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WILLOW GROVE, PA, June 26, 2018 /24-7PressRelease/ -- Source One, a Corcentric company and leading technology-enabled procurement services provider is recognized once again for its outstanding results and forward-thinking approach to spend management. The procurement services firm has earned a spot on the Supply and Demand Chain Executive (SDCE) annual list of 100 Top Supply Chain Projects for delivering cost reduction and procurement process optimization for a leading Food & Beverage Manufacturer.
Announced annually, the SDCE 100 spotlights successful and innovative initiatives across a range of supply chain functions. 2018 marks the 11th year that Source One's spend management specialists have received the honor.
This year, Supply and Demand Chain Executive recognizes Source One's recent cost reduction and procurement optimization engagement with a Food & Beverage Manufacturer. The initiative leveraged Source One's spend analysis as a service platform SpendConsultant.com as the foundation for identifying cost reduction and process improvement opportunities. The rapid, low-cost spend analysis tool provided a detailed view of the company's spend profile that brought to light hundreds of thousands of dollars in savings across numerous categories. The visibility into the client's spend patterns and history provided the foundation for additional improvements to service levels, supplier performance, and supply chain risk mitigation.
"We're thrilled to make Supply and Demand Chain Executive's list of 2018's Top 100 Projects. The recognition is representative of a growing trend we've observed. More and more, companies are looking to drive procurement strategy from their spend data," Source One's Spend Consultant Lead shares. "One of the most troublesome roadblocks for today's Procurement teams is a lack of spend visibility. Without a window into their purchases year-over-year, organizations can hardly expect to identify inefficiencies or opportunities for savings. The SpendConsultant platform and Source One's category subject matter expertise bridge the gap that companies face when looking to turn their spend data into actionable strategies for meeting their objectives."
SpendConsultant is among the first tools of its kind- a fit for purpose spend analysis tool designed by Source One's cost reduction team and optimized to serve Procurement's needs. Giving SpendConsultant users a clear snapshot of their spend profile and cost reduction opportunities, Source One's spend management experts provide the best practices and execution support to deliver category savings.
In addition to delivering savings and spend visibility, Source One's engagement with the Food and Beverage Manufacturer culminated in a knowledge transfer that will help guide the client's procurement approach in the future. Thanks to SpendConsultant's detailed reporting, they now possess insights into their contracting, supplier management, and risk management processes that should provide for more strategic, informed sourcing decisions.
The SDCE Top 100 honor reflects Source One's continued commitment to driving Procurement forward and empowering the function to achieve its full strategic potential. As Source One continues to engage clients, conduct initiatives, and collect spend data, SpendConsultant grows more robust and strategically valuable. The spend analytics specialists look forward to leveraging the evolving tool for many client engagements to come.
About Source One, a Corcentric Company
Source One is a premier procurement services provider and strategic sourcing consulting firm. Since 1992, our team of spend management experts has supported best-in-class organizations in ensuring their procurement and sourcing capabilities are optimized and that they achieve the most value at the best possible price from their suppliers. We serve as an expansion of client's existing teams, saving them time and resources by applying our experience, tools, cross-industry best practices, and customized solutions.
In 2018, Source One joined Corcentric, LLC – a leading provider of Procurement, Accounts Payable Automation, and Billing Solutions. Together, Source One and Corcentric help companies optimize how they pay, purchase, and get paid. Visit us online at: https://www.sourceoneinc.com/consulting-tools/consulting-services/spend-analysis-services/.
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