Market Intelligence Study – Assessing and Streamlining the Sourcing and Procurement Process

procurement

Market Intelligence Study – Assessing and Streamlining the Sourcing and Procurement Process

The latest procurement market intelligence study by SpendEdge on the sourcing and procurement process for a leading technology company helps streamline the sourcing and procurement process for major spend areas and provides on-going support to its category managers.

Sourcing and procurement – market at a glance

Procurement focuses on the logistics of acquiring materials whereas sourcing is to find the best and cost-effective suppliers for the resources. Striking a perfect balance between sourcing and procurement will lead to a successful service delivery. With sourcing playing a key role in the procurement process, market intelligence experts recommends setting up strategic sourcing and procurement groups to achieve a streamlined supply chain operation. Using technology as a tool will help organizations ensure efficient structure in their workflow and process systems. Productive sourcing and procurement functions will help companies define, measure, and raise their performance to match the competition in the market.

Growing demand for automation in the sourcing and procurement process is encouraging companies to adopt innovative technologies. Organizations are using advanced software technologies to automate sourcing activities such as invoice processing, supplier evaluation, supplier-bidding, supplier negotiation, supplier selection, and other sourcing related activities. Automation will help reduce manual errors, costs, and offer visibility in the end-to-end supply chain management systems.

Domain specific sourcing and procurement services

The market intelligence study addresses issues related to specific domains in an organization such as MRO, facilities, IT, and marketing-related spend areas. Obtaining information on industry best practices regarding how these categories are managed by best-in-class market players will help improve the overall process effectiveness of the company. Moreover, analyzing the current category sourcing and procurement strategies will allow enterprises to make well-informed business decisions.

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Emergence of mobile sourcing technology

Implementation of mobile sourcing technologies will help organizations to manage end-to-end sourcing process. Using mobile technology will increase mobility in their transactional process and help companies design superior pricing and supplier engagement models. Accessing sourcing related information will become easier through mobile devices and will help companies meet their long-term corporate goals to remain competitive in the marketplace.

What solutions SpendEdge offer to businesses

The procurement market intelligence team at SpendEdge performs a gap assessment to identify the key areas of improvement and offer insights on redefining the sourcing and procurement processes. The solutions offered includes:

  • Improve process effectiveness and strategies based on the best benchmarking standards in the industry
  • Offer insights on major spend areas and provide on-going support to its category managers
  • Identify cost saving opportunities through assessment of current spend practices and improvement areas
  • Improve process management through RFX support and supplier negotiation
  • Implement category management strategy for the vital spend areas, and capitalize on supplier performance through implementation of supplier relationship management

Read our complete case study titled – Procurement Market Intelligence Helps a Leading Technology Company

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