COVID-19 Insights: Quantzig’s Spend Analytics Solutions Helped a Petrochemical Company to Improve Spend Visibility

Quantzig, global data analytics and advisory firm, that delivers actionable analytics solutions presents a new case study series that focuses on how coronavirus is impacting businesses across geographies. The ongoing crisis has not only impacted the petrochemical industry, but several other industries are also witnessing a rise in pressure from all aspects of the value chain. In such a situation, gaining insights into business operations by monitoring and tracking KPIs across multiple dimensions can help generate data to feed the continuous improvement initiatives of businesses.

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The transformation of the COVID-19 outbreak into a pandemic has brought about significant shifts in business processes and market needs. The pandemic is provoking severe budgetary strains in many segments of the economy, due to which companies are forced to scale down operations to balance the financial impact of the crisis. In this case, the client wanted to conduct category spend analytics to optimize the procurement process and improve procurement savings.

How Quantzig’s COVID-19 business support solutions can help petrochemical companies?

• Our specially curated analytics solutions focus on ensuring business continuity to help businesses navigate the crisis
• We also offer access to a library of best practices and analytics methodologies that can help businesses carry out operations smoothly by identifying the COVID-19 impact areas
• Our services involve combinations of components like portal access, ad-hoc/steady projects, and consulting services

Navigating the crisis is no big deal, provided you possess the organizational readiness to shift and adapt to a different environment. Talk to our analytics experts to learn how we can help you adapt and thrive in the new normal.

Spend Analytics Engagement Overview:

The current global scenario in which businesses are struggling to stay afloat is truly unprecedented. The global supply chain has been disrupted, lockdowns have been enforced, and businesses have been pushed to adapt and thrive in the new reality. In an effort to identify long-term savings, organizations often turn to spend analysis, the process of assessing the who, what, when, where, why, and how of an organization’s expenditures. Category level spend assessment was organized and reviewed the supplier contract compliance.

Quantzig’s spend analytics solutions helped the client to:

• Gain visibility on the spend variance
• Improve CSAT

According to Quantzig’s spend analytics experts, “Businesses with category spend analysis have reaped benefits in the areas of cost-effectiveness and process efficiency, and their procurement performance provides insight into their potential for improved supplier relationships.”

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Quantzig’s Spend Analytics Value Proposition

Our industry-leading solutions combine cutting-edge analytics methodologies, advanced algorithms, and data science with intuitive, interactive dashboards that help drive shareholder value and business outcomes. Quantzig’s advanced analytics platforms also ensure complete visibility into business and supply chain operations, empowering businesses to enhance efficiency. By adopting our solutions organizations can realize the benefits of lower operating costs obtained by optimizing fulfillment, customer experience, and improvements in overall business performance. What sets us apart amid the competition is that our proprietary algorithms and advanced analytics platforms are designed to support the unique needs of our clients from different industries, thereby ensuring we deliver maximum value and returns to our clients.

Quantzig’s supply chain analytics capabilities include:

1: Spend Analysis

2: Tail-spend Optimization

3: Supplier Performance & Consolidation

Based on our analysis, the impact of the ongoing crisis will have a prolonged effect on key business processes, and companies will have to deploy advanced analytics models that leverage machine learning algorithms to ingest large disaggregated data sets and identify data patterns.

We predict that 2020 will bring in a host of new challenges for the petrochemical industry in the form of:

• Data complexities
• Rise in competition
• Stringent regulations

With over 15+ years of experience in offering advanced marketing analytics solutions, our analytics experts have developed a comprehensive solutions portfolio that can help you extract more value from your investments by leveraging analytics at strategic points in the value chain. Request more information to learn more about our capabilities and analytics offerings.

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Explore our COVID-19 resource library for detailed analyst insights: https://bit.ly/2xcQsfI

About Quantzig

Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal

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