LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest success story on identifying $30 million in savings opportunities for a financial services company.
The company wanted to gain a better view of spend and analyze savings potential to prioritize work. The key objectives they aimed to achieve through this engagement are mentioned below:
- Objective 1: The company wanted to consolidate different data sets and analyze spend information to improve spend visibility.
- Objective 2: They also wanted to improve the spend analysis process to estimate cost savings accurately.
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“Since most companies fail to meet shareholder’s expectations for investment on return on equity, companies must improve the spend analysis process and identify cost-saving opportunities,” says Srinivas R, Procurement Manager at SpendEdge.
Want to improve your spend analysis process and enhance process efficiency, get in touch with our experts today!
Key findings and solutions offered
In collaboration with SpendEdge, the client – a multinational financial services company – identified the optimal number of suppliers for a specific service and negotiated the best contract deals per supplier. The solution offered helped them to:
- Implement spend governance with a holistic view.
- Better understand spend areas and identify cost savings opportunities for future procurement projects.
- Identifying cost savings opportunities is critical for companies to ensure the success of new projects. Request a free demo to get unlimited access to all of our reports and supplier updates.
Outcome: The spend analysis solution offered by experts at SpendEdge helped the financial services company to consolidate data from different sources such as general ledger, pCard, and accounts payable into a central database. This helped the client to analyze spend data, standardize the spend, and link stakeholders for better supplier management. The solution also helped the client to evaluate contracts for savings opportunities, develop a roadmap for future procurement initiatives, and identify key strategies for the new procurement projects. The new projects facilitated savings of $30 million.
To gain detailed insights into the spend analysis solution offered by our experts to the financial services company, request more information.
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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