A prominent waste management company in the U.S was looking at enhancing savings and spend visibility across every area of spend. The waste management company approached the spend management experts at SpendEdge to leverage their industry expertise and develop an accurate spend management system.
A waste management company is a holding firm. The company is also a leading provider of waste management solutions. It also offers environmental services through its subsidiaries.
The waste management company was facing major loses due to their inefficiency in spend management.
How did SpendEdge Help the Waste Management Company?
- Step 1: Identify and consolidate spend data
Since spend data is spread across different departments within an organization. It is essential to identify their source and consolidate them so that it becomes easier to analyze and draw conclusions. To do so the spend management experts at SpendEdge devised a comprehensive approach to gather spend data from various departments across the organization. The solutions offered by our spend analysis experts also helped the waste management company to identify payments and invoices from all sources and consolidate them in order to gain an integrated view of all procurement spend categories.
- Step 2: Standardize the data
This is the most crucial step in devising a robust spend management system. The spend data collected from different sources across the organization must be standardized before analyzing them. In addition to standardizing the spend data, the spend management experts played a key role in helping the waste management company identify the source of spend and devise effective solutions to eliminate duplication of spend data.
- Step 3: Categorize and prioritize expenses
Categorizing the spend data into different groups helped the waste management company to understand the category needs and allocate resources efficiently. The spend management experts at SpendEdge devised a comprehensive three-step approach to spend management that helped the waste management company make informed decisions about their future procurement spends.
Key questions answered in this spend management engagement include:
To gain in-depth insights into our spend management solutions
Benefits of the Engagement:
The spend management experts at SpendEdge helped the waste management company to devise an effective spend management system that enhanced spend visibility and offered better control of transactions.
Importance of Spend Management
Our spend management experts have helped several industry leaders to analyze their spend data and identify cost-saving opportunities. Though spend management may seem to be a daunting task, if done rightly, the benefits it offers are innumerable.
In today’s business scenario a major concern for every waste management company revolves around effective spend management. With this being said having a better handle on your spend management capabilities is crucial to every financial aspect of your business including product development and investments. Our spend management experts help clients from across industries to realize huge profits by enhancing their spend management capabilities.
To thrive and maintain a competitive edge in a complex market, organizations should focus on enhancing the strategies behind their spend management systems. This prompted the waste management company to identify and devise ways to invest wisely in order to meet their current spend management needs while fueling their future growth prospect.
A well-executed approach to spend management that addresses every spend category within the organization, allows businesses to drive deflation and deliver momentous value to the otherwise unaddressed spend categories.