SpendEdge, a leading provider of category market intelligence solutions, has announced the completion of their latest presentation on how a category management strategy can help retailers reap monetary benefits. Category management can help retailers identify key value categories, increase category sales volume, and reduce organizational spend. It can also help businesses gauge new procurement cost management opportunities and improve profit margins.
Devising an effective #category management strategy is crucial for retailers to centralize all their sourcing and procurement operations and identify #costmanagement opportunities.
SpendEdge’s customized category management solutions have helped numerous companies to stay ahead of the curve by improving supplier performance and achieving continuous advancement. Our latest presentation covers how SpendEdge has helped companies from diverse categories to function at optimal capacity to improve savings and sustain them over time. It also highlights how category management solution has helped companies centralize all their sourcing and procurement operations and better manage expenditure.
According to our experts, category management has become an important part of retail organizations. The improved category management process not only supports in-depth analysis and assessment of the supply market, but also helps in assessing sourcing destinationsand monitoring supplier performance. It focuses on distinct areas of expenditure and gives key insights to companies to readjust their procurement model as well as select right suppliers for their organization. This is one of the key reasons why top retailers are leveraging category management solutions to drive profitability. This presentation, which is now available for free download, will help you understand the importance of category management in improving profits and reducing organizational spend.
Improving profits and reducing organizational spend requires effective category management strategies. Request a free proposal to know how we can improve category management process.
Importance of a Category Management Strategy for Businesses
#1: Calculating Price Awareness Score by Deploying an Effective Category Management Strategy
The client, a leading European CPG company, was facing difficulties in developing strategies to drive category growth. They wanted to identify key value categories (KVCs) and key value items (KVIs) to optimize pricing. Also, they wanted to identify infrequently bought products and devise effective category strategies to increase sales volume.
SpendEdge’s category management strategy helped the client to identify key KVCs that accounted for more than half of the total sales. The strategy also helped the client to analyze loyalty-card data, calculate price awareness score, and rank the SKUswithin their categories.
Get in touch with our category management experts to know more about how we helped the client calculate price awareness score and rank the SKUs within their categories.
#2: Proactively Managing the Procurement Expenditure to Reduce Organizational Spend
Owing to the declining economic landscape, the client felt the need to improve their service levels. However, this required them to centralize all their sourcing and procurement operations to gauge new procurement cost management opportunities.
The solution offered helped them to perform detailed analysis of end-to end procurement processes and focus on the external supply market. This enabled the client to optimize buying channel, monitor contract utilization, and compliance while reducing organizational spend.
Reducing organizational spend and managing the procurement expenditure requires accurate insights. Request a free demo to access SpendEdge’s insights platform for free!
#3: Achieving Savings of $6 Million for a Fashion Retail Firm
An American multinational retail-clothing firm wanted to follow a structured approach to manage each category and sub-category of spend holistically. They also wanted to manage different categories and distinct areas of expenditure to address declining profit margins.
With the help of experts at SpendEdge, they conducted an in-depth market analysis to help the client strengthen stakeholder relationships. This helped them remodel their procurement, improve quality and efficiency of their services, and achieve savings of $6 million over a period of one year.
To know more about the benefits of SpendEdge’s category management solutions, get more info about our offerings here!
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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Contacts
SpendEdge
Anirban Choudhury
Marketing Manager
US: +1 630 984 7340
UK: +44 148 459 9299
https://www.spendedge.com/contact-us
