an effective price forecasting model that can offer detailed insights into the price variations in the market.

According to the procurement experts at SpendEdge, “Price forecasting solutions are crucial for businesses to focus on pricing strategies and driving organizational value by analyzing prices for diverse categories."

The Business Problem: The client is one of the leading soybean oil manufacturers that exports soybean oil to 40 different countries across the world. The company specializes in various operations such as oil palm cultivation, oilseeds crushing, oleochemicals, specialty fats to grains processing and merchandising. Continuous price fluctuations in the market due to supply and demand issues were making it challenging for the client to address the changing pricing trends and were resulting in revenue losses for the company. Therefore, they approached SpendEdge to leverage their expertise in offering a price forecasting engagement. With the aid of this engagement, the client wanted to enhance their category expertise and understanding across all critical areas of the supply network. They also wanted to devise a price forecasting model to lower inventory costs, improve cash turnover cycles, and respond quickly to pricing trends.

Commodity price fluctuations can hinder the growth of businesses by making it difficult for leaders to set prices that can drive better profits. Talk to our experts to know how our price forecasting solution can help you address such issues by setting up right prices.

The Solution Offered: SpendEdge’s expertise helped the soybean oil manufacturer to devise an effective price forecasting model. Our experts adopted a comprehensive price forecasting methodology and developed a key list of commodities to analyze data based on the company's pricing history. This helped the client to address price fluctuations and predict commodity costs while enhancing their pricing decisions. Moreover, the price forecasting model enhanced their procurement efficiency and business productivity by empowering the soybean oil manufacturer to establish control points within the business and track their financial performance.

Not complying with the changing price trends can impact sales volume of companies and lead to heavy revenue losses. Request a free proposal and know how you can better predict soybean oil price dynamism and formulate a better price forecasting model.

SpendEdge’s business price forecasting model helped the client to:

  • Enhance business productivity.
  • Track financial performance of the business by creating control points.
  • Want to develop a price forecasting model that accurately predicts commodity costs? Request a free demo and know how SpendEdge’s price forecasting analysis can help you achieve this.

SpendEdge’s business price forecasting model also offered predictive insights on:

About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal.