How are Top Firms Improving their Indirect Spend Management: SpendEdge’s Latest Blog Explains

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Strategies to Improve Indirect Spend Management.

LONDON--()--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the successful strategies to improve indirect spend management.

Most companies often focus their efforts on direct spend categories and lack visibility into their direct spend categories. They overlook the fact that indirect spend makes up a high proportion of their third party spend. However, indirect spend management is gaining traction due to its ability to derive more value from the supplier spend. Companies are taking control over the indirect spend and creating more savings opportunities from small expenditures that are impacting the company’s bottom line.

Is an inefficient indirect spend management process prohibiting you to apply cash to the business when required? Not anymore! Request a proposal to access our customized spend management solution portfolio for FREE.

SpendEdge identifies business needs and helps organizations reduce the cost of procurement processes using their tested indirect spend management methodologies. They design efficient strategies that help enterprises recognize savings in indirect spend categories.

Ways to Improve Indirect Spend Management

Establish a set of metrics

Establishing a set of metrics is one of the most important step companies need to adopt to improve indirect spend management. They must put an evaluation method and track indirect suppliers. They should create simple KPIs to measure contract compliance, quality, and cost competitiveness. Also, data should be made available to all stakeholders and departments for better decision making.

Want to know how creating KPIs can help companies to measure cost competitiveness across indirect spend categories? Reach out to our experts for specific insights.

Consolidate indirect spend into specific categories

Often employees are not involved while developing a category policy. They order supplies without any regard for potential savings. Engaging employees in the process can help companies to consolidate purchases, implement company-wide contracts, and reap benefits such as volume discounts and favorable contract terms.

Inefficient purchasing strategies can lead to lost savings opportunities. Request a free demo to access our smart procurement solutions for free.

Improve spend visibility

Poor spend visibility can lead to missed opportunities for savings and increase the risks of fraud manifolds. Companies must leverage technologies to gain real-time visibility into all transactions. They should track everything from invoices to the performance of suppliers for better decision-making.

To know in detail about strategies to improve indirect spend management, request for more information from our experts now!

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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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Contacts

SpendEdge
Anirban Choudhury
Marketing Manager
US: +1 630 984 7340
UK: +44 148 459 9299
https://www.spendedge.com/contact-us

Release Summary

In this blog, we discuss the key strategies companies can adopt to consolidate purchases, improve profitability, and improve indirect spend management

Contacts

SpendEdge
Anirban Choudhury
Marketing Manager
US: +1 630 984 7340
UK: +44 148 459 9299
https://www.spendedge.com/contact-us