How a Specialty Chemical Products and Innovative Materials Supplier Achieved 26% Savings on MRO Spend With Procure Analytics 

Overview

Our member company, a prominent provider of fundamental consumer ingredients, boasts a global presence with over 1,300 employees across 15 locations. The company specializes in offering a wide range of specialty chemical products and innovative materials that not only enhance the quality of life but also support health and wellness. They have been committed to delivering value-added solutions to its customers, but a significant challenge lay ahead in the form of refurbishing their site and procuring essential equipment. The company was in search of a cost-effective solution to streamline their procurement processes and drive savings.  

Challenges

A supplier in specialty chemical products and innovative materials faced a formidable challenge that many organizations encounter during periods of expansion and facility upgrades. They needed to refurbish their site and procure critical equipment efficiently and cost-effectively. Managing procurement for such a significant undertaking presented substantial complexities, including the need for careful spending to ensure the project’s success. 

Approach

To tackle this multifaceted procurement challenge, a supplier in specialty chemical products and innovative materials made a strategic decision to partner with Procure Analytics. Procure Analytics, renowned for its expertise in data-driven procurement solutions, proved to be the ideal partner to address the member company’s cost-saving needs. 

Procure Analytics embarked on a collaborative journey with the supplier in specialty chemical products and innovative materials to improve their procurement processes. One key aspect of the solution was the strategic use of rebates, which could significantly impact their bottom line. With Procure Analytics’ guidance, the member company aimed to optimize their procurement strategies and increase spend, all while adhering to cost-effective measures. 

Results

The implementation of Procure Analytics marked a pivotal moment in the supplier in specialty chemical products and innovative materials’ procurement journey. The results were nothing short of remarkable: 

• 75% Increase in Spend in 2022: The member company achieved a substantial 75% increase in their spend, a testament to the effectiveness of Procure Analytics’ strategies. This increase in spending signified the company’s commitment to optimizing their procurement processes. 

• $139,000 in Savings: The true measure of success was the significant cost savings the member company achieved through their partnership with Procure Analytics. The company saved an impressive $139,000, equating to 26% of their overall spend. These savings had a profound impact on their financial health, allowing them to allocate resources to other critical initiatives and ultimately improving their bottom line.