Benefits of Spend Analysis: Enabling Companies to Achieve Savings, Optimize Capital, and Reduce Procurement Spend
SpendEdge, a leading provider of procurement market intelligence solutions, has announced the launch of their latest newsletter on the benefits of spend analysis solutions for businesses today. Spend analysis can help companies achieve cost effectiveness and boost process efficiency. It can also help reduce maverick purchasing and helps businesses identify opportunities that are specific to [...]
SpendEdge, a leading provider of procurement market intelligence solutions, has announced the launch of their latest newsletter on the benefits of spend analysis solutions for businesses today. Spend analysis can help companies achieve cost effectiveness and boost process efficiency. It can also help reduce maverick purchasing and helps businesses identify opportunities that are specific to their category.
Developing a spend analysis plan to analyze expenditures and increase R&D investments is imperative if you are planning to make investments in mechatronics technologies. A Germany-based microelectronics company was finding it difficult to analyze spend and devise an effective spend strategy to achieve significant cost savings. They also wanted to run an RFP for new suppliers to identify suppliers who would be able to keep up with regulations in the electronics and microtechnology industry.
SpendEdge’s spend analysis solution helped the client to perform a proper supplier spend analysis and categorize their direct and indirect spend. The solution offered helped the client to negotiate the best deals with advanced technology providers. As a result, the client achieved $35 million in annual cost savings
Keeping tabs on changing supply chain priorities and managing spend is an arduous task for most companies. Don’t you agree? Read our success story on how we helped a leading medical devices company address concerns about maverick spend.
During the course of this engagement, our spend analysis team offered information on how the client could improve their spend management capabilities and improve ROIs. They helped the client to effectively price their products according to the industry standards and build their presence in the industry.
Wondering how you can reduce unaccounted spend and increase spend visibility? Our spend analysis report recently helped one of the leading automotive companies to compare their spend with that of industry peers and gain granular insights into recent spending trends. The report offered information on how to boost spend visibility and identify potential sourcing opportunities in the automotive industry so that the client could improve organizational efficiency and drive better savings.
With our help, the client was able to implement an efficient spend management process and commercialize their businesses and revenue models to better connect with customers.
Developing a coordinated post-merger spend management strategy to standardize spend data is crucial while merging with a multi-national Fortune 500 company. Take a quick look at our recent case study to understand how we helped a leading facility management services provider in the US to analyze spend across different categories and enhance their process efficiency.
Increasing cost reduction pressures were compelling the client to analyze their spend data, adapt to a fast-evolving marketplace, and identify potential areas for cost reduction. Our experts adopted a comprehensive four-step approach to optimize their working capital and maximized their process efficiency by over 60%.