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Aug 30, 2023, 21:08 ET

SpendEdge Helps Industrial Manufacturer Elevate its RFP Processes

NEW YORK, Aug. 30, 2023 /PRNewswire/ -- SpendEdge, a global leader in procurement market intelligence space recently connected with a mid-size industrial manufacturer with operations in North America and Europe.

The business has consistently posted 2-3% average growth annually until 2022 last quarter on the back of significant projects from government agencies. Anticipating a slowdown, starting second quarter 2023, the client turned to our experts to help reduce operating costs with a view to bracing itself against imminent market shocks. The client had identified running RFPs to re-negotiate contracts with high-spend suppliers as a potential candidate in the first phase of its cost containment drive.

Game-Changing Solutions:

After understanding the extent of the client's challenges, the SpendEdge team of procurement experts decided to carefully study the intricacies of each requirement and create bespoke solution to suit the scope of the client's business model.

As per the procurement leader, their procurement specialists set to work almost instantly, and based on the client's brief, they identified several opportunities to keep costs down to a minimum while avoiding risks and pitfalls crowding RFPs. They proposed a rethink of the RFI solicitation procedure to ensure only suppliers with capabilities that closely map the client's requirements were contacted in the first place. At one stroke, this could potentially pare out the cost involved in sending out RFPs to a large number of suppliers who we identified, with the hope of choosing the best available ones! It also shrunk the window for reviewing a large pool of proposals. This also gave an opportunity to probe the right questions on pricing models, negotiation possibilities and pricing levels giving a clear idea on potential savings against current spend with incumbent vendors.

Well thought out pre-proposal meetings with potential vendors help set the compass of expectations and lay down procurement guidelines without any margin of doubt. Besides, it gives suppliers an opportunity to field their queries and get technical issues resolved before it's too late in the day. The experts recommended that such pre-proposal conferences be invariably held for a majority of high-stake RFPs. Procurement stakeholders were also encouraged to energize such pre-proposal sessions to get vendors to talk freely without inhibitions and bring workable solutions to the table.

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About SpendEdge:

SpendEdge is a global leader in procurement market intelligence space acts as strategic partner to over 200 global procurement organizations delivering insights on category landscape, supplier identification, negotiation strategies, price benchmarking, cost modeling, sustainability practices, and more.

Over the past 2 decades, SpendEdge has worked with procurement organizations across regions, of varying sizes and belonging to several industries. They have helped their clients solve procurement problems of varying complexities. Going above and beyond, the organization heads to the best possible extent using different methodologies to deliver timely and actionable recommendations to support decision making.

SOURCE SpendEdge