ATLANTA--(BUSINESS WIRE)--Insight Sourcing, North America’s leading consulting firm focused exclusively on strategic sourcing and procurement-related services, has published its annual year-in-review report, which illustrates the firm’s consistent strength and ongoing success during a year largely characterized by business uncertainty.
Among the documented milestones, Insight Sourcing achieved 37% revenue-based firmwide growth in 2023. It also completed over 1,000 procurement and sourcing projects throughout the year, resulting in approximately $1.5 billion in savings for the firm’s more than 400 clients. Top category areas sourced included: direct materials; equipment, engineering and construction; and logistics and transportation.
It was also included on Forbes' list of America’s Best Management Consulting Firms for the eighth consecutive year. The firm has grown firmwide every year since its founding.
“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,” said Tom Beaty, founder and CEO of Insight Sourcing. “Their success has fueled our success, and we take enormous pride in our industry-leading results.”
Insight Sourcing’s Private Equity practice again served as a significant contributor to the firm’s growth story. In 2023, it served 105 portfolio companies represented by 41 private equity firms. The practice has tripled in size over the past two years.
In addition, Insight Sourcing’s supplier diversity practice, which helps clients build and manage world-class supplier diversity programs, achieved a $70 billion spend prioritized for diversity impact across 92 programs, an average increase of 130%. The team continued its partnership with Apollo Global Management, helping their Apollo funds’ Private Equity portfolio achieve its $1 billion target 18 months ahead of schedule, and shifting the goalposts to a $2 billion target by end of 2025.
The firm’s Insight Energy division, which delivers customized energy management and sustainability solutions that reduce costs, manage risk, and improve competitive position, worked with 209 clients in 2023 and increased its energy spend under management to $11 billion. It also maintained its more than 90% client retention rate and industry-leading net promoter score of 61.
The nonprofit Witness to War, founded by Insight Sourcing founder and CEO Tom Beaty, also celebrated a successful 2023. The organization interviewed 350 new veterans during 2023, increasing the number of veteran stories available online to more than 9,300, and added four new board members. It also formalized its relationship with the Warrior Reunion Foundation and launched a YouTube channel.
For more information on the firm’s 2023 year in review, view the report: https://www.insightsourcing.com/2023-year-in-review.
About Insight Sourcing
Insight Sourcing is the premier firm in North America exclusively focused on procurement optimization and Procurement Value Creation™. Founded in 2002, Insight Sourcing’s capabilities are designed to accelerate impact through the expertise of its 250+ procurement experts, its market-leading Category Center-of-Excellence model, and practices specializing in Advanced Analytics, Private Equity, Supplier Diversity and Energy Management & Sustainability. The company is widely recognized for the deep expertise and committed execution of our team, and our ability to consistently deliver strong outcomes, securing approximately 1.5 billion in client savings each year. To learn more, visit insightsourcing.com.
