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Predicting and Mitigating Price Fluctuations: The Role of Big Data in Raw Material Purchasing Strategies with a Focus on Major Metals

In: Management von Risiko, Nachhaltigkeit und KI in der Beschaffung

Author

Listed:
  • Wanja Wellbrock

    (Hochschule Heilbronn)

  • Daniela Ludin

    (Hochschule Heilbronn)

  • Asli Ercengiz

    (Universität Hohenheim)

  • Erika Müller

    (Universität Hohenheim)

Abstract

This paper examines how big data is utilized to estimate and predict price fluctuations in major metal markets and how this information can be leveraged to enhance purchasing strategies. The rapid advancement in technology has increased transparency and reduced information asymmetry, giving buyers unprecedented insights into market conditions. The paper distinguishes between cost reduction and cost avoidance, with a focus on the latter. Cost avoidance, although difficult to measure, involves proactive efforts to pay less than the expected price. The paper will define key factors influencing metal prices, explore how these can be tracked through big data, and assess how this data can improve price risk management. Finally, the paper critically reviews current research, identifying limitations and future research directions to provide a comprehensive understanding of the topic.

Suggested Citation

  • Wanja Wellbrock & Daniela Ludin & Asli Ercengiz & Erika Müller, 2025. "Predicting and Mitigating Price Fluctuations: The Role of Big Data in Raw Material Purchasing Strategies with a Focus on Major Metals," Springer Books, in: Wanja Wellbrock & Daniela Ludin (ed.), Management von Risiko, Nachhaltigkeit und KI in der Beschaffung, chapter 33, pages 739-753, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-47228-3_33
    DOI: 10.1007/978-3-658-47228-3_33
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