NEW YORK, Aug. 1, 2023 /PRNewswire/ — SpendEdge, a global leader in procurement market intelligence space recently engaged with an American investment banking advisory to tackle competitive pressures in the home market, which threatened to hurt margins.
The client didn’t want to miss out on the cost advantages promised by outsourcing, potential risks to confidential customer data from third parties were weighing heavily on the client. Besides, consolidating operations with a third-party vendor might give rise to concentration risks, which was another major concern.
Game-Changing Solutions:
After understanding the extent of the client’s challenges, the SpendEdge team of procurement experts decided to carefully study the intricacies of each requirement carefully and create bespoke solution to suit the scope of the client’s business model.
As per the procurement leader, their experts evaluated the client’s business requirements and identified several third-party business process outsourcing services (BPOs) in cost-effective locations like India and the Philippines.
The procurement specialists weighed in several factors and most of all, data security practices of these BPOs. The providers were shortlisted based on critical data security credentials (e.g., ISO certification, data security policies, multi-layer data security, customer and compliance protocols).
This apart, the experts factored in the BPOs’ years of experience, credentials, delivery results, and fiscal stability. To sail clear of concentration risks, the experts recommended that the client retain most of its core functions in-house rather than ship these offshore.
Furthermore, the specialists validated and tabulated research findings to narrow down to a shortlist of five BPOs. The timing was important for the client, and the team quickly wrapped up the entire exercise. The client started working with one of the BPOs on the shortlist on a test project.
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About SpendEdge:
SpendEdge is a global leader in procurement market intelligence space acts as strategic partner to over 200 global procurement organizations delivering insights on category landscape, supplier identification, negotiation strategies, price benchmarking, cost modeling, sustainability practices, and more.
Over the past 2 decades, SpendEdge has worked with procurement organizations across regions, of varying sizes and belonging to several industries. They have helped their clients solve procurement problems of varying complexities. Going above and beyond, the organization heads to the best possible extent using different methodologies to deliver timely and actionable recommendations to support decision making.
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SOURCE SpendEdge
