Supply and Demand Chain Executive has selected Source One's recent engagement with a mid-sized Food & Beverage Manufacturer as one of 2018's 100 most notable supply chain projects.
Announced annually, the SDCE 100 honors successful and innovative initiatives across a range of industries and supply chain functions. Over the years, Source One's cost reduction team have become a fixture of this list. 2018 marks their 11th appearance.
The award-winning client engagement leveraged Source One's spend analysis as a service platform, SpendConsultant. Designed by Source One's Procurement consultants, the rapid, low-cost tool provided the foundation for a comprehensive cost reduction and process improvement initiative. In just a few weeks, it generated a detailed overview of the client's historical spend patterns and identified areas for significant cost savings across numerous categories.
Source One's spend analysis and opportunity assessment platform is the first tool of its kind. Designed by Procurement professionals, for Procurement professionals, it includes a spend classification taxonomy, features, and interface tailored to the function's particular needs.
"Possessing historical spend data is just one piece of the puzzle when it comes to Strategic Sourcing and Category Management initiatives," writes Spend Analysis Lead, Brian Seipel. "On its own, data doesn't get Procurement much closer to realizing its cost reduction goals. With SpendConsultant, we aim to bridge that gap by supplementing the tool with our years of subject matter expertise. It not only drills into our clients' purchasing history, but also uses the data to provide actionable savings roadmaps."
The successful engagement culminated with a knowledge transfer that will serve the client well into the future. Thanks to SpendConsultant, the organization has new insights into its contracting, supplier management, and risk mitigation practices that should provide for more strategic, informed initiatives.