The Procurement Pain Point
To better understand the best procurement practices, the client – one of the major pharmaceutical companies with a wide range of products for several diseases – approached SpendEdge to commission a supply market intelligence engagement to help them understand the supply landscape for legal services and improve their ability to benchmark current services and pricing. Additionally, this category procurement market intelligence study also helped the client in shortlisting the top suppliers based on their capabilities and understand the average pricing levels.
The primary objective of this supply market intelligence study was to help the client gain insights on the key suppliers of legal services in North America. Furthermore, the solution offered by SpendEdge also helped them gain a clear understanding of the procurement best practices, technological innovations in the category, and the prevalent engagement models and also realize the key factors influencing supplier pricings and their impact levels.
To gain an in-depth understanding of the market, our supply market intelligence experts followed a blended research methodology that involves both quantitative and qualitative research and acquired information from various sources including news aggregators, databases, and analyst reports. Additionally, to understand the growth of the market in the short- and long-term, our procurement experts also conducted interviews and discussions with category experts and reached out to key stakeholders and supply chain executives.
Procurement Insights Offered and the Outcome
To meet the specific requirements of the leading pharmaceutical company with operations across the globe, SpendEdge employed a team of procurement intelligence specialists with expertise in legal services category who identified and acquired information from various reliable sources and developed category-specific insights that helped the client’s procurement teams with category planning and category management. Working directly under a project manager with considerable experience in conducting similar supply market intelligence engagements, our procurement experts also helped the client understand the key category essentials including the SLAs and contractual terms and the requirements of the buyers and the challenges they endure.
By analyzing information on the various aspects of the major suppliers in the industry including their operational capabilities, the positioning matrix, financials, and their major customers, this supply market intelligence engagement helped the client determine the top suppliers in this category. In a span of just four weeks, the solutions offered by SpendEdge helped them in assessing the industry trends and market drivers, and in enhancing their ability to benchmark current services and pricing. By offering an overview of the various pricing models and their benefits, this supply market intelligence study also helped the client realize the merits of the various pricing models and also understand the average pricing levels.