Benchmarking
SpendEdge’s procurement intelligence solutions are aimed to deliver a winsome strategy for supplier benchmarking and price benchmarking.
Overview
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.
BENCHMARKING
Supplier Benchmarking
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.
Price Benchmarking
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?
Testimonials
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
Case Studies
Addressing Volatile Commodity Prices for a Steel Company by Conducting Price Benchmarking Study
A Leading OEM Parts Manufacturer Witnessed A 3x Increase In Process Efficiency With The Help Of Benchmarking Analysis
Peer Group Best Practices Benchmarking Help a Semiconductor Devices Manufacturer Gain an Independent Perspective on Performance
Featured Blog:
The Benefits of Performing Competitive Benchmarking Analysis
Featured Press Release:
Medical Device Manufacturers Increase Cost Savings with Spend Analysis and Benchmarking Solutions
Featured Blog:
5 Major Benchmarking Mistakes That Distributors Must Avoid
Featured Blog:
4 Common Types of Benchmarking in Healthcare
Our Expertise
Category Market Intelligence
Transitioning your category procurement strategy beyond cost-saving and into a strategic function of the organization.
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Supply Market Analysis
Enabling companies to achieve procurement maturity, enhanced savings and reduced risks through supply market intelligence.
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Low-Cost Country Sourcing/Best Cost Country Sourcing
Empowering you to select the most optimal cost sourcing locations, by understanding prime cost advantages and the associated risks.
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Benchmarking
Developing a competitive edge and winning strategy through supplier, price and procurement best practice benchmarking.
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Spend Analysis
Optimizing an organization’s spend, by effectively identifying, categorizing, visualizing and evaluating in to order identify savings across the supply chain.
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Cost Modeling and Should-Cost Analysis
Obtaining visibility of costs across the value chain to make informed suppliers, pricing, risks and budget-related decisions.
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Total Cost of Ownership (TCO) Analysis
Estimating the true cost of doing business, including all direct and indirect costs as the foundation for price negotiations.
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Supplier Risk Analysis
Leaning on timely proprietary and secondary market research to evaluate the supplier risk profile in order to mitigate risks.
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Supply Chain Risk Assessment
Future-proofing operations and profitability against predictable and unpredictable surprises across the supply chain.
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Sustainability Practices Assessment
Transforming businesses and procurement practices with a focus on the triple bottom line value generation: financial, environmental and social.
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Commodity Price Forecasting
Activating data-driven procurement planning, assessing pricing-related risks, and supply chain disruptions due to price volatility.
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Category Management
Transitioning your category procurement strategy beyond cost-saving and into a strategic function of the organization.
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Supplier Negotiations
Positioning sourcing and procurement teams for winning negotiations with current and prospective suppliers.
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Contract Management
Increasing confidence and efficiency in contract negotiation and execution, through analysis, insights and best practices.
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