Spend Management Solutions Help a Consumer Packaged Goods Firm Gain Better Insight into Purchasing Activities
Presently, the consumer packaged goods industry is witnessing slow consumer spending owing to the slow GDP growth and currency weakness. Additionally, due to the changing customer needs and habits, a majority of the consumer packaged goods companies are facing the need for robust spend management solutions to encourage mass-market shopping activities. Spend management solutions help consumer packaged goods companies to reduce maverick spends across business units and aiding them to accomplish a competitive edge over the peers operating in the industry space.
With years of expertise in offering spend management solutions, SpendEdge helps consumer packaged goods companies to gain greater insights into purchasing activities. Additionally, these solutions help companies to identify millions of dollars in efficiency savings.
The Procurement Pain Point and Insights Offered
A leading consumer packaged goods client with business units spread across several geographies was facing predicaments in developing a bespoke spend analysis platform to reduce the time taken for their sourcing and procurement activities. Additionally, the client was also facing challenges in devising an instant user-friendly procurement reports for senior management.
To cater to the consumer packaged goods client’s predicaments and help them save millions, the spend management experts at SpendEdge tailored a comprehensive market research methodology. This extensive research methodology included primary and secondary research coupled with qualitative and quantitative data collection procedures.
During the course of this spend management engagement, the consumer packaged goods client was able to develop a customized spend analysis platform and make full use of the internal data for enhancing management skills and procurement expertise. Furthermore, the client gained access to customized data mining reports for a more holistic view of the organizations spend areas.
Fundamental questions answered in this spend management study include
The consumer packaged goods client generated savings of over $3 million with the help of SpendEdge’s robust spend analysis platform. Additionally, the client was also able to reduce their operating costs for reports and analysis, which meant the partnership was getting significantly more business value for less investment.