Want to Know How Strategic Sourcing Can Empower Companies to Achieve Savings in Millions – Request a Free Proposal from SpendEdge Now!

LONDON--(BUSINESS WIRE)-- SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest strategic sourcing engagement for a company in the biopharmaceutical industry. The study gives a holistic overview of how companies with inefficient procurement and strategic sourcing processes are finding it challenging to address the complexities associated with biopharma operations. It also provides detailed insights on how deploying strategic sourcing process can help companies increase their total savings significantly.

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Strategic sourcing engagement for a company in the biopharmaceutical industry (Graphic: Business Wire)

Biopharmaceutical companies are finding it challenging to address the cost pressures and declining profit margins. Increasing complexities, emergence of new products, and process technologies are deteriorating the situation to a great extent. To keep up with the demands, businesses are compelled to improve their procurement and strategic sourcing processes.

According to the procurement experts at SpendEdge, “Companies in the biopharmaceutical industry must devise effective strategies that can address new manufacturing technology platforms and avoid major disruptions.”

The Business Problem: Being a leading company in the biopharmaceutical industry, the client wanted to focus on ‘new cancer drugs’ segment. They wanted to restructure their goals and procurement functions that can meet the evolving demands. However, this was not possible without an effective procurement and strategic sourcing process. The need to transform the strategic sourcing process compelled the client to leverage SpendEdge’s expertise.

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The Solution Offered: With the aid of experts at SpendEdge, the biopharmaceutical company was able transition more than 15 indirect sourcing categories for end-to-end sourcing. They were able to improve their category management and spend management capability. This enabled them to cover their services in three key regional markets including – Europe, Asia-Pacific, and North America. Furthermore, the utilization of strategic sourcing process empowered the company to exceed their expected savings by $5 million.

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SpendEdge’s strategic sourcing helped the client to:

• Achieve savings of $15 million.
• Deliver best-in-class services to three key regional markets.
• Interested in expanding your services? Request a free demo and know how our strategic sourcing experts can help you to drive end-to-end sourcing and category management.

SpendEdge’s strategic sourcing also offered predictive insights on:

• Achieving a TCO reduction and value.
• Improving their procurement and strategic sourcing processes.
• Read the complete article to know more: https://www.spendedge.com/casestudy/biopharmaceutical-strategic-sourcing

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

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