The Procurement Pain Point
A leading pharma company with a global presence approached SpendEdge to engage in a procurement market intelligence study to gain insights on supplier selection and management for integrated facilities management services. The study helped the client understand the perceived risks in an IFM engagement, risk mitigation strategies, and the various cost saving opportunities. Furthermore, this study helped the client analyze the cost structure, pricing models, service level agreement (SLA) aspects, and the perceived risks in an integrated facility management engagement.
To gain a comprehensive understanding of procurement best practices, SpendEdge’s team of market intelligence experts followed an integrated research methodology consisting of primary and secondary research followed by discussion with category experts to get a detailed overview of the current category procurement strategies, supply and demand market insights, and the best practices in supplier selection. In addition, research experts also provided insights on the assessment of pricing and supplier engagement models and carried out a gap assessment to identify the key areas of improvement.
Procurement Insights Offered and the Outcome
To address the requirements specific to the needs of the client, we deployed a team of FTE analysts with expertise in procurement services and domain expertise. The process helped the client gain detailed insights on risk compliance and regulatory environment and strategize based on the best benchmarking standards in the industry. The analysts followed a blended research methodology to offer category-specific insights to understand the vendor capability and the supplier reach analysis.
In just five weeks, the client identified cost saving opportunities through assessment of the procurement best practices and improvement areas in the specific category. Additionally, the study also helped the client with improved supplier selection and management methodologies, supplier negotiations, and successful implementation of procurement market intelligence strategy for the vital spend areas, and capitalized on supplier performance through implementation of supplier relationship management.
This procurement market intelligence case study offers information on how we helped a pharmaceutical company with supplier selection and management.
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