SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest tail spend management study for a consumer electronics manufacturer. The report highlights how expanding middle-class and evolving lifestyle preferences are pressurizing companies to reduce costs and identify sustainable cost-saving opportunities. It also gives a detailed analysis of how implementing tail spend management can help companies understand spend coverage and enhance spend visibility.
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Digitization, innovation, and dynamic needs of consumers are creating new challenges for consumer electronics manufacturers. They are now facing the need to enhance product offerings and address potential bottlenecks. This is compelling companies to implement tail spend management into their business functions and identify cost-saving opportunities by enabling spend visibility. Also, manufacturers need to set business standards and in-house policies that can help them in identifying maverick spending and limiting scams.
According to the procurement experts at SpendEdge, “Leveraging tail spend management solutions can help companies to mitigate business risks and identify opportunities to enrich processes.”
The Business Problem: The client is a well-renowned consumer electronics manufacturer based in the United States. The rising market competition was creating difficulties for the company in terms of consolidating and identifying savings opportunities. Also, they were lacking access to the full data on category spend, which was impacting their process efficiency. The need to optimize their supplier base compelled the client to leverage SpendEdge’s spend management solutions and streamline their sourcing processes by adopting best procurement practices.
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The Solution Offered: The procurement experts at SpendEdge carried out a detailed analysis of the spend data for different categories and sub-categories and formulated a customized tail spend management framework. They also provided spend management solutions that helped the company to achieve instant visible savings. The solutions offered improved spend management and enhanced the company’s bottom line. This facilitated better spend visibility for the company and helped them retain suppliers who were significantly adding value to the organization.
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SpendEdge’s spend management solutions helped the client to:
- Achieve instant savings.
- Retain suppliers delivering value to the organization.
- Still not sure about the benefits of tail spend management solutions? Request a free demo and know how our services can help you improve business processes and mitigate risks.
SpendEdge’s spend management solutions also offered predictive insights on:
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