Impact of COVID-19 and geo-political events on CPG procurement
SpendEdge Helps Major F&B Player Find the Right Suppliers
NEW YORK, Sept. 1, 2023 /PRNewswire/ -- SpendEdge, a global leader in procurement market intelligence space recently connected with a major F&B player based in Germany to analyze suppliers and the risks associated with procurement contract duration and terms for flavoring agents.
A Germany based company serving customer across the Europe connected with SpendEdge experts to analyze and select the right suppliers for their procurement needs. Increased volatility in the supply chains in the previous few months was forcing them to rethink the duration and contract terms. They also wanted advisory on how to make their supply chain for flavoring agents more resilient.
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, within a span of three weeks, our specialists pinpointed suppliers capable of minimizing the risk of supply chain interruptions and actively assessed their performance in advance. Our experts also provided ideas on how to effectively negotiate, what KPIs and SLAs to include, ideal duration of contract, and best engagement models.
The SpendEdge procurement specialists provided a granular view to the client which helped them make informed decisions. The client successfully added new suppliers alongside existing suppliers, including those offering more favorable pricing terms. They also renegotiated the terms of agreement with the current supplier and shortened the contract duration to 6 months, avoiding unfavorable contract terms and potential lock-ins.
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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
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