Owing to the shift towards a customer-centric and health conscious environment, players operating in the food and beverage service space have started devising robust spend analysis solutions to curtail the costs associated with additional spend. In the food and beverage service space, firms are leveraging the use of spend analysis solutions to gain better visibility into their spending patterns across the supply chain. Additionally, firms can enhance their procurement objectives and data quality, minimize maverick spend, and improve their decision-making process.
Moreover, SpendEdge’s spend analysis solutions help food and beverage service clients make improved and confident buying decisions.
The Procurement Pain Point and Insights Offered
A global food and beverage service client was facing predicaments in assessing their current spend and identifying the possibilities of improving their current state of spending. As a result, the client wanted to gain a deeper understanding of their spending patterns and devise effective spend strategies to reduce maverick spends and improve their supply process efficiency.
To help the food and beverage service client understand their current spending patterns and improve process efficiency, SpendEdge’s team of spend analysis experts tailored a detailed two-step research methodology that involved primary and secondary research coupled with qualitative and quantitative data collection procedures.
During the this spend analysis engagement; the food and beverage service client gain actionable insights into the buying activities and spending trends. Additionally, the client was able to streamline their strategic sourcing plans, improve cost savings, and reduce maverick spend.
Fundamental questions answered in this spend analysis study include
The food and beverage service client gained a better visibility into the categories and business units across the supply chain. This helped them determine the overall current spend by supplier, commodity, and categories from diverse sources.