LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest success story on identifying new cost reduction opportunities and reducing procurement spend by 30% for a company in the UK pharmaceutical market.
The company wanted to address the diminishing profit margins. The key objectives of the engagement are mentioned below.
- Objective 1: The company wanted to find innovative ways to increase turnover and improve stock prices.
- Objective 2: They also wanted to improve efficiency in different business areas to identify new ways to raise revenue.
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“Businesses in the UK pharmaceutical market are recommended to take a more strategic approach to maintain increasingly complex supply chains and address pricing pressures,” says a procurement expert from SpendEdge.
Key findings and solutions offered
In collaboration with SpendEdge, the client – a leading company in the UK pharmaceutical market – focused on innovation in sourcing and procurement. The solution offered helped them to:
- Minimize the total procurement spend by 30%.
- Build strategic partnerships with suppliers.
- Are you looking for solutions to build a strategic relationship with suppliers? Request a free proposal to access our customized supplier intelligence solutions today!
Outcome: To address the specific requirements of the client, the experts at SpendEdge analyzed the key suppliers and implemented service-level agreements to improve supplier management. The key insights provided helped the client to set supplier KPIs and develop an effective procurement strategy. The solution offered further helped the client to analyze innovative concepts that go beyond ‘traditional purchasing’ to improve efficiency and identify new cost reduction opportunities in the UK pharmaceutical market.
To access the complete case study on how we helped a company in the UK pharmaceutical market to reduce the procurement spend significantly, read the complete case study here!
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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.
To gain more information, https://www.spendedge.com/get-more-info