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Energy and Oil & Gas companies face procurement challenges like no other. Their size alone – often incorporating tens of thousands of employees across dozens of countries – makes managing supply chains a complex and crucial undertaking.
bp wanted to free up procurement resources to concentrate on value-added procurement activity as well as ensure they were managing their spend and budgets efficiently.
Oil & Gas company diversification across business activities means managing spend across even the most mission-critical categories is a major challenge.
AMPCO was seeking a solution to optimize its supply base, create cost savings, and gain buyer efficiencies.
2020 is a year that will not be forgotten, and organizations must take heed of the lessons learned.
Read our blog to discover the key areas of focus for developing a strategic procurement plan, including cost-saving strategies, risk mitigations, and compliance criteria.
Supply-chain risk is on the rise and procurement departments may be an organization’s secret weapon for dealing with the challenges of an increasingly interconnected and uncertain world.
With all of the procurement data available, how do you use it (and use it well) to help drive actionable outcomes for your business?
Tail spend management is a $1.8 trillion problem in the United States alone, and the conversation around tail spend has been building over the past few years. So, what makes tail spend so significant?
Ultimately, procurement and sourcing are about cost, people, and planet—and being mindful of those three measures of value as we go about what we do... Given our position within the market, the relationships and partnerships that Procurement can establish on behalf of bp matter. Curbing and automating tail spend makes us infinitely smarter, and helps bring the procurement function and bp’s wider goals together cohesively.
Total time duration from requisition to purchase order (PO) dispatch
Total employee effort from requisition to PO dispatch
Percentage of tail spend via preferred suppliers and catalogs
Percentage of supplier consolidation year-over-year
Percentage or total achievement of cost savings targets, by quarter and/or year.
The results with Fairmarkit really have been wonderful. We have been able to optimize and even reduce our buying team and repurpose some of those individuals in areas that were needed. Without a doubt, partnering with Fairmarkit was the right decision. We view it not just as an excellent tool, but also as an expansion of our own team.