Optimization of procurement process.
A leading petrochemical client wanted to conduct category spend analytics to optimize the procurement process and improve procurement savings.
Situation: Lack of visibility of spend levels on an individual category level.
The client had large supplier base spread across geographies and wanted to identify opportunities for cost reduction and process optimization. They wanted to setup a robust category spend assessment solution that would assist them in streamlining the procurement process and improve cost savings.
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Category spend analytics solution.
We conducted category level spend assessment and reviewed supplier contract compliance. We identified opportunities for consolidation of spend to strategic suppliers. The category specific opportunities where automated such that blanket ordering mechanism could be implemented, and procurement process could be optimized.
Improved procurement process and reduced operations costs.
Client gained visibility on the spend variance and contract compliance. These insights were used to improve procurement cycles, and to reduce operations cost. They were also able to improve the satisfaction levels of internal customers, and rebuilt trust of strategic suppliers.