Business Challenge: Issues with visibility of the best contracting practices
A client of ours, a large mining company was facing issues with visibility on the contracting best practices that it could implement and the benefits that could be achieved.
Situation: The client lacked clarity on ways of improving contracting practices
The procurement department of the client was keen on improving their relationship with the key suppliers, as well as the implementation of the best contracting terms to realize the best possible business and cost benefits.
Approach: We took an approach that involved benchmarking of best practices followed by peer group companies and developing recommendations
Our approach involved identification of peer-group companies in the client’s industry and other comparable industries that followed similar procurement practices. We then conducted a deep-dive assessment of the best practices followed by the shortlisted peers and did an evaluation of the business and cost benefits that they were able to achieve through these best practices. Finally, we provided recommendations to the client based on the identified best practices that could be applied to the client’s program and delivered insights on quantifiable business benefits.
Impact: Client was able to achieve significant improvement in process and save costs, through adopting certain best practices followed by peers
Our recommendations were tailored to client’s exact business needs and procurement practices. This allowed the client to implement the recommended practices in a quicker turnaround time and realize significant business and cost benefits.