In recent years, the biotech industry has witnessed an astonishing growth due to the rise in the demand for therapeutic and diagnostic solutions for recombinant technology and DNA sequencing. Additionally, the major players in the biotech industry are formulating new grades of bio-based fuels to protect crops against pests and insects in the agriculture sector. However, according to the spend analysis experts at SpendEdge, the steep costs associated with developing biotech products may pose a significant challenge for the growth of this industry.
As a result of such challenges, many biotech industry players have started opting for spend analysis solutions to determine their current state of spend and retain their position in this market space. Moreover, the spend analysis studies offered by SpendEdge, also help biotech industry players evaluate and improve their management by devising cost-effective strategies.
The Procurement Pain Point and Insights Offered
Like several other biotech industry players, a leading biotech industry client wanted to gain insights on achieving a single platform to integrate their purchasing activities. This would help them cut down on material spends, inventory costs, and reduce maverick spend across the supply chain. They also wanted insights and recommendations on their spend pattern and superior supplier negotiation strategies to achieve significant cost savings.
To cater to the specific category requirements of the client, the spend analysis experts at SpendEdge followed an in-depth two-step research methodology, which included primary and secondary research coupled with qualitative and quantitative data collection procedures to address the client’s issue.
During the course of this spend analysis study, the biotech industry client was able to devise a single platform to integrate their purchasing activities. Additionally, the client also gained insights on the ways to decrease procurement costs and improve their process efficiency. The client was also able to build superior supplier negotiation strategies across the supply chain.
Key questions answered in this spend analysis study include
The spend analysis study helped the biotech industry client determine their current state of spend and optimize their major areas of spend. Additionally, the client was offered suggestions to improve their process efficiency and achieve significant cost savings.