In today’s challenging environment, aggressive cost control has become a primary goal in the pharmaceutical industry. As a result, most of the pharmaceutical companies have a professional procurement team, which is devoted to reducing the cost of marketing spends. Additionally, leading companies deliver value beyond cost from supplier relationship management by integrating suppliers into the company’s processes and using various methods to streamline supply chains, including integrated operations planning, collaborative cost reduction, collaborative capacity management, and virtual inventory management.
The Procurement Pain Point and Insights Offered
A leading pharmaceutical firm wanted to reshape the relationship with suppliers, create a win-win situation, and increase their profitability. The client also wanted to cut down the costs by improving the relationship with their current suppliers. Furthermore, they also wanted to categorize the potential areas of risk in the value chain and wanted to gain an in-depth understanding of the latest trends and developments in the market space.
The supplier relationship management experts at SpendEdge carried out a blended research approach, which involved primary and secondary research coupled with qualitative and quantitative data collection methods to cater to the specific category requirements of the client. During the course this study, the client could identify the potential areas of risk in the value chain and areas of potential growth for the company, customers, and its suppliers. The client also gained insights on the scope and economic flows in the relationships and the value currently being created and captured. Furthermore, SpendEdge’s portfolio analysis provided the client with a clear presentation of the likely prioritization and relative merits of the opportunities.
Key questions answered in this supplier relationship management study include
This supplier relationship management engagement from SpendEdge, helped the client understand latest trends and developments in the market and identify the potential areas of risk in the value chain. Additionally, the client could also identify a huge number in savings and boost revenue opportunities across all the suppliers.