Lately, financial industry players have started moving towards offering flexible and handy financial services to help customers improve savings and investments. Additionally, the rising demand for reliable financial services among the global audience is pushing leading firms in the financial industry to adopt procurement best practices studies to gain a deeper understanding of the cost structure of the supply chain and formulate better negotiation strategies with the suppliers.
With years of expertise in offering a multitude of solutions for a wide array of companies, the procurement best practices studies provided by SpendEdge help financial industry players to adopt best-in-class sourcing and procurement strategies and improve their overall profitability.
The Procurement Pain Point and Insights Offered
A global financial industry player was facing predicaments in identifying the peer companies operating in the industry space, their key suppliers, and assess their sourcing and procurement best practices. Additionally, the client wanted to cut down on their maverick spends across the supply chain and gain a stronger foothold in the financial industry space.
To address the business requirements of the client, procurement best practices experts at SpendEdge devised a blended research methodology, which involved primary and secondary research coupled with qualitative and quantitative data collection methodologies.
During the course of this procurement best practices engagement, the financial industry client was able to identify the peer group companies operating in the industry space and their key suppliers. This helped them devise superior sourcing and procurement best practices across the supply chain. The client also gained insights into the functional drivers and commercial decisions that impacted the profitability.
Fundamental questions answered in this procurement best practices study include
This procurement best practices engagement helped the financial industry client implement best-in-class sourcing and procurement strategies across the supply chain. Furthermore, the client was able to identify and cut down on the inefficient and unproductive processes and reduce maverick spends across platforms.