Today, in the specialty retail industry segment, supply chain activities have become more complicated due to the persistent pressure to decrease pricing and ever-increasing customer requirements. Therefore, to implement a robust supply chain strategy, firms operating in the specialty retail industry space are required to identify cost-effective solutions that can help them meet the requirements of the customers seamlessly. Spend management solutions help players operating in the specialty retail industry segment to cut down their inventory and maverick spends across the supply and gain a competitive advantage over the peers in the industry.
Moreover, SpendEdge’s spend management solutions help specialty retail industry players to measure and improve their business decisions by formulating cost-effective strategies across the supply chain.
The Procurement Pain Point and Insights Offered
A global specialty retail industry client was facing predicaments in improving process efficiency and savings across the supply chain. The client was also facing difficulties in cutting down the material spends and inventory costs. As a result, they wanted to gain insights on their spend pattern and integrate their procurement and sourcing activities into a single process, thereby, increasing their capability over the peers operating in the specialty retail industry segment.
To address the client’s specific business issues and cater to the requirements, SpendEdge’s spend management experts tailored a two-step research method, which comprised of primary and secondary research coupled with quantitative and qualitative data collection procedures.
During this spend management study, the specialty retail industry client was able to determine the current state of spending on their sourcing and procurement activities across the supply chain. Moreover, the client was able to integrate their procurement and sourcing activities into a single process consequently helping them operate in low-cost procure-to-pay process.
Fundamental questions answered in this spend management study include
This spend management study helped the specialty retail industry client enhance their spend visibility and improve process efficiency across the supply chain. Furthermore, the client was able to enter into a superior contract negotiation with their current suppliers and improve savings.