SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest material procurement engagement for a pharmaceutical companyThe report highlights how strategic functions such as material procurement can help companies to analyze the sources of supply and reduce the lead times. It also offers detailed insights on how an effective material procurement process can help companies to address the uncertainties caused by unpredictable market demands.
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Material procurement engagement for a pharmaceutical company. (Graphic: Business Wire)
The increasing competition in the pharmaceutical industry is compelling companies to focus on their strategic functions to improve their profitability. Companies are required to reduce raw material prices and costs and determine better sources of supply to reduce their lead times substantially. Also, they need an effective material procurement process that can enable faster movement of products through the pipeline.
According to the procurement experts at SpendEdge, "Companies must enhance their material procurement process to maximize the availability of raw materials for internal and external customers to avoid potential delays in the process."
The Business Problem: The client, a multi-billion-dollar pharmaceutical company, was facing difficulties due to their passive material management process. This was not only increasing their lead times but was also resulting in differences in the amount ordered and the amount really needed by the company. Furthermore, this was creating difficulties in determining the optimal inventory for raw materials.
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The Solution Offered:The material management solutions offered by procurement experts at SpendEdge helped the client to address the uncertainties caused by unpredictable market demands. The solutions offered enabled them to select new suppliers that can comply with the company's internal procurement criteria. This helped the company to manage the material procurement process flow and reduce lead times by over 50%. The improved the material procurement process also enabled the client to address potential delays in the supply chain and create a safety stock of raw materials.
Reducing lead times can significantly minimize the logistics costs for companies. Request a free proposal and know how our portfolio of material management solutions can help you reduce the logistics costs for your company.
SpendEdge's material management solutions helped the client to:
- Minimize their logistics costs for procurement by 35%.
- Decrease their lead times by over 50%.
- Selecting suppliers that can comply with internal procurement criteria of a business is a tough task? Request a free demo and know how our experts can guide you in supplier selection.
SpendEdge's material management solutions also offered predictive insights on:
- Reducing warehouse stock of procured raw materials.
- Maintaining optimal inventory levels.
- Read the complete article to know more: https://www.spendedge.com/casestudy/effective-material-procurement-helped-pharmaceutical-company-reduce-logistics-costs-35-spendedges-success-story
About SpendEdge:
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. Request free proposal to know more, https://www.spendedge.com/request-free-proposal
View source version on businesswire.com: https://www.businesswire.com/news/home/20190311005618/en/
Contacts:
SpendEdge
Anirban Choudhury
Marketing Manager
US: +1 630 984 7340
UK: +44 148 459 9299
https://www.spendedge.com/contact-us
