Achieving Savings of $6 Million with the Help of a Category Management Strategy | SpendEdge
LONDON--(BUSINESS WIRE)--Nov 19, 2018--SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest . The client is a renowned fashion retail clothing firm with over 2,500 retail outlets situated in different countries. Based in the U.S., the client is known for its fashion clothing for men, women, teenagers, and kids. With the fast-paced technological changes and ever-changing landscape in the fashion retail industry, the client realized the need for a strong category management strategy to leverage their procurement decisions. Moreover, the client wanted to develop a robust strategy that could support them build better stakeholder relationships in the business.
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Category management study for a retail industry firm (Graphic: Business Wire)
Category management is a process of driving and delivering value, growth and innovation and yet most companies struggle with the transition from strategic sourcing to effective category management. Improving the category management function not only makes for a smooth handoff but also helps feed continued improvements in strategic sourcing. Implementing the category management principles will help businesses place their management strategies at the heart of their overall growth strategy.
According to the procurement experts at SpendEdge, “ A category management strategy helps in evaluating sourcing destinations, monitor supplier performance, and facilitates an overall powerful category planning cycle. ”
The category management solutions offered by SpendEdge’s experts helped the client to effectively organize the procurement resources to focus on distinct areas of spend. This guided the client in dealing with the business strategy implementation, determining ROI, and estimating the effect of the category management process on the supply chain efficiency. Moreover, with the help of category management strategies, the client achieved a savings of $6 million over a 12-month period.
SpendEdge’s spend analysis strategies helped the client to:
• Gauge the performance of each category
• Enhance supplier relationships
The engagement also offered predictive insights on:Identifying category objectives and fine-tune their category management Uncovered major opportunities to enhance brand perception Read the complete article to know more:
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KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY RETAIL FASHION
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