LONDON--(BUSINESS WIRE)--Leading global procurement intelligence advisory firm, SpendEdge, has announced the completion of their latest assessment, a procurement market intelligence study for a Fortune 500 medical device company. The primary objective of this analysis was to help the client in identifying and optimizing their spend areas to maximize profits and streamline processes.
“Our team of category management experts followed a blended research methodology consisting of primary and secondary research, to provide the client with data pertaining to contract negotiation strategies to provide insights translating into more profitable agreements with their suppliers. The client was able to decrease procurement costs, improve efficiency, and monitor compliance,” said SpendEdge.
The SpendEdge assessment identified and shortlisted vendors by considering parameters such as geographic coverage, qualitative assessment scores, previous experience with the vendors, and product development and tooling costs. In addition to various cost saving levers, the client also obtained various suggestions regarding new ways to improve their process efficiency and optimize their spend areas.
View related research: Cost saving opportunities in the biotechnology, pharmaceutical, and life sciences industries
Key information provided in this assessment:
- Identification of the major category suppliers
- Analysis of current state spend and an intermediate term spend strategy
- Better understanding of industry cost components and procurement models
- Process efficiency improvements
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred market intelligence partner for Fortune 500 firms and other leading companies across 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. For more information on SpendEdge’s services, please contact us.