Overview
Background:
A leading UK-based manufacturing firm, faced challenges with its current procurement practices, struggling with inefficiencies and missed opportunities. With increasing competition, they sought an external perspective to help them assess and upgrade their procurement maturity, leading them to partner with KLRES Procurement.
Our Innovation:
KLRES Procurement has developed an innovative approach that combines deep domain knowledge with cutting-edge technology to assess and refine procurement processes. The synergy of AI-driven insights with expertise across 8 core dimensions ensures a holistic view of the procurement landscape.
Our Comprehensive Solution:
Our solution was not just about identifying gaps but about enabling them to achieve procurement excellence. Through our meticulous framework spanning initial self-assessment to post-integration re-evaluation, we provided Phoenix with a tailored roadmap to success.
Challenges
Our Client grappled with disjointed procurement processes, leading to increased operational costs and reduced efficiency. Ineffective supplier relationships and outdated systems added to their woes, making it difficult to adapt to changing market dynamics.
Our Client’s Expectations:
Phoenix Industries expected a holistic view of their procurement practices, actionable insights to address gaps, and strategies to drive scalability, innovation, and sustainability in the procurement domain.
Solutions
- In-Depth Analysis & Evaluation:
We immersed ourselves in Clients’s operations, uncovering discrepancies in their sourcing, P2P, and supplier relationship management, while also identifying strong points in their strategies and organisational structures.
- Customised Strategy Formulation:
Recommendations were made to streamline their supplier management and invest in AI-driven procurement systems, ensuring alignment with future industry standards.
- Training & Skill Enhancement:
We facilitated sessions to upskill their procurement team, focusing on strategic sourcing, supplier negotiations, and leveraging data analytics for decision-making.
- Holistic Integration:
Our team worked closely with the Client to integrate the devised strategies seamlessly, ensuring supplier partnerships were strengthened and procurement technologies were utilized optimally.
Results
Operational Cost Savings:
Our Client witnessed a 15% reduction in operational costs within the first six months, attributing it to strategic sourcing and improved supplier negotiations.
Enhanced Efficiency:
With streamlined processes, client experienced a 20% reduction in lead times and a 30% improvement in overall procurement efficiency.
ROI & Cost Savings:
The ROI from the maturity assessment project was an impressive 5:1, with the savings not only in operational costs but also in reduced wastage and increased value from supplier partnerships.
Six Months Progress:
Post the KLRES Procurement intervention, our Client was able to launch two new products thanks to improved efficiency, realizing a 10% increase in market share. Their procurement team, armed with new skills, successfully negotiated better terms with suppliers, further adding to cost savings.
Client Feedback
Testimonial:
“Partnering with KLRES Procurement has been a game-changer for us. Their comprehensive maturity assessment unveiled insights we’d overlooked, and their solutions propelled us to new heights. We’re not just meeting industry standards now; we’re setting them. A big thank you to the KLRES team for steering us towards procurement excellence.” – James Callaghan, Procurement Director.
Choose KLRES Procurement today to drive transformation, achieve scalability, and ensure sustainable growth in your procurement journey. Experience the gold standard in procurement maturity assessment and set your organisation on the path to unparalleled excellence.
