Price Forecasting: Enabling Oil Companies to Reduce Inventory Levels and Shift Towards Shared Resources for Reducing Transportation Costs | SpendEdge
It also offers detailed insights on how price forecasting can help companies to identify their most profitable products and position their inventory in the supply chain.
SpendEdge, a well-known procurement intelligence solution provider, has
announced the completion of their latest price
forecasting engagement for a company in the oil industry. The
report highlights how fluctuating oil prices impact the supply chain. It
also offers detailed insights on how price forecasting can help
companies to identify their most profitable products and position their
inventory in the supply chain.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190308005318/en/
Price forecasting engagement for a company in the oil industry. (Graphic: Business Wire)
The volatility in oil prices is compelling companies in the oil
industry to cut fuel consumption and shift towards quick and
economical transportation modes. However, this requires companies to
predict short- and long-term prices of products and make an accurate
estimation of their demand and supply. By utilizing price forecasting
solutions, companies can precisely determine demand and supply of
products and utilize economies of scale.
According to the procurement experts at SpendEdge, “Companies
must leverage price forecasting solutions to determine the impact of
volatile oil prices in the supply chain and dedicated manufacturing
environment."
The Business Problem: Despite being
one of the leading companies in the oil industry, the client was facing
difficulties in forecasting the fuel price spreads and crack spreads for
their variety of products. This was negatively impacting their supply
chain and creating the need for a dedicated manufacturing environment.
Additionally, the increasing oil prices were hampering the production
and refinery planning for the company.
Want to implement business strategies that can sustain the
fluctuating oil prices? Talk
to our experts today!
The Solution Offered: The
experts at SpendEdge conducted comprehensive market research and
analyzed how volatile oil prices were impacting the supply chain of the
company. They delivered price forecasting solutions for the company to
help them effectively implement their transportation strategies. This
helped the client to shift from just-in-time delivery to better use of
transportation capacity. Price forecasting solutions further guided the
client in identifying the most profitable products and positioning their
inventory in the supply chain.
Interesting in knowing how price forecasting enables companies to
position their inventory? Request
a free proposal and leverage our portfolio of price
forecasting solutions.
SpendEdge’s price forecasting solutions helped
the client to:
- Decrease price forecasting error by over 50%.
- Reduce transportation and expediting costs.
-
Wondering how to analyze the impact of increasing oil prices in the
supply chain? Request
a free demo now!
SpendEdge’s price forecasting solutions also
offered predictive insights on:
- Shifting to shared resources such as third-party logistics carriers.
- Determining inventory levels.
- Read the complete article to know more: https://www.spendedge.com/casestudy/price-forecasting-identify-profitable-products-predict-fluctuating-oil-prices
About SpendEdge:
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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. Request free
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190308005318/en/