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Leveraging Spend Management Strategies to Optimize All Source-to-Pay (S2P) Processes and Identify Savings of 35% - SpendEdge

January 16, 2019

LONDON--(BUSINESS WIRE)--Jan 16, 2019--SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest .

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190116005498/en/

Spend management study for a mining equipment manufacturer. (Graphic: Business Wire)

Unprecedented advancements in technology have forced to look for new ways to leverage new technologies to remain innovative and agile in a changing market. They are facing a plethora of challenges such as health and safety issues, access to capital, volatility in commodity prices, environmental footprint, market volatility, and weak global demands. These challenges are causing disruptions in commodity prices and forcing mining equipment manufacturers to close down operations and reduce the size of their workforce. Moreover, factors such as volatile commodity prices are making it extremely difficult for mining equipment manufacturers to plan income and, therefore, expenditures and are forcing them to improve their procurement spend management.

According to the procurement experts at SpendEdge, “Companies in the mining equipment industry need to leverage spend management solutions and focus on cost savings as they go beyond procurement, requiring business units and finance departments to align around spend categories.”

The Business Problem: The client is among the largest diversified mining companies that specializes in the exploration, development, processing, smelting, and refining of metallurgical coal, copper and zinc. Despite owning 13 mines throughout Canada, the US, Chile, and Peru, the client was facing challenges in managing spend due to the fluctuating commodity prices. They were heavily dependent on commodity price forecasts to make major strategic decisions. This resulted in the shutdown of many operations in various sections, compelling the mining equipment manufacturer to make serious cuts in the size of their workforce. Moreover, the declining profit margins in the mining industry forced the client to leverage SpendEdge’s procurement spend management solutions to manage the overall spend of the company.

Mining equipment manufacturers are identifying new and more effective ways to shed costs and improve operational efficiency in an unstable market. and know how our procurement spend management solutions can help you enhance the operational efficiency of your organization.

The Solution Offered: SpendEdge’s procurement spend management solutions empowered the mining equipment industry client to address challenges pertaining to shifts in commodity prices and enabled them to achieve savings of 35%in a year. The procurement spend management solutions assisted the client to optimize all source-to-pay (S2P) processes, such as spend analysis, strategic sourcing, contract management, and supplier relationship management. This helped the mining equipment manufacturer to focus on driving strategic initiatives and achieving organizational goals apart from increasing spend visibility, accountability, and facilitate cross-functional collaboration. Moreover, the spend management solutions helped the business to raise their productivity, focus on process improvements and cost savings, and optimize the money they are spending.

Declining profits are compelling mining equipment manufacturers to reduce costs and shut down certain sections of their operations. and leverage our spend management solutions to gain better control over spending.

SpendEdge’s procurement spend management solutions helped the client to:

Optimize all source-to-pay (S2P) processes. Prioritize their cash commitments and identify savings of 35% annually. Want to safeguard your company from adverse price movements and extra expenditures? to know how our spend management solutions can prioritize your cash commitments effectively and improve your cost structures.

SpendEdge’s procurement spend management solutions offered predictive insights on:

Driving strategic initiatives and achieving organizational goals. Increasing spend visibility, accountability, and facilitating cross-functional collaboration. Read the complete article to know more:

About SpendEdge:

shares 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. To know more,

View source version on businesswire.com:https://www.businesswire.com/news/home/20190116005498/en/

CONTACT: SpendEdge

Anirban Choudhury

Marketing Manager

US: +1 630 984 7340

UK: +44 148 459 9299

https://www.spendedge.com/contact-us

KEYWORD:

INDUSTRY KEYWORD: NATURAL RESOURCES MINING/MINERALS

SOURCE: SpendEdge

Copyright Business Wire 2019.

PUB: 01/16/2019 09:19 AM/DISC: 01/16/2019 09:19 AM

http://www.businesswire.com/news/home/20190116005498/en

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