Procurement 2.0: Embracing Data-Driven Narratives in the Chemical Industry

Author- Staines Stephen, Category Specialization- Product

Like many others, the chemical industry used to rely on gut instinct and experience to guide its procurement decisions. While those still have their place, today data is delivering more reliable and predictable evidence-based insights.

From Reactive to Proactive

For the European chemical industry, rising carbon taxes, energy costs, and a pessimistic industry outlook, combined with the US and APAC regions actively luring manufacturers with incentives mean simply finding alternative suppliers is no longer an option. Basic tactics, such as alternative sourcing or price negotiations, might have been all it took in the past, but now it requires multi-pronged proactive strategies.

Telling a Story with Data

Chemical procurement is now more than just the lowest upfront cost, it’s about the total cost of ownership (TCO), which takes into account transportation, quality control, and potential environmental liabilities. Companies also want suppliers who offer value-added services, like technical expertise, custom manufacturing, or just-in-time delivery to manage inventories.
Drawing together all those different data sets exponentially complicates the challenge of drawing meaningful information from it. It requires changing cold, hard data on market trends, supplier performance, and cost structures into compelling narratives that convince stakeholders of what needs to be done. 
This encourages a shared understanding among stakeholders, leading to better collaboration, stronger support for procurement initiatives, and ultimately, a more successful outcome for the business.

The Beroe Advantage

Beroe understands the challenges of navigating this complex landscape. We offer:

• Data Quality Assurance: Our robust data cleaning techniques identify and rectify inconsistencies, ensuring your analysis is built on a solid data foundation that is accurate, complete, and relevant to your specific needs.
• Actionable Insights: Our procurement specialists will work with you to understand the data to extract meaningful and actionable insights from it, letting you make informed decisions that optimize your procurement strategies and deliver tangible results.
• Building Stakeholder Alignment: We can help you navigate complex procurement decisions by transforming data into compelling narratives that resonate with stakeholders across your organization.

Partner with Beroe and unlock the full potential of data-driven procurement in the chemical industry.