LONDON--(BUSINESS WIRE)--In the increasingly competitive global market, it is important now more than ever that businesses are able to work quickly and efficiently while also emphasizing quality and cost-savings. A recent study from SpendEdge, a leading procurement market intelligence firm, recently examined the criticality of streamlining sourcing and procurement processes for major spend areas.
The focal point of the assessment was to help a leading technology company providing location services and e-commerce solutions, gain actionable insights specific to domains such as MRO, facilities, IT, and marketing-related spend areas. SpendEdge also assisted in assisted the client with benchmarking information on industry best practices regarding how these categories are managed by best-in-class market players.
This assessment is one of 1,500+ comprehensive projects completed by SpendEdge including many completed for Fortune 500 companies who have used these solutions to achieve procurement excellence.
How can you identify major spend areas?
Major spend areas can be identified through the use of spend analysis. Spend analysis is the process of classifying and analyzing a businesses expenditure, and can be conducted manually or through the use of software solutions. To properly identify major spend areas, businesses should ensure that their spend analysis efforts involve all available sources of spend data, and that they take into account both direct and indirect costs.
SpendEdge supports category managers by providing insights for improved sourcing and procurement decision making. Request a demo and see how we can help you.
What benefits does streamlining these processes provide?
Sourcing and procurement processes should be streamlined in order to reduce unnecessary spending. Streamlining can result in significant cost savings, and can help businesses to improve their procurement strategies; it also saves time, in turn improving production processes. Some of the benefits that streamlining procurement processes provide can depend on a business’s level of procurement function. For example, businesses with more established and mature procurement functions will benefit differently than businesses whose procurement function is at an informal or early stage.
To determine the benefits that streamlining these processes will have, businesses should consider a number of factors, including how effective their current procurement function is at supporting overall business function, strategy, and success. They should also take into consideration the recent outcomes of their negotiations with suppliers and the level of risk that their processes currently involves. Supply market intelligence can help businesses determine how best they can streamline and refine their sourcing processes and ensure that they gain maximum benefits from realigning their strategies.
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred market intelligence partner for leading Fortune 500 firms and other leading companies across a variety of industries. Our strength lies in delivering actionable insights that help sourcing and procurement professionals get the right information in the right format, without any unnecessary frills.
Our procurement market intelligence coverage extends across critical processes of sourcing strategy planning and helps clients achieve more than just monetary savings. Our procurement insights are well-defined to meet the information needs of procurement organizations, and are aimed at helping category managers extract hidden values out of sourcing teams, suppliers, contracts, and processes.