How Element Materials Technology Achieved 22% Savings on MRO Spend With Procure Analytics 

Overview

Element Materials Technology was founded in 2011 and provides a wide range of material testing, product qualification testing, inspection, certification, calibration, and advisory services. With over 6,700 employees, Element is a leading provider of material testing and analysis services. They apply a combination of destructive and non-destructive testing methods to evaluate the properties, performance, strength, durability, and resistance to corrosion of various materials, including metals, composites, polymers, elastomers, and resins. 

Challenges

Element Materials Technology was facing a challenge in its procurement structure. The procurement system was lacking standardization and had become stagnant, which was hindering the company’s ability to control costs and drive savings. 

Approach

To address this challenge, Element partnered with Procure Analytics (PA) to completely relaunch and revamp their MRO program. PA added 30 sites to their procurement system and implemented new processes and procedures to increase standardization and improve cost control. 

Results

Partnering with Procure Analytics resulted in a 22% reduction in costs for Element. This significant cost savings allowed the company to invest in new initiatives, improve profitability, and continue to provide high-quality services to its customers. 

Element’s implementation of Procure Analytics is an excellent example of how data analytics can be used to address business challenges. By using PA, Element was able to improve its procurement structure and achieve significant cost savings. This success demonstrates the value of using data and analytics to drive business decisions and improve financial outcomes for the company. The 22% reduction in costs with Fisher is a testament to the effectiveness of the PA solution.