Introduction
Custom Research refers to the process of performing in-depth research and analysis on elements of a company’s supply chain to discover potential risks and vulnerabilities in the context of supplier risk intelligence or supply chain management. A team of supply chain management specialists with the expertise and experience to recognize and evaluate a variety of risks that could influence a company’s operations often conducts this kind of study.
Planning, coordinating and managing the motion of merchandise, services, and information from raw materials to the final consumer is the supply chain management process. To locate areas for improvement and maximize the overall efficiency of the supply chain, custom research may entail analyzing several supply chain components, including the sourcing of raw materials, production procedures, distribution routes, and logistics. Companies can better understand their supply chain and find methods to enhance operations, lower costs, and boost efficiency by doing specialized research.
Custom Research vs Syndicated Research
Custom research and syndicated research are both approaches or tactics that organizations can use to gather information about their suppliers and other stakeholders in the supply chain. However, they differ in terms of the scope, focus, and purpose of the research.
Custom research is research that is specifically tailored to the needs and objectives of a particular company. It is usually conducted on a one-off basis and focuses on a specific set of questions or issues that are relevant to the business enterprise. Custom research can be created to meet the unique requirements and objectives of the organization and can be used to obtain comprehensive information about a specific supplier or a group of suppliers.
Syndicated research, on the other hand, is research that is conducted on a more general, ongoing basis and is typically focused on gathering broad, industry-wide data and insights. It is usually conducted by research firms or market research organizations and is intended to be used by multiple clients. Syndicated research is often less focused and customized than custom research, but it can provide valuable insights and information about industry trends and best practices that can be useful for supply chain management.
Overall, custom research is typically more targeted and focused than syndicated research, and is better suited for gathering detailed, specific information about a particular organization’s suppliers and supply chain. Syndicated research, on the other hand, is more general and broad-based, and is better suited for gathering broader industry insights and trends.
Benefits of Custom Research
Because it enables businesses to acquire precise, targeted information on their suppliers that can help them identify and manage potential vulnerabilities, custom research can be a useful tool for managing supplier risk. Custom research has some advantages in supplier risk management, such as:
Benefits of Custom Research
-Identification of potential risks:
Using custom research, businesses can discover potential dangers posed by their suppliers, such as unstable finances, poor quality, or supply-chain interruptions.
-Better decision-making:
Organizations may choose which suppliers to deal with and how to reduce potential risks when they have access to more thorough and pertinent information on their suppliers.
-Enhanced risk assessment:
Custom research can offer more current and thorough information about the operations, financial standing, and other risk-related aspects of a supplier. This can help businesses determine the risk posed by a given supplier more precisely.
-Enhanced transparency:
Custom research can give businesses more insight into the methods and policies of their suppliers, enabling them to spot possible problems and respond to them.
-Improved supplier relationships:
Organizations can develop stronger, more cooperative relationships with their suppliers, which can contribute to an increase in the overall stability and resilience of the supply chain, by closely collaborating with them to gather information and identify potential risks.
Management of supplier risk through custom research
The process of managing supplier risk includes identifying and assessing potential risks that could result from a corporation’s usage of suppliers in its supply chain as well as creating strategies and plans to reduce or cast off the dangers. Custom research can be a crucial component of this process since it enables businesses to acquire in-depth information and analysis on elements of their supply chain, spot feasible risks, and create efficient risk management plans. Launching new products is usually a big ask for companies. It requires not only keeping a pulse of the market but also involves getting precise information about likely competitors’ moves. Hence, the requirement for custom research services to address this issue.
There are several ways that custom research can be used to manage supplier risk:
-Determine and assess potential risks:
Custom research can assist in determining and assessing the dangers that might result from the use of suppliers. Risks associated with the supplier’s financial stability, environmental or ethical standards, or other issues, as well as the caliber and dependability of the supplier’s goods or services, may be included. Companies can better understand the possible effects of these risks and create plans to reduce or eliminate them by collecting and evaluating data.
-Construct risk management plans:
Custom Research can also be used to create risk management plans that include precise steps that can be taken to reduce or eliminate hazards that have been discovered. The implementation of risk management rules, modifications to processes or procedures, or sourcing from other suppliers are a few examples of these programs.
-Monitor and review risks:
To make sure that identified risks are being effectively handled and that any alterations or updates to the supply chain are being properly addressed, custom research can also be utilized to routinely review and monitor hazards. Data about the performance of suppliers and the efficacy of risk management techniques may need to be gathered and analyzed to do this.
Magistral’s Services on Custom Research
Magistral Consulting is an established player in the financial services sector and now plans to foray into the logistics and Supply Chain Management space. The off-shored extended team ensures no knowledge is lost for similar projects across companies and multiple projects in multiple companies can run at the same time, prioritized as per the schedule of board meetings.
Magistral’s Services on Custom Research
Some of the services that are associated with Custom Research that are offered by Magistral consulting are –
-Bespoke Market and Custom Research Services:
Our services are made to assist businesses in finding actionable insights that might provide them with a competitive advantage and help them make better decisions regarding their operations and plans. We offer insightful analysis and suggestions that can assist our clients in better managing the present industries’ conditions and positioning themselves for success by utilizing our extensive understanding of competitors.
-In-Depth Assessment Research Services:
We can assist clients in comprehending the complexities and prospects by utilizing our comprehensive research capabilities, enabling them to make wise decisions about where to allocate their resources.
-Ecosystem Monitoring and Information Provision:
We provide timely and accurate information on the supplier risk through reports of our analysis.
-Opportunity Identification and Performance Metrics Frameworks:
We help clients harness new opportunities faster.
-Customized Solutions in Niche Domains:
We provide customized solutions for improved output.
-Flexible Working Models:
At our company, we understand that everyone’s needs, and circumstances are different. That’s why we offer a flexible working model that allows our employees to tailor their work schedules to meet their unique needs and preferences. This can include options such as working remotely, flexible start and end times, and the ability to take breaks as needed.
Overall, through custom research we help organizations gain a competitive advantage and better manage their supply chains by providing them with detailed, relevant information about their suppliers and the markets they operate in.
About Magistral Consulting
Magistral Consulting has helped multiple companies to reduce operations costs through its offerings in Procurement and Supply Chain.
About the Author
The article is Authored by the Marketing Department of Magistral Consulting. For any business inquiries, you could reach out to prabhash.choudhary@magistralconsulting.com