The global nutritional supplements industry is primarily driven by the increasing consumer awareness for preventative healthcare along with aging population. Additionally, the growing influence of media development in the retail and pharmaceutical industries coupled with the rapid advancements in nutritional supplement products are some of the critical factors impacting the growth of the industry. However, according to sourcing analysis experts at SpendEdge, the high cost involved in the procurement and sourcing of nutritional supplements is hampering the growth of this industry. Consequently, to streamline their procurement processes across the supply chain, firms operating in the nutritional supplements industry have started adopted sourcing analysis solutions.
Moreover, these solutions offered by SpendEdge, help nutritional supplements industry players to reduce the turnaround time for their procurement processes.
The Procurement Pain Point and Insights Offered
A global player in the nutritional supplements industry was facing predicaments in establishing a quick and flexible resource deployment model to enhance the productivity of their internal operations. As a result, they wanted to devise a robust strategic sourcing which included standardization and centralization of spend management capabilities, while keeping track of the critical cost savings metrics.
The sourcing analysis experts at SpendEdge followed a comprehensive research methodology that included primary and secondary research coupled with qualitative and quantitative data collection methodologies to address the specific category requirements of the nutritional supplements industry client.
During the course of this sourcing analysis engagement, the client was able to devise a standardized and centralized procurement process. This helped them achieve significant cost savings. Furthermore, the client was suggested with robust methods and tools to establish a quick strategic procurement process.
Fundamental questions answered in this sourcing analysis engagement include
This sourcing analysis engagement helped the nutritional supplements industry client was able to streamline their firm’s procurement process. This helped them reduce maverick spend across the supply chain. Additionally, the client gained insights into superior supplier negotiation strategies.