CASE STUDY

Standardizing Procurement Processes with the Help of Strategic Sourcing – A SpendEdge Success Story

Oct 18, 2018

Strategic Sourcing Best Practices

In today’s technologically advanced world, doing what you’ve done previously is no longer acceptable- even if you are well versed in doing so. To reduce costs and produce the desired result in challenging circumstances, one must transform rather than just improving their strategic sourcing operations. This means organizations should adopt advanced methodologies, strategic sourcing best practices, and processes that will make them ‘best-in-class.’Demo

However, devising a precise roadmap for achieving the desired level of supply chain excellence in your organization might seem challenging. Here are a few strategic sourcing best practices adopted by leading players across industries:

  • Establish a governing supply chain management council
  • Align your procurement processes with your goals
  • Establish alliances with key suppliers
  • Devise strategic sourcing steps
  • Adopt inventory optimization techniques
  • Adopt green initiatives

About the Client

The client- is a world renown scientific equipment manufacturing company in the U.S.

Client’s Challenge

The scientific equipment manufacturer wanted to achieve the desired efficiency by formalizing the way spend data was assessed, gathered, and factored into the procurement process. The challenges associated with their procure-to-pay operations brought in several challenges in achieving the desired bottom-line results and improving process efficiencies.

Also, the scientific equipment manufacturer’s perpetuated, irregular buying patterns resulted in inconsistent reporting and internal tracking capabilities. The lack of vendor consolidation, long turn-around time frames,  and the inability to back-fill key sourcing and procurement positions were other areas of major concern.

Engagement Overview

The scientific equipment manufacturer realized the need to transform its organization into a centerequest proposalr-led function with advanced supplier management processes, sourcing capabilities, streamlined contract, and greater spend management capabilities. Following an extensive request for proposal (RFP) process with multiple vendors and a systematic assessment of their services and solutions, the scientific equipment manufacturer chose to collaborate with SpendEdge to address its challenges with end-to-end procurement transformation solutions- encompassing strategic sourcing best practices, technology, and managed services.


Key Findings

Our strategic sourcing experts worked closely with the scientific equipment manufacturer to help them understand the importance of strategic sourcing in bringing about major procurement transformations. The strategic sourcing steps suggested by our experts helped them centralize and standardize their procurement processes.

Leveraging the use of strategic sourcing best practices also enabled them to achieve a 70% reduction in turnaround time for processing purchase requisition requests, thereby helping then achieve better visibility and control over different spend areas. This further improved the scientific equipment company’s capability to identify potential opportunities and translate them to hard-dollar savings.


Would you like to learn more about the benefits of strategic sourcing? Get in touch with our spend analysis experts Today!

Contact US

Recent Case Studies

Industries

Services

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

COVID-19 Resources

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

5 KEY CORONAVIRUS RISK ASSESSMENT STRATEGIES TO OVERCOME HEALTHCARE SUPPLY CHAIN CHALLENGES

IDENTIFYING STRATEGIC PURCHASING PRACTICES FOR A COMPANY IN THE US FOOD SERVICE INDUSTRY | SPENDEDGE’S LATEST SUCCESS STORY

COVID-19

Featured

Overview

Buyers

Diagnostic Test Kit

Additional Resources
Contact

A LOOK INTO THE FUTURE OF THE FOOD AND BEVERAGE INDUSTRY AFTER THE COVID-19 PANDEMIC

Identifying the Top 100 Coronavirus (COVID-19) Test Kit Manufacturers Across Regions

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars