Category Management: Enabling Companies to Determine Commodity Categories and Reduce Organizational Spend | SpendEdge
LONDON--(BUSINESS WIRE)--Feb 19, 2019--SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest . This success storyhighlights key enablers such as cross-functional approach, executive mandate and performance management that are vital for the successful implementation of a category management strategy. It also provides detailed insights into how companies can determine different commodity categories and monitor them.
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Category management study for a food and beverage company (Graphic: Business Wire)
The escalating competition among companies is compelling companies to increase their brand awareness and service levels. This is forcing companies to adopt a cross-functional approach and leverage . By measuring the right metrics, companies can improve the performance management and find out new ways that can be implemented to satisfy business needs. However, it requires companies to have a thorough knowledge of purchasing and spend patterns to empower the buying entities to make the most informed procurement decisions.
According to the procurement experts at SpendEdge, “The category management process involves the analysis of various factors such as supplier relationship management (SRM), the total cost of ownership (TCO), demand management, and supply chain risk management to help companies make informed and precise procurement decisions.”
The Business Problem: The client is a renowned company in the food and beverage industry in the United States. The declining economic landscape pressurized the client to adopt effective strategies to reduce costs while enhancing their service levels. This required them to reduce their maverick spend and adopt a more holistic approach to procure goods and services. The increased pressure compelled the client to collaborate with SpendEdge and develop a category management strategy that can identify new procurement cost management opportunities for them.
The Solution Offered: The experts at SpendEdge gained comprehensive insights into the key levers for successful category management strategy implementation and provided customized solutions. This reduced the organizational spend of the company and delivered better results than the traditional approach previously implemented by the company. Also, the category management strategy improved the supplier relationships, internal stakeholder relationships, and risk management for the organization. This helped the company to achieve initial savings and sustain them over time.
Shifting from a traditional approach requires companies to identify commodity strategies and focus on buying channel optimization to monitor contract utilization and compliance. To know how our portfolio of category management services can help your organization adapt to this shift, .
SpendEdge’s category management strategy helped the client to:Decrease organizational spend. Enhance their relationship with suppliers. Do you also want to reduce your organizational spend while increasing the service levels? and know how our experts can help you devise an effective category management strategy.
SpendEdge’s category management strategy also offered predictive insights on:Analyzing end-to-end procurement processes and identifying savings opportunities. Developing a central framework to monitor all commodity categories. Read the complete article to know more:
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INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE
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PUB: 02/19/2019 09:47 AM/DISC: 02/19/2019 09:46 AM