Price and service comparison activities are instrumental to building long–lasting relationships with your suppliers and positioning your team for fruitful negotiations with current or prospective suppliers. For companies looking to win in the marketplace, it is no longer enough to manage costs and improve services. Oftentimes for these companies, the value of benchmarking with peers and competitors goes beyond cutting costs and becomes about developing a competitive edge through a winning strategy, process improvements, and innovations. In order to achieve that, analyzing and benchmarking peers becomes a key procurement activity. However, many companies are challenged for access to resources to produce meaningful insights and intelligence that will inform their winning strategy. They are equally challenged finding and validating supplier information such as volatile prices. 

This is where SpendEdge’s benchmarking services come into play. We have invested immense amounts of resources into building our primary and secondary research database, which is used to address company–specific benchmarking needs. Some of the benchmarking areas include peer/competitor benchmarking, process benchmarking, best practices benchmarking, service levels and categories, KPIs/ success metrics, financial performance, talent management, supplier relationships, and cross-industry benchmarking and best practices.