The company wanted to improve their spend management to increase the profit margins in the emerging markets amid US-China trade tensions. The key objectives they aimed to achieve through this engagement are mentioned below.
- Objective 1: The company wanted to minimize capital expenditure and reduce excess inventory.
- Objective 2: They also wanted to improve their spend visibility apart from driving organizational value.
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“Improving spend management is crucial for companies to optimize spend and improve bottom line savings. It helps them to drive organizational value and improve spend visibility,” says a procurement expert from SpendEdge.
Key findings and solutions offered
In partnership with SpendEdge, the client – a global electronics company – improved spend visibility and boosted process efficiency by optimizing source-to-pay (S2P) processes. The solution offered helped them to:
- Increase the managed spend of the company to 46% by improving collaborations between trading partners and cross-functional teams.
- Improve revenues by focusing on strategic activities and complying with the contracts.
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Outcome: The solution offered by experts at SpendEdge helped the electronics company to analyze different spend categories and reduce the overall expenditure. This allowed the client to optimize source-to-pay (S2P) processes, such as spend analysis, contract management, and strategic sourcing and focus on driving strategic initiatives. The solution offered boosted their process efficiency and improved spend visibility by facilitating cross-functional collaboration in the company. In addition, the solution helped the client to avail early payment discounts and increase managed spend of the company from 27% to 46%.
To access the complete case study on how we helped an electronics company increase their spend under management from 27% to 46%, get in touch with our experts here!
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