SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest strategic sourcing study for a mining industry client.
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Strategic sourcing study for a mining industry client. (Graphic: Business Wire)
Low return on investments over the last few years has augmented the need for efficiency and establishing a strategic sourcing process in the mining industry. Mining companies are facing immense pressure to identify new technology trends, especially those that concern the availability of new mining software, to boost their efficiencies. Such challenges have compelled companies in the mining industry to shift from a manufacturing-based business model to a service-oriented business model and adopt a strategic sourcing process to categorize and deploy the right sourcing strategy apart from negotiating favorable terms with suppliers.
According to the procurement experts at SpendEdge, “Mining companies need to enhance value for stakeholders by discovering, acquiring, developing, producing, and marketing mineral resources profitably, especially in the segment dealing with coal production."
The Business Problem: The client is one of the fastest growing companies in the mining industry and employs over 1500 professionals across various geographical locations in the world. Their high annual spending on logistics and sourcing activities compelled the client to leverage SpendEdge's expertise in setting up a strategic sourcing process. They wanted to identify strategic sourcing best practices to streamline their supply chain, warehouse management processes, and inbound and outbound transportation functions. Moreover, they also wanted to develop robust sourcing analysis capabilities across categories and geographies to enhance their visibility into spending and boost savings.
The absence of a strategic sourcing process results in costly errors and increases overall spending for companies in the mining industry. To know how we can help mining companies to analyze risks, security, and pricing policies, talk to our experts.
The Solution Offered: The strategic sourcing best practices recommended by experts at SpendEdge helped the mining industry client to analyze the procurement trends and implement procurement automation technologies to streamline their sourcing processes, increase savings, and boost transparency. The solutions offered enabled the mining industry client to develop a best-practices methodology to reduce sourcing cycle time by creating a long-term interrogable repository of supplier responses and strategic sourcing activities across business units. Improvements in the strategic sourcing process empowered the mining companies to identify new opportunities and changing market trends. With our help, they were able to implement the right sourcing strategy, negotiate favorable terms with suppliers, and achieve savings of 35%, compared to their current spend.
An effective strategic sourcing process can make a tremendous difference in the supply chain of mining companies of all sizes. Request a free proposal to know how companies can standardize their procurement processes and stay ahead of the curve.
SpendEdge’s strategic sourcing process helped the client to:
- Achieve savings of 35% when compared to their current spend.
- Integrate their end-to-end procurement process from source to contract.
- Want to develop a best-practices methodology to reduce sourcing cycle time? Request a free demo and know how we can help you to identify strategic sourcing best practices and implement right sourcing strategy.
SpendEdge’s strategic sourcing process also offered predictive insights on:
- Developing a best-practices methodology to reduce sourcing cycle time.
- Identifying the strategic sourcing best practices and negotiating favorable terms with suppliers.
- Read the complete article to know more: https://www.spendedge.com/casestudy/mining-company-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. To know more, https://www.spendedge.com/request-free-proposal
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