Risk mitigation strategies are one of the key elements of the procurement best practices service we offer. While implementing these practices, we provide supplier and supply chain risk insights and suggest risk mitigation strategies. This will help avoid mistakes or damages that can be costly to the business
By enforcing the procurement best practices suggested by our experts, you can eliminate guesswork and instill a sense of structure and direction in employees. As best practices are shared within industries, professionals can learn from each other’s experiences and expertise
We have a team of 550+ analysts who possess expertise in various domains and are capable of monitoring different markets and capturing insights on our client’s specific areas of focus. By enforcing the best practices suggested by us, our clients have optimized resource allocation, reduced waste, and minimized rework or errors
We not only suggest best practices but also use data, metrics, and projections to estimate the financial or operational impact of implementing them. We also illustrate how the benefits outweigh the costs and make a compelling business case for the clients.
Challenge: A prominent air filter manufacturer in Europe faced significant challenges in procurement, including delays in order placement, issues with timely deliveries, difficulties in managing payments, and verifying material quality.
Solution: SpendEdge conducted a best practices analysis and provided insights into optimal supplier relationship management, ultimately identifying alternative polyurethane foam suppliers to enhance material quality.
Result: As a result, the client improved visibility into order fulfillment rates and achieved more efficient delivery turnaround times, significantly enhancing procurement processes with the existing vendor.
Read more Know about SpendEdge ProcurementWith so many uncertainties impacting business and their success, the enforcement of procurement best practices will provide a sense of structure and security to every business.
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Gain insights related to your key spend categories, ranging from important updates, outlook, and engagement models, to in-depth supply-chain risk analysis.
Improve supplier selection decision making and supplier relationship management through our services covering supplier identification, supplier updates and alerts, and risk and sustainability analysis.
Improve strategic decision making through our services related to negotiation advisory, best practices, risk mitigations, supplier KPIs and SLAs, and cost optimization mechanisms.
Keep a close look at price movements and forecasts for key commodities and the impact of different cost drivers to formulate effective cost reduction strategies.