Over recent years, there have been various industry developments that served as or caused trends in procurement. These procurement trends include technology changes, novel strategic approaches, new processes, and necessary adaptations to change. As supply chains become increasingly complex, procurement has become highly crucial and influential in the production process and continues to grow.
SpendEdge’s procurement intelligence solutions are aimed to deliver a winsome strategy for supplier benchmarking and price benchmarking.
Price and service comparison activities are instrumental to building a long–lasting supplier relationship management 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 price 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, supplier benchmarking 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 information about supplier benchmarking due to factors such as volatile prices.
This is where SpendEdge’s price 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 supplier benchmarking needs. Some of the benchmarking areas include peer/competitor benchmarking, process benchmarking, best practices benchmarking, levels of service and categories, KPIs/ success metrics, financial performance, talent management, supplier relationships, and cross-industry price benchmarking and best practices.
At SpendEdge, we provide in-depth insights that will help procurement professionals make better purchasing decisions and compare different suppliers. Our analysis is based on multiple parameters including equity interests, sales volumes, technology base, operational and functional capabilities, and manufacturing and distribution capabilities. Our team will work with you to define a set of criteria that matter to your business in order to provide a case-specific supplier benchmarking analysis.
By leveraging our expertise in price intelligence study, we analyze various pricing models, identify key factors driving prices, discover regional variations in pricing, predict price changes, and help enterprises identify suppliers offering better prices. With price volatility being front and center in today’s global market place, we ensure our clients have visibility on the prices that are being offered in the industry and are getting the best value for their money.
Sourcing and Procurement Best Practice Benchmarking
Sourcing and procurement intelligence is what we specialize in and what we have delivered for global clients these past 16 years. With 1500+ delivered projects we have been able to conduct best practices assessments and develop insights that can be applied to industry, country, and sector-specific cases. Our procurement analysts work with you to share case studies and case-specific best practices that will give you visibility into some of the most successful process improvements and procurement transformations. After all, we love working with clients who are driven to elevate the level playing field and close the gap between their current performance and future potential. Procurement done right benefits buyers, suppliers, and all stakeholders.
Typical Coverage Areas and Key Questions Answered
Typical Coverage Areas
- Identification of peer group companies/buyers
- Identification of key suppliers to the peer group companies
- Assessment of sourcing and procurement best practices of peer group companies
- Peer group success stories/case studies
- Peer group’s approach towards innovation
- Level of adoption of best-in-class sourcing and procurement strategies
Key Questions Answered
- What are the best practices followed by the peer group companies?
- Who are their suppliers?
- How do they negotiate prices with suppliers?
- Are there any interesting success stories?
The team managed to gain detailed insights on a market I knew already and present details on what we should be aware of.
SpendEdge portal provides us immediate access to information on more than 50 categories. The most attractive feature being Analyst Support. We could ask any question through the portal and have received immediate responses from SpendEdge analysts. This helps us save a lot of time and effort.
SpendEdge has been thinking along with us from the start, enhancing the way we structured the process and the expectations
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