Mitigating Risks Associated with Unmanaged Indirect Spend for an Oil and Gas Firm | SpendEdge’s Procurement Best Practices Engagement

SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest success story on mitigating risks associated with unmanaged indirect spend for a supplier in the oil and gas industry.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190809005278/en/

Engagement background

The company wanted to improve their overall business efficiency to expand their services worldwide. The key objectives they aimed to achieve through this engagement are mentioned below:

• Objective 1: The company wanted to improve demand planning and optimize inventory to address issues pertaining to regulatory compliance.
• Objective 2: They also wanted to maintain oil and gas equipment uptime to improve their overall productivity.
• Wondering how you can improve business efficiency and productivity by implementing procurement best practices. Request a free proposal to gain free access to our procurement market intelligence solutions.

“As the struggle to retain market share in the face of increased oil production has increased, companies in the oil and gas industry require effective procurement strategies to increase operational efficiency and reduce costs,” says Srinivas R, Procurement Manager at SpendEdge.

If you are willing to reduce your sourcing and procurement costs, get in touch with our experts to gain industry-specific insights.

Key findings and solutions offered

In collaboration with SpendEdge, the client – a leading firm in the oil and gas industry – gained vital insights to improve their sourcing practices and streamline supply chain activities. The solution offered helped them to:

• Identify areas of unmanaged indirect spend and reduce risks associated with it.
• Devise and implement procurement best practices to drive profitability.
• Identifying areas of unmanaged indirect spend requires a great deal of expertise. Request a free demo to access SpendEdge’s insights to manage multiple category spend areas.

Outcome: SpendEdge’s procurement best practices helped the oil and gas firm to communicate appropriately at all levels of the supply chain and streamline their business processes. This improved their sourcing process and increased profit margins. The solution offered also identified risks associated with indirect spend and helped the client better manage their indirect spend.

To gain detailed insights into the solution offered by our experts to the oil and gas firm, request more information.

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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20190809005278/en/