Lately, the electronics industry has been witnessing significant changes due to recent innovations and entry of new market players. Additionally, the advent of cloud computing, social-networking, big data, data analytics, machine-to-machine (M2M) communications are also changing the way consumers and businesses interact with each other.
However, according to the spend management specialists at SpendEdge, the advent of new and innovative technologies and constantly fluctuating prices of electronics components have resulted in lower profit margins. Consequently, to retain their position in this market space, electronics industry firms across the globe have started opting for spend management studies to improve policy compliance.
The Procurement Pain Point and Insights Offered
A leading electronics industry player wanted to centralize their procurement function of all legal entities into a single procurement organization with unified processes. Additionally, the client also wanted different European languages to be supported by the service provider to cater to all the clients across the globe.
To cater to the specific category requirements of the client, the spend management specialists 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 specific business issue. During the course of this spend management study, the electronics industry client was able to centralize their procurement process of all legal entities into one procurement hub. Additionally, the client was able to operate in low-cost procure-to-pay processes and ensure compliance with procurement policies and contracts. This helped the client gain a competitive advantage over their peers in the electronics industry market space.
Key questions answered in this spend management study include
The spend management solution helped the electronics industry client improve spend visibility and reduce maverick spend. Additionally, the client also reduced risks and improved policy compliance. Furthermore, they were backed with a multi-lingual support to cater to all the clients across the globe.