SpendEdge Helped Lubricants Supplier Maintain Balanced Supply-to-Demand Ration
NEW YORK, July 31, 2023 /PRNewswire/ -- SpendEdge, a global leader in procurement market intelligence space recently engaged with a lubricants supplier to maintain a more balanced supply-to-demand ratio, both internally within their organization and with external suppliers.
The supplier had demonstrated exceptional resilience and longevity in a fiercely competitive market for over two decades. However, recognizing the need to address declining revenues, market share, and profitability, the company identified its procurement process as a crucial area to focus on for cost reduction efforts.
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 carefully and create bespoke solution to suit the scope of the client's business model.
As per the procurement leader, their experts delved into analyzing the sales and profitability of specific product categories within the company's procurement portfolio. By examining these categories, they were able to identify areas where cost reductions could be achieved without compromising quality or customer satisfaction.
Continuous cost reductions became a key aspect of the recommended strategy. The client could achieve significant savings and improve its overall profitability by implementing cost-saving measures such as bulk purchasing, strategic sourcing, and supplier consolidation.
As a direct result of implementing these insights, the client's procurement function achieved an additional 5% in savings. Through improved category management, the client has been able to maintain a more balanced supply-to-demand ratio, both internally within their organization and with external suppliers.
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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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