The Procurement Pain Point
With a keen eye on identifying the best procurement practices and future market opportunities, the client – a leading a pharmaceutical company that discovers, develops, and markets both biopharmaceuticals and small molecule drugs – approached SpendEdge to engage in a procurement market intelligence study that would help them gain effective insights into the consulting sector. The procurement intelligence engagement also helped the client gain comprehensive insights into the supply market, strategic sourcing, pricing, and procurement strategies specific to the consulting category.
The primary objective of this procurement market intelligence engagement was to help the client gain a detailed understanding of the market dynamics, outsourcing trends, price levels in the market, best practices around category management strategies, and develop recommendations based on category strategy implementation.
To meet the specific category requirements of market-leading companies in the consulting sector, SpendEdge’s experienced procurement market intelligence team tracked latest developments and procurement trends in the market through secondary journals and reached out to key stakeholders, thought leaders, end users of consulting services, procurement experts to understand their views on the market. Our procurement market intelligence specialists also spoke to key stakeholders to understand how the consulting services market would grow in the short and long term to validate the market size and procurement market intelligence model developed for this industry.
Procurement Insights Offered and the Outcome
To address the various procurement market intelligence requirements specific to the client’s needs, we deployed a dedicated team of sourcing and procurement analysts working under a project manager with significant experience in conducting and managing similar procurement market intelligence studies specific to the consulting category. The insights offered followed a blended approach of primary and secondary research followed by data analysis and category specific insights development.
In just four weeks, the client – a leading pharmaceutical company – was able to gain a better understanding of the different types of consulting services, including legal, quality, finance, strategic consulting. The procurement market intelligence service offered by our team also helped the global client understand the global market landscape by analyzing the market segments, trends, drivers, and challenges. Additionally, an assessment of the current outsourcing trends, pricing models, procurement best practices, and strategies was also offered to help the client identify current and future market opportunities.
Some of the additional questions answered by our procurement market intelligence study includes
- What are the best practices followed by industry peers specific to consulting services procurement?
- What are the typical short, middle, and long term goals and what are their key benefits?
- What are the key priorities considered for optimization of consulting services procurement?
- How to prioritize action plans?
- What are the key contracting and engagement best practices followed by peer group companies?
- What are the key strategies implemented for cost savings and supplier consolidation?
This case study offers information on how our procurement market intelligence study helped a global pharmaceutical client understand the market space for the consulting sector better.
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