LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their tail spend management study for a global consumer goods company.
The client wanted to improve their spend visibility to enhance incremental savings by improving the effectiveness of their supplier onboarding process. The time designated to achieve this business objective was six months.
- Objective 1: The company wanted to determine the key reasons for tail spend and address them.
- Objective 2: They were also looking forward to reducing excess spend by consolidating the number of suppliers and strengthening relationships with them.
- Want to implement a tail spend management framework? Request a free demo and see how our solutions can help you increase spend visibility and improve incremental savings through effective tail spend management.
“Despite accounting for 20% of non-core transactions that lie outside the main strategic purchasing strategies, tail spend is usually left unmanaged due to the high volume of suppliers and inadequate resources. This majorly hampers the procurement efficiency of businesses,” says a procurement expert from SpendEdge.
Key findings and solutions offered
In a span of six months, the client – a global consumer goods company – improved their tail spend management by standardizing the disparate procurement process. The solution offered helped them to:
- Implement a tail spend management framework to identify key suppliers and reduce the number of tail-end suppliers.
- Analyze strategic sourcing strategies, focus on large contracts, and increase catalog coverage.
- Enhancing tail spend management can reduce the cost of the procurement process. Request a free proposal to access our complete portfolio of tail spend management solutions today!
Outcome: The tail spend management solution provided by experts at SpendEdge enabled the consumer goods company to optimize excess spend occurring in the purchasing process by efficiently controlling, monitoring, and tracking transactions. This helped them manage their total spend and comply with changing policies and contracts. The solution offered increased the productivity of the company's procurement process by 20%.
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