The Procurement Pain Point
To understand the procurement best practices/gain specific procurement insights, a leading pharma company with operations in several countries across the globe – approached SpendEdge to engage in a procurement market intelligence study to help them with end-to-end support for assessment and optimization of the current supply base for their indirect categories. Moreover, the procurement market intelligence engagement also helped the client with actionable insights to develop robust procurement strategies..
To gain an in-depth understanding of the market, SpendEdge’s team of procurement market intelligence experts followed a blended research methodology consisting of quantitative and qualitative research followed by the discussion with category experts about client’s current state. In addition, the category experts also provided key insights into managing sourcing and procurement activities and identified the critical areas such as tail spend assessment, spend optimization, among others. The supply market intelligence study also helped the client set up strict quality and process control measures.
Procurement Insights Offered and the Outcome
To address the procurement market intelligence requirements specific to the needs of the client – a leading pharma company – we deployed a dedicated team of two FTE analysts with experience in procurement support services and experience of working with pharma clients. The process helped the client set the best benchmarking standards to categorize key improvement areas and strategize category development. The analysts followed a blended research methodology to offer category-specific insights on procurement activities and managing sources.
In a mere span of five weeks, the client gained a clear understanding of detailed procurement market insights specific to end-to-end process support. Furthermore, this study also helped the client with increased cost savings through identification of consolidation and tail spend optimization opportunities. The study also facilitated the client with improved process management practices based on benchmarking against industry best practices.
This procurement market intelligence case study offers information on how we helped a global pharmaceutical identify major suppliers.