SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest success story on reducing the probability of supply risks by 50% for a heavy machinery company by performing a supplier risk assessment.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191228005002/en/
The company wanted to address supply risks by performing a supplier risk assessment. The key objectives of the engagement are mentioned below.
- Objective 1: The company wanted to improve the make-to-order production strategy to be more flexible to product variability.
- Objective 2: They also wanted to assess diverse set of suppliers impacting the sustainability of the company.
- Interested in gaining detailed insights? Request a free demo and know how we can help you analyze supplier risks and provide access to over 1000+ procurement reports.
"Since companies in the heavy machinery sector are turning their production facilities into factories of the future, they must analyze suppliers to reduce supply risks," says a procurement expert from SpendEdge.
Key findings and solutions offered
In collaboration with SpendEdge, the client – a heavy machinery company – analyzed risks related to the capabilities of the supplier. The solution offered helped them to:
- Procure parts and equipment at better prices and minimize the probability of supply risks by 50%.
- Gain information on suppliers’ reliability, operational risks, and price risks.
- Are you looking for supplier risk assessment solutions to reduce supply risks? Request a free proposal to access our customized supplier risk assessment solutions today!
Outcome: The experts at SpendEdge determined the risk level of suppliers. They identified suppliers who were critical for the company. Factors such as purchase price variance, financial condition, manufacturing capability, flexibility were critically examined to analyze supplier risks. Insights into the risk structure of each supplier were provided for a better understanding of the client. The engagement further helped the client to take supplier risk management actions and mitigate supply risks.
To access the complete case study on how our supplier risk assessment solution helped a Swedish heavy machinery company to reduce supply risks, read the complete case study here!
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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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