High vulnerability to even the slightest changes in market conditions puts a great deal of strain on procurement teams to ensure timely delivery of products and services.
With investors placing equal emphasis on cost optimization, sustainability, and product/service quality, technology-enabled cost modeling solutions could be the key differentiator.
Quality concerns, shortage of human resources, and poor supplier management top the list of major challenges faced by procurement teams today. They must be thoroughly prepared to act fast, which is where we step in!
The growth of the oil and gas industry presents opportunities, but market participants must also contend with increasing technology and equipment costs.
Countering price volatility and inevitable supply chain disruptions do not have to be as disconcerting as you think.
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Challenge: Oil and gas players are sure to see diminishing returns unless they manage to resolve supply chain complexities and spend dollars only as planned. By breaking down costs into their constituents, the client hoped to discover more avenues for cost optimization. Our experts have significant experience in successful cost analysis, so the company chose to lean on this expertise.
Solution: Our team researched cost components at a granular level, covering historical trends and projections for the future. The experts also considered how various cost characteristics have changed over time.
Result: The oil and gas client has since standardized procurement costs while eliminating inefficiencies, and this has given productivity a leg up.
Read More to see the spendedge blogsGathering data on your supplier’s capability to deliver high-quality products is just not enough. More open communication will ensure suppliers not only deliver with quality but also ahead of schedule.
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Mismatches between your needs and what your supplier delivers could weaken business performance. By collaborating intensely with suppliers, you can ensure your penchant for KPIs grows on them as well.