LONDON--(BUSINESS WIRE)--A global data analytics and advisory firm, Quantzig, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of their latest engagement during the course of which they helped an American medical device manufacturing company to achieve enterprise-wide visibility and control over procurement spend.
With the growing need to drive positive cash flows, businesses across industries have started focusing on procurement cost optimization to improve process efficiency. However, the most common challenge faced by organizations revolve around procurement cost optimization and spend data management. Also, most businesses do not possess basic analytical capabilities and tend to rely on poor quality datasets for decision-making. Robust procurement cost optimization solutions can help you identify the opportunities and risks while enabling you to build a robust foundation for all your cost optimization initiatives.
What is procurement cost optimization?
To gain a competitive edge in today’s complex business scenario it’s essential for businesses to focus on reducing procurement costs. Quantzig’s procurement cost optimization solutions help organizations to reduce spend and achieve sustainable bottom-line improvements. Our cost optimization solutions not only offer better insights into factors affecting procurement spend but also help ensure positive cash flows.
Our procurement cost optimization capabilities include:
- Web Crawling-based Supplier Cost Assessment
- Ad-Hoc Procurement Analysis
- Purchase Order Flow Management
- Supplier Performance Scorecard and Dashboard
- Supplier OTIF Optimization
The Business Problem: The client is a well-established medical device manufacturing company based out of North America. With the ongoing changes and surmounting pressures, medical device manufacturers are challenged by the need to reduce procurement costs and improve process efficiencies. Similar challenges along with low compliance of procurement and requisition processes curtailed the client’s ability to capture and analyze spend data. The medical device manufacturer chose to partner with Quantzig to tackle this challenge and achieve enterprise-wide spend visibility into factors affecting spend.
Our procurement cost optimization solutions can help you track and manage maverick spend. Get in touch with our experts for more insights.
The Solution Offered: To help the client tackle their challenges and improve procurement efficiency, we adopted a multi-step approach to cost optimization that focused on several aspects including cost optimization, procurement overhead reduction, and inventory cost reduction. Our cost optimization solutions played a crucial role in streamlining the end-to-end procurement operations to help the client achieve $3 million in OPEX savings.
This success story is a classic example of how our procurement cost optimization solutions can help manufacturers to meet the regulatory requirements and improve process efficiency. Request a free proposal to know more about the benefits of our supply chain analytics solutions.
Quantzig's procurement cost optimization solutions helped the client to:
- Develop a procurement spend map to unlock new savings opportunities
- Improve service levels and performance through cost optimization
- Request a free demo to know more about our procurement cost optimization capabilities.
Quantzig's procurement cost optimization solutions offered predictive insights on:
- Implementing the best procurement policies and data governance processes
- Improving process efficiency
- Reduce procurement costs and improve productivity with customized cost optimization solutions. Request for more information now!
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal