We created a sustainable competitive advantage for a leading manufacturer of specialty components through extensive training and development of its market intelligence team.
Our client, a global leader in designing and manufacturing specialty components for consumer electronics, telecommunications and life sciences, was facing an extremely challenging marketplace. Between rising product costs and decreasing commercial prices, they needed a competitive advantage to manage costs. The need of the hour was to enhance employee knowledge of strategic cost management techniques. It was essential for employees to have support and practice to implement new approaches to cost management. We were brought in to educate their supply chain and procurement teams around the world, conduct coaching session workshops for participants to practice the techniques. We were also tasked with assisting in the creation of an internal intelligence cell to support stakeholders with market intelligence, cost modeling, and coaching.
To begin with, we conducted Strategic Cost Management seminars for over 200 of the client’s supply chain and procurement professionals. The courses took place all over the globe to accommodate each participant’s location. Immediately after each 2-day educational seminar, Anklesaria led a one-day coaching session for employees to apply the concepts and tools they had learned to one of their current projects.
Education was only one half of our approach. We also worked closely together with a manager who led a newly-formed Market Intelligence team. We provided inputs on the general structure of the team, job qualifications for team members, education of team members, and key tools the team would need to succeed in supporting their internal stakeholders. Our key tools included data sources, cost model templates, market intelligence templates and a structure to deliver their services to stakeholders.
The main result of our training was a marked increase in cost awareness seen through educating 200+ procurement professionals in strategic cost management techniques. In addition to practical application for the 200+ participants and the creation of a world-class Market Intelligence team. Over a three year period, the Market Intelligence team routinely saved 5-6% in each project with savings upwards of 30-40% in some projects. What’s more, top executives highlighted the Market Intelligence team as a key value addition to the company.