Business growth with procurement transformation
Manufacturer leader saves $7.5M in one year and boosts business agility with digital source-to-pay solution.
Following a merger that established this manufacturer as an industry leader, the company found purchasing was highly fragmented across the organization, with a lack of standardized source-to-pay processes.
To maintain its leadership position, the company knew it needed to have centralized compliance and control, mitigate risk, drive savings, and provide a streamlined purchasing experience for business buyers.
By emphasizing value creation, superior customer service and efficient spend management, the goal was to position the procurement function as a strategic partner to the business—while freeing up the company’s procurement team to focus on value-added work and achieving transformational outcomes for the business.
The manufacturing company leveraged SynOps to integrate data, insights and analytics into a digital source-to-pay solution, that spans 20 locations and has $250M of indirect spend under management. The services include sourcing and category management, contracts and spot purchasing, as well as new data tools that focus on spend habits using analytics.
With new spend visibility tools, the company now understands spending between the different locations. They work at greater efficiency to approve purchase orders more rapidly. And automated reporting is providing buyer and delivery insights and intelligence to the business faster—further improving decision-making and boosting efficiency.
Transformed source-to-pay processes to increase spend visibility and use of self-service and automated buying.
Analytics capabilities track transaction-level detail to advance supplier management.
Automated reporting provides real-time data and intelligence on buying and delivery.
This manufacturer leader has been able to drive new value for the business by reducing costs, increasing process efficiency and improving user experiences. With a standardized source-to-pay solution it has:
realized savings on $60 million spend, doubling ROI in just one year.
drop-in average requisition processing times—from 14 to 4 days.
reduction in purchase order turnaround times.