SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their supplier performance assessment study for a car manufacturing company.
The client wanted to increase their rapidly shrinking profit margins by improving the sourcing process. They also needed to address the falling stock prices to sustain themselves in the market. The time agreed to conclude this engagement was twelve weeks.
- Objective 1: The company wanted to lower its total production costs, especially those coming from suppliers by conducting a comprehensive supplier performance assessment.
- Objective 2: They were also interested in integrating new technologies to reduce costs and improve quality.
- Looking for more information on supplier profiling? Request a free demo to know how our experts can help you evaluate suppliers and improve the operational performance of your organization.
Supplier performance assessment is critical for companies to improve visibility into their suppliers performance, eliminate hidden cost drivers, and reduce risks by lowering order cycle times and inventory. It further helps companies to improve supplier performance metrics and achieve better cost savings, says a procurement expert from SpendEdge.
Key findings and solutions offered
In a span of twelve weeks, the client “ a leading car manufacturing company “ achieved significant cost savings by meeting all their performance goals. The performance assessment solution offered helped them to:
- Eliminate costs occurring due to activities such as extra freight charges, overtime, safety stocks, and obsolete inventory.
- Improve supplier engagement process by adopting industry best practices.
- Often, an inefficient supplier profiling process increases production costs for products. Request a free proposal and access our complete portfolio of supplier risk assessment solutions today!
With the help of SpendEdge, the car manufacturing company was able to recognize high performing suppliers. This helped them to mitigate financial risks and address issues pertaining to quality, delivery, and cost management. The performance assessment solution delivered also enabled the client to reduce their sourcing costs by 19%.
To access the complete case study on supplier performance assessment, contact our team of experts here!
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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