LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the top 4 benefits of category management to grow your business.
Category management is imperative for companies in the retail category that manage a plethora of items. It facilitates an effective purchasing strategy and helps companies realize substantial savings in procurement. Simplifying demand and taking a bigger contract is a key strategy for companies to improve category management. Furthermore, it makes procurement easy by collecting and centralizing similar items into a single contract.
At SpendEdge, we understand that developing a clear understanding of the organization’s core values and key objectives are vital to improve category management. This blog explores a few of the top reasons why you should focus on category management.
Key Benefits of Category Management
Healthier performance of suppliers
Improving the category management process can help companies to gain greater value from suppliers. It fastens the time between the initiation and completion of projects. If done strategically, it can help new suppliers and contracts with layers of adjustments. Increasing supplier efficiency can also enhance the procurement process.
Strengthening supplier relationships is crucial for companies to gain the most from them. Request free platform access to identify top suppliers from your region, their pricing models, and accurate performance ratings across categories.
Greater client satisfaction
Usually, category management is looked after by the category manager. It undertakes the responsibilities of contracts and services such as sourcing requirements, collecting bids, and negotiating contracts. This provides the opportunity for business people to focus on their work and deliver value-based services to address client's needs. To gain detailed insights, get in touch with our analysts here!
Better insights into spending
Without an effective category management process, companies lack insights into the accuracy of expenditure as no one tracks the contracts that are on the way. Not only this, there is no information about suppliers, thereby, making it difficult to analyze and monitor spend. Category management facilitates companies to gain a better understanding of spending on existing as well as upcoming contracts.
To know more about the benefits of category management that can help your business to grow, read the complete article here!
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