Over the past few years, the global biotech industry has witnessed unprecedented growth owing to rising demand for diagnostic and therapeutic solutions for DNA sequencing and recombinant technology. Additionally, the biotech industry players have started formulating superior grades of biofuels to guard harvests against insects and pests in the agriculture sector. However, according to SpendEdge’s spend management experts, the high costs associated with developing biotech products is of the major reasons for the industry’s sluggish growth.
Consequently, to determine their current state of spend and retain their position in this market space, biotech industry players have started adopting spend management studies. Moreover, the spend management solutions offered by SpendEdge, also help biotech industry firm assess and enhance their management decisions by devising cost-effective strategies.
The Procurement Pain Point and Insights Offered
A global biotech industry firm wanted to centralize all their procurement functions into a single process. This would help them reduce material spends and inventory costs across the supply chain. Additionally, the client also wanted to conduct an in-depth analysis of their spend pattern and devise superior supplier negotiation strategies to gain a competitive edge over the peer companies.
To cater to the precise category requirements of the client, SpendEdge’s spend management experts conducted an in-depth two-step research, which included primary and secondary analysis. The study also consisted of qualitative and quantitative data collection methodologies to address the client’s specific business issue. During the course of this spend management engagement, the biotech industry client was able to centralize their procurement functions into a single process. Additionally, the client was able to ensure compliance with procurement policies and contracts and operate in low-cost procure-to-pay processes.
Fundamental questions answered in this spend management study include
SpendEdge’s spend management solution helped the biotech industry client enhance their spend visibility and reduce maverick spends across the supply chain. Additionally, the client also improved policy compliance and reduced the overall supply chain risks.