Transportation Services Firm Leverages SpendEdge’s Procurement Best Practices to Establish New Functional Goals
Sourcing and Procurement Challenges for Transportation Services Providers One of the biggest sourcing and procurement challenges for transportation services providers is the rising fuel and trucking rates. Firms in the transportation services sector are also concerned that ocean rates are going up and ships are slow steaming as a result of fuel prices. Therefore, it […]
READ MORE >>Sourcing and Procurement Challenges for Transportation Services Providers
One of the biggest sourcing and procurement challenges for transportation services providers is the rising fuel and trucking rates. Firms in the transportation services sector are also concerned that ocean rates are going up and ships are slow steaming as a result of fuel prices. Therefore, it is essential for firms in this sector to work closely with their suppliers to ensure that they use best possible carriers.
Engagement Overview
A leading transportation services provider to identify and establish new functional goals. Additionally, they wanted to benchmark the best practices and enhance the productivity and efficiency of their business operations. As a result, they approached SpendEdge to devise a comprehensive approach to compare and benchmark their business processes and metrics to the procurement best practices.
To help the client identify, evaluate, and benchmark the procurement best practices, SpendEdge carried out a detailed quantitative analysis by assessing research-based data, industry surveys, and interviews. The procurement best practices benchmarking study also offered detailed evidence-based insights on the overall industry’s performance, which helped the transportation services provider to set new functional goals.
About the Client
An American transportation services multinational company.
Business Challenge
The client wanted to benchmark the procurement best practices to formulate winning strategies, tactics, metrics, and plans.
How did SpendEdge Help the Client?
Step 1: Detailed assessment of the company’s process performance and procurement gaps
A comprehensive understanding of the existing business processes and gaps helped in deciding what and why factors need benchmarking.
Step 2: Prioritized metric to benchmark
This step involved identification and examination of collected data to reveal the extent to which the current performance can be improved for each segment.
Key questions answered in this procurement best practices engagement include
Benefits of the Engagement
With the help of SpendEdge’s procurement best practices, the transportation services provider analyzed the organization’s past performance in relation to the procurement best practices, competitors’ strategies, and proposed benchmarking changes. This enabled them to establish new functional goals.
Why incorporate procurement best practices?
A procurement best practices study is essential for organizations who are determined to enhance their operational efficiency and performance across different aspects of the industry. The study also enables firms to acquire knowledge on hard facts, including operations rates, performance gaps, and industry risks.
Our Findings
Today, it is pivotal for any organization to understand the acceptable industry standards and determine where their company stands. As a result, it becomes crucial for companies to leverage the use of procurement best practices as it helps them stay in sync with the current market scenario.
To know more about our procurement best practices benchmarking solutions
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