IT storage services include the provisioning and supervision of stored data in bulk amounts, including backup, recovery, and archive. The continual changes in IT storage such as big data, cloud storage services has led large organizations increase focus on acquiring and managing storage spaces. With a sharp hike in data processing speeds worldwide, organizations are finding it tough to manage NAS and SAN interfaces, as they necessitate the use of various tools. Therefore, most companies are adopting unified cloud storage systems that allow them to manage block and files storage pools more efficiently.
The Procurement Pain Point
With increasing complexity in business models, it is becoming extremely difficult for the organizations to streamline processes and achieve cost savings in sourcing and procuring effective IT storage services. A leading financial services provider with a global presence was facing challenges in reducing its sourcing costs, negotiating contractual terms, and price negotiation strategies. Furthermore, the client also wanted to perform a detailed analysis to gain a better understanding of the supply market landscape, service level agreements, and create cost optimization models for key categories.
Procurement Insights Offered and the Outcome
The strategic sourcing experts at SpendEdge followed an in-depth research process to understand the sourcing and supply market landscape for IT storage. To gain deep insights on various aspects of supply market, our category experts referred to a vast database of secondary resources including industry journals and reports, periodicals and news articles, category webinars, and internal databases. Furthermore, our team of sourcing analysts engaged in detailed discussions with industry experts, category managers, procurement managers, client consultants, and local vendors to get an in-depth understanding of the procurement operations, contractual terms, pricing models, and procurement best practices.
Spendedge’s sourcing market intelligence solution helped the finance company significantly streamline its procurement efforts. Moreover, the procurement managers not only gained a better understanding of the supplier’s contractual terms but also achieved cost savings through the implementation of effective price negotiation strategies.
This strategic sourcing solution offered category assessment, supply market landscape analysis, and procurement best practices for the IT storage services.