LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest success story on developing a successful commodity procurement strategy for a Fortune 500 global pharmaceutical company.
The company wanted to develop a commodity procurement strategy to address overdrawn budgets and increased spend. The key objectives of the engagement are mentioned below.
- Objective 1: The company wanted to keep pace with market movements of key categories and commodities to ensure cost containment.
- Objective 2: They also wanted to improve budget planning and supplier negotiations to realize significant cost savings.
- Interested in gaining detailed insights? Request a free demo to gain actionable insights to devise an effective commodity procurement strategy.
“Companies in the global pharmaceutical industry must take a more strategic approach to address pricing pressures and develop a commodity procurement strategy to ensure cost containment,” says a procurement expert from SpendEdge.
Key findings and solutions offered
In collaboration with SpendEdge, the client – a Fortune 500 pharmaceutical company – embraced the complexity of packaging procurement. The solution offered helped them to:
- Realize savings of $15 million through commodity forecasting.
- Save $3 million with effective supplier negotiations.
- Are you looking for solutions to improve cost savings? Request a free proposal to access our customized solutions today!
Outcome: To help the client develop a commodity procurement strategy and reduce spend, the experts at SpendEdge identified cost drivers for various spend categories, reviewed existing contracts, and analyzed potential opportunities for spend management. They provided in-depth insights to help the client develop inflation forecasts at different levels, improve supplier negotiations, and make informed contracting decisions. The deep dive into fundamentals of commodities prices further helped the client to enhance sourcing decisions, budget planning, and supplier management.
To access the complete case study on how we helped a Fortune 500 global pharmaceutical company to realize significant savings in packaging spend, 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