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Pareto Analysis in Procurement: How To Use Spend Analysis To Cut Costs

Planergy Software

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. A balance needs to be struck between supplier rationalization and ensuring you have flexibility and backup in place for key supplies. How to gain visibility and control of your indirect spend.

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11 Cost Reduction Strategies in Procurement

Obobo

In the medium term, cost reduction strategies can lead to larger savings, including effective contract negotiation , consolidation of suppliers or products, and streamlining of procurement processes. Finally, long-term strategies may include the development of partnerships with suppliers and even the implementation of strategic sourcing.