LONDON–(BUSINESS WIRE)–SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest success story on identifying improvement opportunities with the help of a TCO analysis for a commodity petrochemicals manufacturing company.
The company wanted to better manage their procurement and sourcing activities across the operating units. The key objectives of the engagement are mentioned below.
- Objective 1: The company wanted to conduct an in-depth total cost of ownership analysis to analyze organizational cost factors.
- Objective 2: They also wanted recommendations to effectively manage suppliers to control spend.
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“Oil and gas companies must perform TCO analysis to identify opportunities in order to address procurement issues and establish their presence in the global landscape,” says a procurement expert from SpendEdge.
Key findings and solutions offered
In collaboration with SpendEdge, the client – a commodity petrochemicals manufacturing company – consolidated spend and strategic sourcing activities. The solution offered helped them to:
- Institute a formal spend review program to minimize additional expenses.
- Reduce associated losses and realize $6 million in savings.
- Are you looking for insights to devise an effective spend and sourcing strategies? Request a free proposal to access our customized solutions today!
Outcome: The experts at SpendEdge performed a detailed analysis of spend across all categories of the supply network. They conducted an in-depth total cost of ownership analysis and uncovered an unclear organizational structure consisting of fragmented sourcing activities. This helped them to identify spend reduction opportunities. The solution offered also helped the client to collaborate with specific MRO suppliers and reduce the procurement costs.
To access the complete case study on how we helped a commodity petrochemicals manufacturing company to realize $6 million in savings, read the complete case study here!
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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.
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