In today’s complex business scenario, gaining a 360-degree view of the spend may seem like an uphill task, even for well-established companies. The client, a multinational conglomerate in the industrial and manufacturing sector, was no exception. With business units spread across Europe, the client faced several spend management issues that left a measurable impact on their business operations.
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Global manufacturing companies face a wide range of challenges including the need to adhere to local regulations related to labeling requirements and safety standards. Such factors are pressurizing manufacturing companies to adhere to the regulatory requirements without compromising on their operational efficiency. Spend data, data systems, and domain knowledge are often siloed within specific groups of teams in manufacturing companies. Therefore, leveraging spend analytics solutions has become important for companies to address such challenges.
The client, a German manufacturing company, was struggling to gain a consistent and unified view of spend throughout different functional groups within their organization. With minimal access to vendor information and a mere 6% of the organization’s spend data categorized, the client was experiencing a steady decline in their negotiation power. By leveraging spend analytics solutions, the manufacturing company was looking to overcome such challenges caused by data silos and operational complexities. As a result, they approached Quantzig to gain greater visibility into their spend patterns and improve profitability.
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Solution Offered and Value Delivered
The spend analytics experts at Quantzig adopted a comprehensive approach to understand the core business challenges faced by the client. The initial phase of the engagement revolved around analyzing the client’s existing spend data and patterns. By gaining valuable insights from such analysis, the experts then unlocked the potential value in the growing spend data of the client which further helped them to identify roadblocks to spend management. Also, the solution offered by Quantzig enabled the manufacturing company to integrate spend and supplier data and eliminate bottlenecks by leveraging real-time spend insights. As a result, the client realized an increase of 12% in their profitability and identified several saving opportunities which were previously unknown to them.
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Spend analytics solutions also helped the client to:
- Proactively address compliance related issues
- Achieve notable improvements in supplier performance
- Streamline their procure-to-pay operations
Why choose Quantzig as your next analytics partner?
Quantzig’s spend analytics solutions provide companies with opportunities for procurement that help them to achieve wider business objectives. An in-depth spend-analysis solution by Quantzig helps leading organizations to rationalize their supply base, deliver unit cost savings from unmanaged spend, reduce maverick spend, and harmonize pricing across buying centers. At Quantzig, we bring together scalable advanced technology and analytics experts to deliver accurate results that give sourcing and category teams confidence in the spend data, so they can focus on delivering value.
To learn more about how our spend analytics solutions can help you tackle supply chain risks and drive continuous innovation and improvement, request for more information now.
To know more about spend analytics, take a look at our holistic guide to spend analytics here: