LONDON–(BUSINESS WIRE)–Nov 20, 2019–
Companies today are chasing procurement excellence in order to improve their competitiveness and profitability. They are focusing intensely on procurement knowing that it is an effective way to limit costs without any major operational impact. But the majority of them fail to define procurement excellence. They need to understand the importance of procurement excellence as a driver of improved financial performance to gain desired results.
At SpendEdge, we understand the areas that companies must focus to achieve procurement excellence. Therefore, we have highlighted four pillars of procurement excellence.
Key Areas Companies Should Focus to Achieve Procurement Excellence
Companies can only optimize spend if they are capable enough to monitor or analyze it. Performing spend analysis is vital to get a streamlined view into the spend management lifecycle, spend data classification, and spend management. It can enable companies to gain in-depth intelligence to make informed procurement-related decisions.
Performing spend analysis is crucial for companies to gain granular insights on buying activities and other spending trends. Request free platform access to gain specific category and pricing insights.
Strategic sourcing plays a vital role in determining the total cost of ownership apart from influencing the quality and performance of the supply chain. It examines supplier relationships, leverages organizational spend and shares best practices across the organization to improve their purchasing strategies.To know how you can procure products and reduce organizational spend,get in touch with our analysts here!
Contracts are an integral part of any organization. They ensure optimal service delivery, supplier relationship management, profitability, and compliance in any organization. Companies, therefore, need a contract management solution that can accelerate performance throughout the contract lifecycle by monitoring adherence, SLA’s and KPI’s.
SpendEdgeshares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT RETAIL
Copyright Business Wire 2019.
PUB: 11/20/2019 09:57 AM/DISC: 11/20/2019 09:57 AM
Copyright Business Wire 2019.
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