SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest spend analysis study for an automotive industry firm. The client is a leading producer and supplier of automotive systems for leading automobile manufacturers across the globe, with annual revenue of over US$ 30 billion. With the rise in the demand for automobile products from emerging economies, the client was looking to gain superior business outcomes by implementing an efficient processing platform to improve their spend capabilities. Moreover, they wanted to gain granular insights into current spending trends by analysing the data of industry peers.
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Spend analysis study for an automotive industry firm (Graphic: Business Wire)
In today's economy, spend analysis is regarded as a potent weapon in the battle to squeeze new profits out of the procurement processes. Spend analysis empowers organizations to decrease inventory, increase sourcing cycle time, and assists in long-term planning and economic forecasting. It also presents a realistic picture of future spend requirements based on the forecasted data.
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According to the procurement experts at SpendEdge, "Spend analysis solutions helps organizations identify potential opportunities and manage organizational spend."
The spend analysis solution offered by SpendEdge's experts helped the client assess the spend patterns of the industry leaders. This helped them to benchmark their performance against those of the competitors. This subsequently helped them reduce supply chain risks and establish their presence in the automotive industry. Additionally, the spend analysis strategy allowed the automotive industry firm to increase their spend management capabilities, which, in turn, helped them drive savings.
To know more about the complete scope of this engagement and the real benefits of spend analysis for businesses, request a proposal
SpendEdge's spend analysis strategies helped the client to:
Gain higher returns and superior business outcomes
Get best performance results in terms of savings, cost efficiency, and process efficiency
To know more about the spend analysis strategies followed by different firms, Talk to an analyst
The engagement also offered predictive insights on:
- Streamlining supply chain activities and developing a good foundation for the future
- Improving compliance, reducing cycle times, and uncovered unusual spend
- Read the complete article to know more: https://www.spendedge.com/casestudy/spend-analysis-leading-automotive-industry-player
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