Know How Cost Down Improvement Initiatives are Enabling Companies to Improve Spend Visibility and Achieving Significant Savings | SpendEdge

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Category management study for a medical devices company. (Graphic: Business Wire)

Project background

The company wanted to increase the incremental value of the organization by enhancing the category management process. The key objectives they aimed to achieve through this engagement are mentioned below.

• Objective 1: The company wanted to identify levers that can support strategic sourcing and result in cost reduction.
• Objective 2: They also wanted to gain a comprehensive overview of the medical consumables category to gain a competitive edge in the medical devices market.
• Want to gain more information? Request a free demo from our experts and know how they can help you achieve significant cost savings in different categories.

“A robust category management system is a must for companies to integrate innovations, streamline operations, and reduce costs to survive in the medical devices market,” says a procurement expert from SpendEdge.

Key findings and solutions offered

In partnership with SpendEdge, the client – a medical devices company – implemented cost down improvement initiatives and achieved high-profit margins. The solution offered helped them to:

• Implement an 8 step category management process and achieve savings of over 17% in a year.
• Establish a single point of contact within the organization and improve spend visibility.
• Want to know how cost down improvement initiatives worked in the favor of the company and influenced their profit margins? Request a free proposal and access our complete portfolio of category management solutions.

Outcome: The 8 step category management process implemented by the SpendEdge’s experts helped the medical devices company to obtain in-depth insights into the demand structure for goods and services. This enabled them to improve supplier performance management and deliver the lowest long term cost structure. The solution offered further helped the client to improvise category management process and gain incremental cost reduction of 2-3% apart from achieving savings of over 17% in a year.

To access the complete case study on how we helped a medical devices company to achieve savings of over 17% in a year and sustain it in the coming financial year, get in touch with our experts here!

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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20190528005612/en/