With the relentless growth in the technology, biotech industry players are facing the need to offer more consumer-centric solutions. Also, the ethical issues associated with clinical trials coupled with long research time are forcing organizations to devise a robust spend analysis solution to curtail the costs associated with additional spend. In the biotech industry, organizations are advocating the need for spend analysis solution to gain better visibility into their spending patterns across their enterprise. Moreover, organizations can further improve their procurement objectives, improve data quality and minimize maverick spend, and accelerate the decision-making process.
To gain strategic insights into the buying behavior, businesses have started approaching companies like SpendEdge, who specialize in offering solutions for spend analysis. SpendEdge’s spend analysis solutions help clients make better, agile, and more confident buying decisions. Spend analysis solutions also help clients identify the loopholes in the organizations in terms of savings leak and purchasing overlaps, and effectively compare the spend with that of the competitors.
The Procurement Pain Point and Insights Offered
Like several other players in the biotech industry, a renowned client in the biotech industry was facing predicaments understanding their spending patterns and devising effective strategies to improve their process efficiency. The client further wanted to assess their current spend and identify the possibilities of improving their current state of spend. The client further wanted to assess and select suppliers and develop a contract negotiation strategy with current suppliers.
To understand the current spending patterns and improve process efficiency, the client approached SpendEdge’s team of spend analysis experts. SpendEdge’s team of spend analysis analysts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the biotech industry. Also, the client compiled information from proprietary sources such as paid industry databases, biotech forums, newsletters, and magazines in the biotech industry.
After gauging complete information into the spend analysis landscape, SpendEdge’s spend analysis solution helped the client cleanse, validate, and enrich data with better visibility across the enterprise. Furthermore, the solution helped the client gain actionable insights into the spending trends and buying activities of the client. The client was further able to streamline their strategic sourcing plans, reduce maverick spend, and improve cost savings.
Key questions answered in this spend analysis study include
With the help of SpendEdge’s spend analysis solution, the client was able to understand the aggregate spend by commodity, supplier, and category from disparate sources, languages, and currencies. Also, the client gained further visibility into the item level across categories and business units. Furthermore, the client was able to devise robust strategic sourcing strategies and specify products based on quality and availability.