Atlanta, January 23, 2024 – Insight Sourcing, a prominent consulting firm specializing in strategic sourcing and procurement services in North America, has released its annual year-in-review report, showcasing its consistent performance during a year marked by business uncertainty.
In the report, Insight Sourcing recorded a 37% increase in firmwide revenue in 2023. Throughout the year, the firm successfully executed over 1,000 procurement and sourcing projects, resulting in savings of approximately $1.5 billion for its extensive client base, which comprises more than 400 organizations. The primary categories sourced included direct materials, equipment, engineering and construction, as well as logistics and transportation.
The firm was also recognized on Forbes’ list of America’s Best Management Consulting Firms for the eighth consecutive year, a testament to its enduring growth since its inception.
Tom Beaty, founder and CEO of Insight Sourcing, expressed his gratitude, stating, “For twenty-one years, our expert team has focused on being the best in our niche, with a focus on achieving excellence in execution in pursuit of our clients’ ambitious goals. Their success has fueled our success, and we take enormous pride in our industry-leading results.”
The Private Equity practice at Insight Sourcing significantly contributed to the firm’s growth story in 2023, serving 105 portfolio companies represented by 41 private equity firms. This practice has tripled in size over the past two years.
Additionally, Insight Sourcing’s supplier diversity practice, aimed at helping clients establish and manage world-class supplier diversity programs, recorded a $70 billion spend prioritized for diversity impact across 92 programs, representing an average increase of 130%. Their partnership with Apollo Global Management resulted in achieving a $1 billion target 18 months ahead of schedule, with a revised goal of $2 billion by the end of 2025.
Insight Sourcing’s Insight Energy division, which specializes in energy management and sustainability solutions, worked with 209 clients in 2023 and managed an energy spend of $11 billion. The division maintained a high client retention rate of more than 90% and an industry-leading net promoter score of 61.
In addition to its business achievements, the nonprofit organization Witness to War, founded by Tom Beaty, interviewed 350 new veterans in 2023, increasing the number of veteran stories available online to more than 9,300. The organization also welcomed four new board members and strengthened its partnership with the Warrior Reunion Foundation, alongside launching a YouTube channel.
For more details on Insight Sourcing’s 2023 year in review, please refer to the report: Link to Report.
About Insight Sourcing
Insight Sourcing is a leading firm in North America dedicated exclusively to procurement optimization and Procurement Value Creation™. Established in 2002, Insight Sourcing’s capabilities are designed to maximize impact through the expertise of its 250+ procurement experts, its Category Center-of-Excellence model, and practices specializing in Advanced Analytics, Private Equity, Supplier Diversity, and Energy Management & Sustainability. The company is widely acknowledged for its team’s deep expertise and unwavering commitment to delivering robust outcomes, resulting in approximately $1.5 billion in annual client savings. To learn more, visit insightsourcing.com.
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