SpendEdge Discloses Top Category Management Challenges and Ways to Overcome Them – Request Free Platform Access for Specific Insights!
LONDON--(BUSINESS WIRE)--Nov 27, 2019--
SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the common category management challenges and ways to overcome them.
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In spite of originating from the retail industry, category management has been gaining ground outside the industry. It is a systematic approach to managing a set of products that involves categorizing products into discrete groups of similar or related products. Many public and private entities have started reaping its benefits to group products with similar characteristics and supply markets and treat them as a discrete group.
At SpendEdge, we understand that category management solution possesses the capability to add value in reducing supply chain risks and driving innovation in different supply chain categories. However, there are certain challenges companies face while implementing it.
Top Category Management Challenges
Getting stakeholder participation
The majority of procurement organizations either do not know much about stakeholders or don’t work closely with stakeholders. This leads to poor value for money outcomes. Organizations must transform stakeholders into active participants and put in some work to understand the relevance of category management and improve the results for your procurement organization.
Analyzing the supplier’s profile is imperative for companies to get higher value for money outcomes. Request free platform access to gain over 1000+ reports catering to different categories.
Workforce capability gaps
Often organizations lack skills and capability to become the advisor of the business. This makes the transformation of an operational department to a more strategic department more difficult and leads to a gap in workforce capabilities. Organizations can address this issue by providing specific training and skills needed by the company’s workforce. To gain comprehensive insights into the workforce capability gaps,reach out to our experts now!
Garnering support from management teams
Despite the need for change coming from the management team, there might be a lack of engagement and operational support. This hinders companies from realizing the complete benefits out of the category management. Companies need full support from the management to support with data analysis, value-chain analysis, and supplier negotiations.
To know more about category management challenges and ways to overcome this, request for more information.
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