Spend Analysis: Addressing Financial Losses for Companies and Enhancing Supply Chain Efficiency by Improving Spend Management Capabilities - A Study by SpendEdge

LONDON--(BUSINESS WIRE)-- SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest spend analysis engagement for a medical devices manufacturer. The study offers an overview of how spend analysis solutions can help address the financial challenges faced by companies in the medical devices industry. It also provides information on the key benefits of spend analysis and the best ways to conduct it.

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Spend analysis engagement for a medical devices manufacturer. (Graphic: Business Wire)

Global economic growth, innovations, and the growing need for healthcare are set to expand the horizons for the medical devices industry. However, companies need to shift their supply chain priorities and better manage spend to benefit from the rising opportunities. They require effective supply chain management and strategic cost management strategies to identify potential opportunities and deliver actionable insights into the spend data. To leverage such opportunities, companies need to leverage spend analysis solutions that can address challenges about the maverick spend across the supply chain and enhance their supplier relationship apart from improving ROI.

According to the procurement experts at SpendEdge, “It is crucial for medical devices companies to constantly monitor the suppliers’ actions and category management processes to advance risk management strategies and keep track of annual revenues and credit scores.”

The Business Problem: The client is a well-known medical devices company with total revenue of $20 billion. Despite being a leading manufacturer of medical devices, laboratory instruments, and diagnostic products in the market, the company was facing financial losses due to the hidden costs of medical devices. This compelled the client to leverage SpendEdge’s spend analysis solutions and optimize their spend areas. Moreover, recent regulatory and production-related complexities were forcing the client to control their supply chains and manage their tail spend. They also wanted to identify and automate strategic sourcing and procurement functions to increase their process efficiency.

Evaluating historical purchases and compiling supplier data can help companies identify cost-saving opportunities. Talk to our experts and know how our customized spend analysis solutions can help you achieve better savings.

The Solution Offered: To address the needs of the company, spend analysis specialists at SpendEdge, prepared a robust spend analysis report that can accurately evaluate industry data and gain real-time insights into the company’s procurement activities and expenditures. This helped the client to cut down the prices of high quantity products by identifying the best-in-class suppliers in the medical devices manufacturing space. The experts also employed a procure-to-pay system to analyze the category level spend of the company and achieve better savings. Further, the category level spend analysis data offered by the experts helped the client to price their products competitively. Consequently, it reduced supply chain risks and enhanced their presence in the industry.

Inaccurate pricing of products often causes huge financial losses for the companies in the medical devices industry. To price your products competitively, request a free proposal and leverage our portfolio of spend analysis solutions.

SpendEdge’s spend analysis solutions helped the client to:

• Reduce prices of high quantity products.
• Obtain real-time insights into the company’s procurement activities and expenditures.
• Want to identify potential opportunities and deliver actionable insights into the spend data? Request a free demo now!

SpendEdge’s spend analysis solutions also offered predictive insights on:

• Enhancing their spend management capabilities.
• Competitive pricing of products according to the industry standards.
• Read the complete article to know more: https://www.spendedge.com/casestudy/spend-analysis-medical-devices

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. To know more, https://www.spendedge.com/request-free-proposal

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