A Procurement Market Intelligence Engagement Helps a Global Information Provider Identify Procurement Best Practices
Information systems security refers to the products and systems that are involved in protecting data and information from various types of threats including viruses, Trojan horses, and spyware that can cause major damages, resulting in significant financial losses. The objectives of an information security program include protecting the company’s assets, managing risks, framing information security […]
Information systems security refers to the products and systems that are involved in protecting data and information from various types of threats including viruses, Trojan horses, and spyware that can cause major damages, resulting in significant financial losses. The objectives of an information security program include protecting the company’s assets, managing risks, framing information security guidelines, information classification, and security training. One of the most challenging aspects of cyber security is the rapidly and constantly evolving nature of security risks. However, confidentiality, integrity, and availability of data are the three fundamental principles of any security infrastructure and organizations design their security infrastructure keeping these principles and their security goals in mind. In the recent times, the WannaCry Ransomware attack is considered to be one of the biggest attacks on cyber security across the globe.
The Procurement Pain Point
The client – a global information security provider – approached SpendEdge to engage in a procurement market intelligence study on security products and services to understand various facets of the market dynamics, sourcing practices, and pricing. Furthermore, the study also helped the client understand the supplier identification and capability assessment of the major suppliers in the IS security industry.
The primary objective of this procurement market intelligence engagement was to help the client identify the key suppliers in the IS security industry and evaluate them based on their operational and functional capabilities. Moreover, this study also helped the client understand the market dynamics, market shifts, and the overall supply-demand scenario.
To gain a comprehensive understanding of procurement best practices, SpendEdge’s team of procurement intelligence experts followed an integrated research methodology comprising of primary and secondary research followed by a discussion with category experts and a detailed overview of the current category practices in sourcing through different data sources. Additionally, category experts also provided insights on the best-in-class industry benchmarks and assessment of information system security market.
To address the procurement market intelligence requirements specific to the needs of the client, a global information security provider, we deployed a team of FTE analysts with expertise in sourcing and procurement services and domain expertise. The process helped the client gain detailed insights on the 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 on procurement market intelligence study to understand the widespread pricing models and the supplier evaluation criteria.
Procurement Insights Offered and the Outcome
In just five weeks, the client identified cost saving opportunities through assessment of current best practices and improvement areas in the specific category. Additionally, the study also helped the client with a better understanding of best procurement and sourcing practices, and successful implementation of procurement market intelligence strategy for the vital areas such as supplier identification, capability assessment of the major suppliers and capitalized on supplier performance through the identification of key suppliers in the IS security industry.
This procurement market intelligence case study offers information on how we helped a global information provider identify procurement best practices.
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